Sienna Investment Managers, formerly known as Sienna Capital, has acquired L’Etoile Properties, a pan-European real estate investment manager with €7 billion in AuM, from its founders. Financial details of the transaction were not disclosed.
Launched in 2013, Sienna Investment Managers is the alternative assets platform of Groupe Bruxelles Lambert (GBL), the listed investment holding company.
Sienna said the acquisition of L’Etoile brings the total AuM of Sienna to €10 billion, with the remainder of the assets invested in direct investments, co-investments or external managers.
L’Etoile focuses on the investment and management of real estate assets including offices, hotels, and logistics centres.
The business has 85 employees across offices in Amsterdam, Hamburg, Paris, Madrid, London and South Korea.
“Alternative asset management has experienced consistent and sustained growth for many years. Only global alternative
platforms, active in private markets and real assets, will be able to cope with the consolidation to come. Thanks to the quality of our shareholder GBL and the acquisition of highlyexperienced and successful investment managers like L’Etoile, we are well-positioned to capitalise on the consolidation opportunity and play a vital role as an integrator in this sector,” said Pedro-Antonio Arias, CEO of Sienna.
“My partners and I are happy to join Sienna. This partnership brings an opportunity to accelerate our development in investment products, geographic locations and skills, while keeping our identity. We are confident that with the support of Pedro, the Sienna team and GBL we will be able to continue our ambitious investment plans and raise and successfully invest further capital for our future funds,” added Didier Unglik, CEO of L’Etoile.