Terms of the deal, which is expected to close during the third quarter, weren't disclosed.
With MGPA offices throughout Asia, the acquisition is in line with a priority outlined late last year by Mark McCombe, BlackRock's Asia-Pacific chairman, to build the firm's alternatives manufacturing capabilities in Asia.
In a joint BlackRock- MGPA news release Tuesday, Mr. McCombe said the acquisition would be “an important step in the evolution of our Asia-based investment capabilities and is aligned with the growth of our Asia-Pacific franchise."
MGPA had assets under management of about $12 billion as of March 31. BlackRock's real estate business has about $13 billion under management.
In a telephone interview, James Quille, MGPA's Singapore-based executive chairman, said with BlackRock's U.S.- and U.K.-focused real estate operations having virtually no presence in Europe or Asia, the two firms' businesses are almost perfectly complementary.
Mr. Quille said roughly 63% of MGPA's real estate investments are based in Asia, with the remaining 37% in Europe.
MGPA's client base, meanwhile, is 42% in North America, 24% in Australia, 19% in Europe and 15% in the Middle East. Clients include corporate and public pension funds, superannuation funds and sovereign wealth funds, said Mr. Quille.
With MGPA's continued outreach to Asia-based clients, and the addition of BlackRock's distribution muscle in the Asia-Pacific region, there's reason to anticipate broadening the business' client base to institutional investors in Asia as well, Mr. Quille said.