Updated July 20, 2012
Henderson Global Investors acquired Horizon Investment Management France, a privately owned real estate manager running a €250 million ($307 million) closed-end fund and separately managing 25 properties valued at about €1 billion, according to Henderson spokesman Richard Acworth.
Terms were not disclosed. The transaction closed earlier this month but was announced Tuesday
The deal more than doubled Henderson's real estate assets under management in France to about €1.8 billion. As a result, six employees from Horizon France will join Henderson's real estate team in France to total 13. The combined group will be called Henderson Property France, Mr. Acworth said.
“We are optimistic about the medium-term outlook for the French property market, and this acquisition represents a good opportunity to capitalize on the expected value shift in French property in the near term,” Mike Sales, managing director and chief investment officer of Henderson's global property division, said in a news release.
Peter Winstanley, a founding member and president of Horizon France, will become president of Henderson Property France. Thibault Ancely, country head director of Horizon France, will become head of Henderson Property France.
"Horizon’s primary capability is in the (commercial offices) sector, whereas Henderson Property France’s primary expertise lies within the retail sector," Mr. Winstanley said. "The combination of these strengths provides a balanced basis from which to target future growth within the French market."