Sienna Investment Managers acquires L’Etoile Properties

Sienna Investment Managers has acquired pan-European real estate investment manager L’Etoile Properties, a real estate firm with €7 billion ($8.3 billion) in assets under management, from its founders. Launched in 2013, Sienna Investment Managers is the alternative assets platform of Groupe Bruxelles Lambert (GBL), the listed investment holding company. The acquisition of L’Etoile brings the total AUM of Sienna to €10 billion ($12 billion), with the remainder of the assets invested in direct investments, co-investments or external managers. Financial details of the transaction were not disclosed.

L’Etoile has attracted capital from international institutional investors for more than 30 years, focusing on the investment and management of real estate assets including offices, hotels, and logistics centers. The business has 85 employees across offices in Amsterdam, Hamburg, Paris, Madrid, London and South Korea.

Sienna Investment Managers invests across a range