BlackRock, Inc. is set to acquire MGPA, an independently-managed private equity real estate investment advisory company in Asia-Pacific and Europe, extending BlackRock’s real estate investment capabilities in these regions.
The planned acquisition of MGPA’s complete business makes BlackRock a global real estate investment manager, with assets under management of about $25bn as of March 31 2013 and substantial investment teams in the world’s top six markets, which represent 75 percent of the commercial real estate investable universe.
MGPA’s offerings complement BlackRock’s existing real estate investment solutions, with virtually no overlap of people or products.
MGPA is focused on real estate funds management, co-investments and separate account mandates for institutional investors, offering products across the risk/return spectrum, including development, and has $12bn in AUM as of March 31 2013.
With presence in 13 offices in Asia-Pacific and Europe, MGPA will augment BlackRock’s real estate investment platform with its pan-Asian and pan- European investment capabilities and complementary geographic footprint.
The transaction is expected to close in the third quarter of 2013, subject to customary regulatory approvals and closing conditions. The financial impact of the transaction is not material to BlackRock earnings per share. Terms were not disclosed. MGPA was advised by Berkshire Capital Securities LLC.
