Sienna Investment Managers has acquired L’Etoile Properties, a Europe-focused real estate investment manager with €7 billion ($8.3 billion) in assets, a spokesman for Sienna confirmed Tuesday in an email.
Terms of the deal were not disclosed.
The acquisition of L’Etoile from its founders brings Sienna’s total AUM to €10 billion. It also gives Sienna direct real estate capabilities for the first time.
L’Etoile’s name will be changed to Sienna after the integration is complete, the spokesman said. Its staff and offices will all be retained.
"My partners and I are happy to join Sienna," said Didier Unglik, CEO of L'Etoile, in a news release announcing the deal. "This partnership brings an opportunity to accelerate our development in investment products, geographic locations and skills, while keeping our identity."
L'Etoile has 85 employees in offices in Amsterdam, Hamburg, Paris, Madrid, London and South Korea and focuses on investing in and managing office properties, hotels and logistics centers.
In conjunction with the acquisition, Sienna is launching a third-party capital management company.
"Alternative asset management has experienced consistent and sustained growth for many years," Sienna CEO Pedro-Antonio Arias said in the release. "Only global alternative platforms, active in private markets and real assets, will be able to cope with the consolidation to come."
Mr. Arias added that the acquisition of L'Etoile will enable Sienna "to capitalize on the consolidation opportunity and play a vital role as an integrator in this sector."
