BentallGreenOak is acquiring The Carlyle Group's real estate secondary market business, Metropolitan Real Estate Equity, a news release said.
Terms of the deal are not being disclosed. The transaction is expected to close in the first half of 2021.
The deal is subject to customary closing conditions, including required LP consents, said Rahim Ladha, BentallGreenOak spokesman, in an email.
BentallGreenOak is a real estate money manager and asset manager with roughly $53 billion in assets under management as of Dec. 31. The firm does not currently offer a secondary markets strategy, Mr. Ladha said.
Metropolitan Real Estate had about $2.4 billion in primary, secondary and co-investment AUM as of Dec. 31
"BentallGreenOak's acquisition of Metropolitan was motivated by our relentless efforts to put our clients and investors first by providing them with access to an enhanced array of global investment strategies and opportunities," said Sonny Kalsi, CEO of BentallGreenOak, in the news release.
When the deal closes, the entire Metropolitan leadership team will continue in their current roles, Mr. Ladha said. Metropolitan has a total of about 30 executives, including its investment team.