Schroders buys majority stake in $1.1bn Asian real estate IM

Lauren Mason
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Schroders buys majority stake in $1.1bn Asian real estate IM

Schroders has agreed to acquire a majority stake in Pamfleet, a $1.1bn Asian real estate manager with offices in Hong Kong, Shanghai and Singapore.

The 19-strong team will be renamed Schroder Pamfleet as a result of the aquisition, while the management teams running the company's four funds will remain unchanged.

Pamfleet's managing directors Allan Lee and Kelvin Wong will continue to lead teams based in Hong Kong, Shanghai and Singapore and will be joined by Canon Yau, who will lead the business's institutional investor relationships.

The combination of Schroders' heritage and global footprint with Pamfleet's local knowledge will create a force in the Asian real estate market."

The acquisition comes shortly after Schroders purchased €1.2bn Munich-based real asset firm Blue Asset Management, and €1.8bn pan-European hotel investment business Algonquin, in May this year.

In total, Schroder Real Estate - which forms part of the firm's private assets business - has a total of £44.2bn under management as at 31 December 2019.

Duncan Owen, global head of Schroder Real Estate, said Pamfleet is a "high quality business with a clear investment thesis" and "an experienced team" of investment professionals.

"Since it was founded in 2000, it has had an excellent performance track record in some of the highest value and most dynamic real estate markets in the world. These markets are attractive to many of our partners and client," he said.

"We are therefore delighted to join forces and create Schroder Pamfleet. Pamfleet's strong presence within the Asian real estate market as a leader in the value-add style complements the existing Schroders offering within Real Estate and Private Assets to provide extra choice for new and existing investors."

Andrew Moore, CEO and co-founder of Pamfleet, added: "The combination of Schroders' heritage and global footprint with Pamfleet's local knowledge will create a force in the Asian real estate market.

"As we integrate Schroder Pamfleet into the wider Schroders group capabilities, we believe we will be able to offer a very attractive proposition to our investors."