Standard Life Investments is increasing its real estate assets by 28% to almost €16 bn as part of its takeover of fellow Scottish asset manager, Ignis Capital Management.

Standard Life Investments is increasing its real estate assets by 28% to almost €16 bn as part of its takeover of fellow Scottish asset manager, Ignis Capital Management.

The investment arm of Edinburgh-based pension-insurer Standard Life is acquiring Ignis for £390 mln (€469 mln).

Ignis is a top-15 asset manager in the UK with £59 bn of assets under management, plus £8.1 bn of stock-lending collateral, at end-September 2013. On its website Ignis reports its real estate division, headed by Gary Hutcheson, had £2.9 bn (€3.5 bn) under management at end-June 2013.

Standard Life Investments is one of the largest property investors in the UK. Its real estate division had £10.3 bn (now equivalent to €12.4 bn) AUM at end-2013.