Swiss Life Asset Managers agreed to acquire the real estate business of Oslo-based investment firm Ness, Risan & Partners, a spokeswoman confirmed.
Terms of the deal were not disclosed.
The transaction, which is set to close in the fourth quarter, will expand Swiss Life Asset Managers' geographic footprint to the Nordic region, the company said in a joint news release Tuesday.
Following the acquisition, the business will operate under the Swiss Life Asset Managers brand with 39 employees joining the Swiss money manager.
Among them is Christian Ness, founder and managing partner of NRP, who was named head of Swiss Life Asset Managers in the Nordics.
NRP, which has 11.4 billion Norwegian kroner ($1.3 billion) in assets under management or administration, focuses on office, retail, industrial and logistics properties.
"With one of the leading providers of logistics real estate in the Nordics we can strengthen our geographic footprint in Europe in line with our strategy and further expand our position as a leading European real estate manager," Stefan Maechler, CIO of Swiss Life Group, said in the release.
Mr. Ness added in the release: "Following a long and thorough process, we found Swiss Life Asset Managers to be a perfect partner for NRP, with a strategic approach, financial strength, expertise and network that makes this relationship more valuable than the sum of the parts."
Swiss Life Asset Managers had 269.7 billion Swiss francs ($295 billion) in assets under management as of Dec. 31, including 77.7 billion francs invested in real estate. In addition, Swiss Life Asset Managers had 27.7 billion Swiss francs in real estate assets under administration through its Livit and Corpus Sireo subsidiaries.
