BentallGreenOak has signed an agreement to acquire Metropolitan Real Estate Equity, LLC (Metropolitan) from global investment firm The Carlyle Group Inc.
Metropolitan Real Estate is a multi-manager real estate private equity investment platform with over USD$2.4 billion (as of December 31, 2020) in assets under management.
“BentallGreenOak’s acquisition of Metropolitan was motivated by our relentless efforts to put our clients and investors first by providing them with access to an enhanced array of global investment strategies and opportunities,” said Sonny Kalsi, Chief Executive Officer of BentallGreenOak.
“Our shared, positive outlook on the growth potential for secondary and co-investment opportunities in the commercial real estate market further cements our commitment to integrating this business into our platform and growing it into a global leader for the long term. We are confident that the cultural alignment and history of strong relationships we share with Metropolitan’s senior management team makes this deal a seamless fit for both firms,” he added.
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“We are excited to join BentallGreenOak’s broad global real estate platform,” said Sarah Schwarzschild and John So, Co-Heads of Metropolitan Real Estate.
“Our shared focus on investment performance, entrepreneurial mindset, and the complementary nature of our businesses makes BentallGreenOak both a strong strategic and cultural fit for the Metropolitan team. We will look to leverage BentallGreenOak’s deep real estate resources to drive future value for our investors and accelerate growth opportunities for Metropolitan’s secondaries, co-investment and separately managed account businesses.”
Metropolitan has offices in New York (headquarters), London and Hong Kong. It has a 30+ person team across Investments, Legal & Compliance, Fund Management, Finance & Accounting, and Investor Relations.
Terms of the agreement have not been publicly disclosed. Closing of the deal is expected to occur in the first half of 2021.