PropertyMay 21 2013

BlackRock acquires real estate business MGPA

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ByEleanor Lawrie

BlackRock has taken over private equity real estate investment advisory company MGPA in a bid to boost its capability in Asia-Pacific and Europe.

The deal with the $12bn business means BlackRock will run $25bn assets under management in its real estate arm, and is expected to close the deal in the third quarter of 2013.

Jack Chandler, Global Head of Real Estate for BlackRock, said:“Today’s agreement advances BlackRock’s growth strategy in Asia-Pacific and Europe, where we are seeking to enhance our local offerings and build on the firm’s real estate experience.”

BlackRock stated the acquisition of MGPA, which is focused on real estate funds management, co-investments and separate account mandates for institutional investors, will complement it’s existing real estate investment solutions, “with virtually no overlap of people or products”.