Schroders, UK-based asset manager operating from 32 countries across Europe, the Americas, Asia, the Middle East and Africa, has acquired German real estate business Blue Asset Management (Blue) which manages €1.2 billion of assets on behalf of its clients across, Germany, Austria and Switzerland.
The deal reinforces Schroders’ private assets capabilities, providing significant additional resource, presence and expertise in the German, Swiss and Austrian real estate markets to serve the company’s global investor base.
The Blue portfolio consists of real estate investments across commercial and residential real estate properties. The three founding managing directors and their 17 employees will join Schroder Real Estate.
“This acquisition provides us with a strong team of real estate professionals and an additional office in Germany (Munich), which is the largest real estate investment market in continental Europe. The strengthened footprint across Germany, Austria and Switzerland will complement our existing teams across Europe and our wider global real estate platform. This expanded team will help us support the active management of new investments and existing funds for clients.” said Duncan Owen, Global Head of Schroder Real Estate.
Munich-based Blue was established in 2009 by the three founding managing directors Dr Artus Pourroy, Dr Thomas Wiegelmann and Tino Lurtsch.
“We are delighted to enhance our team and our real estate presence in Germany with this latest acquisition. With a new office in Munich we can now leverage the broader German speaking investment markets. With €4 billion of assets under management on behalf of our clients and a team of over 40 people in Germany, Austria and Switzerland, we are well positioned to continue to grow our platform.” said Philipp Ellebracht, Co-Head of Schroder Real Estate Germany.
This acquisition is a further significant step in growing our private assets business which remains a key strategic priority for the firm. This capability includes securitised credit, private equity, infrastructure finance, insurance-linked securities and SME lending alongside the Real Estate business which is the largest component with assets of over €17 billion (as at 31 December 2018).