US private equity firm Stone Point Capital has acquired commercial real estate advisory firm Situs in a deal thought to be worth around $200 mln (€169 mln).

US private equity firm Stone Point Capital has acquired commercial real estate advisory firm Situs in a deal thought to be worth around $200 mln (€169 mln).

In a statement, Situs said the partnership with Stone Point, which focuses on the financial services industry, would give it ‘access to Stone Point’s broad network of relationships and the funding to capitalise on growth opportunities.’

Situs is one of the largest third-party servicers in Europe, managing around €24 bn of commercial real estate loans in primary servicing and €700 mln in special servicing. It has over €100 bn of assets under management across North America, Europe and Asia.

Terms of the deal were not disclosed, but the Wall Street Journal cited sources who valued the transaction at around $200 mln.

Lewis Ranieri, who is credited with creating the market for mortgage-backed securities at Salomon Brothers in the 1980s, put Situs Holdings up for sale in October, having acquired it three years earlier in a joint venture between Ranieri Partners and Helios AMC.

Situs president Steve Powel, who will oversee the transition in his new role as CEO, said: ‘Given the current solid market conditions in our industry, I look forward to leading the Situs executive management team through this galvanizing high-growth stage.’

Chuck Davis, CEO of Stone Point Capital, said: ‘With its diverse capabilities, strong track record and blue-chip client base, Situs is well positioned for growth as the market increasingly utilises outsourced CRE services.’