Schroders has acquired Munich based real estate boutique Blue Asset Management (Blue), which manages €1.2bn of assets on behalf of its clients across, Germany, Austria and Switzerland.
The deal reinforces Schroders' private assets capabilities, providing significant additional resource, presence and expertise in the German, Swiss and Austrian real estate markets to serve the company's global investor base.
The Blue portfolio consists of real estate investments across commercial and residential real estate properties. The three founding managing directors and their 17 employees will join Schroder Real Estate.
Duncan Owen, global head of Schroder Real Estate commented: "This acquisition provides us with a strong team of real estate professionals and an additional office in Germany (Munich), which is the largest real estate investment market in continental Europe. The strengthened footprint across Germany, Austria and Switzerland will complement our existing teams across Europe and our wider global real estate platform. This expanded team will help us support the active management of new investments and existing funds for clients.
"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."
There will be no changes with regard to the management of the existing clients of Blue and they will continue to be served by the Blue management team. On joining Schroders, the team will have access to the broader investment capabilities and distribution network of the wider Schroders business.