Candriam Investors Group acquired a 40% stake in London-based real estate manager Tristan Capital Partners.
The European real estate manager, with €9.1 billion ($11.3 billion) in assets under management, is Candriam's first move into European private equity real estate investment management. Candriam purchased the Tristan stake in a transaction that closed on Jan. 31.
"As we grow our investment offerings and operations in Europe, we continue to seek strategic relationships and acquire complementary capabilities. Tristan Capital Partners have built an impressive track record and a strong and loyal client portfolio," said Naïm Abou-Jaoudé, CEO of Candriam and chairman of New York Life Investment Management International, in a news release Friday.
Candriam is an affiliate of New York Life Investment Management, with €112 billion in assets under management.
A spokeswoman declined to comment on the value of the acquisition. "There are currently no new appointments expected. The management of Tristan Capital is unchanged and the senior partners and all existing indirect equity owners among the senior staff of the firm will continue as significant equity holders in Tristan," the spokeswoman said.
