CORESTATE Capital Holding agreed to purchase ATOS Capital to boost its commercial real estate money management business, the firm said in news release Friday.
CORESTATE's residential real estate capabilities will be complemented by ATOS Capital, which specializes in the money management of commercial properties in Germany and Austria for institutional investors and has €2 billion ($2.4 billion) in assets under management, a CORESTATE spokesman confirmed. The acquisition will bring the value of CORESTATE Capital's AUM to €22 billion at end of the year, when the deal is expected to close.
Terms of the deal were not disclosed.
"The acquisition of ATOS is in line with of our strategy to integrate interesting, undervalued asset managers. In addition, there is an important strategic component of the transaction because it boosts our management team, positioning us well to drive superior performance for our investors," said Sascha Wilhelm, CEO of CORESTATE, in the release.
ATOS founders Udo Stocker and Michael Hermes will manage and coordinate the money management business at the real estate investment firm following the completion of the acquisition expected at the end of the year. The CORESTATE spokesman could not comment about Messrs. Stocker's and Hermes' job titles by press time. The ATOS name will be discontinued.
The spokesman could not disclose the investors committed to two funds offered by ATOS, which CORESTATE will take over in this acquisition.