Fiera Capital has agreed to acquire an 80% stake in U.K.-focused real estate investment manager Palmer Capital Partners.
Fiera's deal sets the 80% interest of Palmer Capital at an equity value of £40 million ($51 million) and an enterprise value of £30 million, Fiera said in a news release Friday. Palmer Capital shareholders will hold the remaining 20% stake.
The acquisition will be made through Fiera Properties, Fiera Capital's real estate investment management subsidiary. It's Fiera's first real estate manager acquisition outside its home country of Canada, according to the release.
Palmer Capital has more than £800 million in assets under management; Fiera Properties has C$3 billion ($2.25 billion) in AUM, a Fiera spokeswoman said.
Palmer Capital will retain its name and operate as an independently managed unit of Fiera Properties. Ray Palmer, founder of Palmer Capital, will remain executive chairman and Alex Price will stay on as CEO.
The deal is expected to close in the first quarter.
Fiera Capital has C$143 billion in total assets under management.