BLACKROCK, the $4 trillion (£2.6 trillion) US fund manager, has bought private equity real estate fund MGPA in a deal that boosts its presence in Asia and Europe.
The combined business will have $25bn of property under management and the transaction is due to complete later this year.
No price was announced. The real estate fund management industry has been under pressure since the crash and larger funds find it easier to raise money, attract staff and benefit from the efficiencies of scale to deliver high returns to investors.
City A.M. Reporter