Internos Global investors has completed its purchase of Commerz Real’s Spezialfonds business.
The deal, for an undisclosed price, with Commerz Bank’s investment management subsidiary almost doubles the fund manager’s assets under management to €3.9bn.
CRS comprises nine funds holding 68 assets located across nine central and western European countries.
The funds administer €1.6bn of AUM, with the majority of the assets being logistics and office buildings in France and Germany. As part of the integration of the CRS business, Internos has opened an office in Lisbon, Portugal.
Internos said this latest acquisition follows a period of sustained growth in its European business in 2013. Over the past six months it has been appointed investment manager of Local Shopping REIT, held the second close of its Hotel Real Estate Fund with €210m of equity and won two mandates: to manage a French portfolio for a Swedish pension fund; and to invest up to €200m in value-add European hotel real estate for Saxony Doctors Pension Fund, Germany.
Internos chief executive Andrew Thornton said: “Internos has already earned a reputation for the successful takeover of portfolios and fund management businesses, having executed nine such transactions since 2009. This new acquisition moves towards Internos’ long-term strategic decision to manage a diversified range of assets across varying classes, qualities and locations with a weighting towards core and opportunistic European funds.”
bridget.o’connell@estatesgazette.com
