BlackRock to acquire real estate manager MGPA

Signing contractBlackRock is to acquire MGPA, an independent private equity real estate company in Asia-Pacific and Europe, which has $12 billion (€9.3 billion) of assets under management.

If the acquisition goes ahead, BlackRock would see assets under management boosted to $25 billion as of March 31, 2013. It would also have investment teams in the world’s top six markets, which represent 75% of the commercial real estate investable universe.

In a statement, BlackRock says MGPA’s offerings complements its existing real estate investment capability, with virtually no overlap of people or products.

With 13 offices in Asia Pacific and Europe, MGPA focuses on real estate fund management, co-investments and separate account mandates for institutional investors.

The deal is expected to close in the third quarter of this year, subject to regulatory approval and closing conditions. Terms were not disclosed.

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