Macquarie Infrastructure and Real Assets to acquire GLL Real Estate Partners

Macquarie Infrastructure and Real Assets agreed to acquire Munich-based real estate manager GLL Real Estate Partners in a deal that will bolster real estate assets under management to €10.6 billion ($13.2 billion), said a spokeswoman.

MIRA, part of Macquarie Group, said in a news release Tuesday that terms of the deal were not disclosed. The spokeswoman said MIRA will acquire 100% of GLL from the founding partners of the company.

Under the deal, GLL will become the real estate equity investment platform for MIRA in Europe and the Americas. It will operate under its own brand and founding partners Rainer Goebel and Gerd Kremer, as well as managing director Dana Gibson, will continue to lead the business. The team will remain in their Munich offices.

GLL has about €7 billion in assets under management and a team of more than 130 real estate staff across Europe, the Americas and South Korea. The MIRA spokeswoman said all GLL staff will remain with the business following the acquisition. About half are investment professionals, she said.

The deal is expected to close in the second quarter and is subject to regulatory and merger approvals.

MIRA has €94 billion in assets under management.