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 become effective during the fourth quarter of 2013. The purchase price has not been disclosed.
The acquisition is part of BNP Paribas’ plan of further expanding into Europe, particularly Germany and the United Kingdom, as well as increasing its position in France. Founded in 1958, iii-investments administers €4.2 billion of assets on behalf of institutional investors located mainly in Germany, but also in France, the United Kingdom, 10 other European countries and Japan.
With the new acquisition, the investment management business line of BNP Paribas Real Estate will take a place