Macquarie Infrastructure and Real Assets (MIRA) and GLL Real Estate Partners have agreed to merge in a deal that will see the combined group managing €10.6bn of assets in Europe and the Americas.
MIRA, which currently manages about €7bn assets in Europe, the Americas and South Korea, said it is buying the Munich-based real estate fund manager for an undisclosed sum.
GLL’s current portfolio consists of 100 property investments and development projects across the office, retail, and industrial sectors, with 44% of the portfolio located in Europe, 51% in the US and 5% in Latin America.
Following the acquisition, GLL will become the real estate equity investment platform for MIRA in Europe and the Americas operating under its own brand.
GLL’s founding partners, Rainer Göebel and Gerd Kremer, as well as Dana Gibson, managing director, will continue to lead the business.
Martin Stanley, the global head of MIRA, said: “This partnership is a significant step in MIRA’s growth and diversification across the real assets sector, and will result in a material expansion of our global real estate footprint.
“MIRA’s global platform and strong track record in fundraising combined with the real estate expertise of the GLL team positions us well to expand our offering to our respective client bases in the coming years.”
Göebel, said: “We have spent considerable time confirming the compatibility of GLL and MIRA, and I am convinced that bringing these two entities together will result in the whole being greater than the sum of the parts.
“We complement each other by bringing together two networks to the benefit of our respective investors and business partners, providing a truly global platform.”
Kremer, said: “Teaming up with a first-in-class international institution continues, consolidates and strengthens GLL’s long-held strategy.”
The transaction is subject to regulatory and merger approvals, expected in the second quarter of the year.