Investment giant Fiera Capital has taken a majority position in UK-based real estate specialist Palmer Capital as part of its plans to further expand in the UK and Europe.
The Canadian firm has agreed to buy an 80% stake in the independent investment company for £40m.
Palmer Capital, which was founded in 1992 and oversees £800m in assets, is dedicated to real estate investment management, with an institutional and high-net-worth investor base.
As part of the deal, Palmer Capital will remain an independently operated company and sit within Fiera Group’s UK alternatives arm, Fiera Properties.
This is Fiera’s second acquisition in the UK. In December 2016, it bought Charlemagne, an independent asset manager specialising in frontier and emerging market assets.
Ray Palmer, the founder of Palmer Capital, will remain the executive chairman and Alex Price, chief executive officer, will continue to run the day-to-day strategy and operations of the business.
“Palmer Capital is a perfect fit for us as we look to further grow our footprint outside of North America,” said Vincent Duhamel, global president and chief operating officer of Fiera Capital. “This is a strategic acquisition with a growing business in Europe and the UK – key areas of focus for us as we expand globally.”
Price commented: “We welcome the opportunity to more easily access North American capital seeking access to the UK, a market where we see opportunity in 2019… We look forward to continuing to support the growth of our backed property companies, our client portfolios and Fiera Properties in the UK.”
The transaction is subject to regulatory approval and is expected to close in the first quarter of 2019. The transaction will increase Fiera Capital’s headcount in the UK to more than 100.
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