UK fund manager Schroders has bought a German real estate manager, Blue Asset Management, which manages €1.2 billion of assets for its clients across, Germany, Austria and Switzerland.
Blue Asset Management was founded in 2009 and is based in Munich. It holds both commercial and residential real estate assets. The acquisition is a sign of Schroders’ expansion into private assets, adding to its presence in the German-speaking real estate market. The three founding managing directors and 17 staff at Blue Asset Management will join Schroder Real Estate.
Schroders’ global head of real estate, Duncan Owen, commented: “This acquisition provides us with a strong team of real estate professionals and an additional office in Germany, which is the largest real estate investment market in continental Europe. The fundamental investment principles and value-add style of Blue, as well as our similar cultures, are central to why Schroders has acquired this business. It will be a good fit for all of our clients.”
Blue Asset Management managing director, Dr Artus Pourroy, said: “We are excited about joining Schroders and its real estate business. Not only does Schroders have a broad based global real estate investment team, we also now have access to the wider Schroders group capabilities which I believe will enable us to significantly enhance our client proposition.”