Patrizia Immobilien AG has bought Rockspring Property Investment Managers, giving it a London-based fund management hub.
Patrizia said the deal combines two strong independent and entrepreneurial businesses that will have combined assets under management of around €40bn (£35bn).
The deal strengthens Patrizia’s global investor base and expands the group’s network of pan-European offices, and the deal follows its acquisition of Triuva and Sparinvest Property Investors.
Rockspring was established in 1984 by non-executive chairman Richard Plummer.
As at September 2017 it had gross assets of €7.9bn (£6.9bn) in funds under management and available debt.
Patrizia chief executive Wolfgang Egger said: “Rockspring has an outstanding track record and reputation for European property fund management and client services and is a perfect fit for Patrizia in terms of shared vision and culture and its focus on real estate business.
“This acquisition represents an important milestone for Patrizia in achieving our vision to become a global provider of European real estate assets for our clients.”
Rockspring chief executive Robert Gilchrist said: “Earlier this year a number of factors combined to make us realise it was the right time to start considering our future and prepare Rockspring for the next phase of its growth, a process which we are very pleased to say has resulted in our joining forces with Patrizia
“The company is a strong fit, both culturally and strategically, for Rockspring’s professionals; we share a similar vision, personality and strong entrepreneurial energy that will continue to differentiate us from competitors.
“Our joint client base will benefit from an expanded range of fund and investment opportunities in Europe, given the strength, range and diversity of skills within the combined businesses and its truly pan-European network of locally based real estate experts.
“Importantly, this will also ensure an uninterrupted continuation of our current business, managed by the same key people within the Rockspring team.”
Rockspring has an established a client base in of 120 institutional investors across 20 countries.
Funds and vehicles include Rockspring Hanover Property Unit Trust, Rockspring PanEuropean Property Limited Partnership, Rockspring TransEuropean IV, V and VI, The Rockspring German Retail Box Fund, Rockspring UK Value Funds 1 and 2, and single-client mandates.
Its 110-strong team manages real estate investments mainly in retail, office and industrial sectors out of seven offices in Europe.
Its AUM is split between the UK and Ireland (35%), Germany (34%) and France (13%).
Around 80% of Rockspring’s investors are pension funds.
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