Schroders has acquired European real estate manager Blue Asset Management for an undisclosed sum, a spokeswoman said.
The acquisition of the €1.2 billion ($1.3 billion) Munich-based boutique manager, which invests in commercial and residential real estate, boosts Schroder Real Estate, Schroders' €17 billion real estate assets capability.
The three founding managing directors of Blue Asset — Artus Pourroy, Thomas Wiegelmann and Tino Lurtsch — and their 17 employees will join Schroder Real Estate following the deal. They will continue to manage the assets of existing clients across Germany, Austria and Switzerland but will have access to Schroders investment capabilities and distribution network.
"This acquisition provides us with a strong team of real estate professionals and an additional office in Germany, which is the largest real estate investment market in continental Europe," said Duncan Owen, global head of Schroder Real Estate, in a news release. "This expanded team will help us support the active management of new investments and existing funds for clients."
Mr. Pourroy said in the release that the two firms "have very similar cultures, particularly our focus on outstanding client service and delivering a strong investment track record."