European real estate investment managers to merge
Paris-based BNP Paribas Real Estate has announced the acquisition of Munich-based iii-investments GmbH, a subsidiary of HypoVereinsbank, UniCredit Group. The acquisition is subject to approval by the competent authorities, and could be effective during the fourth quarter 2013. Confidentiality is maintained on the purchase price.
The acquisition is part of BNP Paribas’ plan of further expanding into Europe, particularly Germany and United Kingdom, as well as increasing its position in France.
With the new acquisition, the investment management business line of BNP Paribas Real Estate is among the top 10 European real estate asset managers with €18 billion ($28.9 billion) now