BNP Paribas to buy real estate manager
BNP Paribas Real Estate has acquired "iii-investments", a subsidiary of HypoVereinsbank (UniCredit Bank AG) in the Italian Bank UniCredit and second largest manager of real estate special funds for institutional investors in Germany.
In a statement, BNP said the acquisition ranked its real estate investment management business line as "one of Europe's top 10 real estate asset managers", with €18bn in assets under management.
Assuming the deal is approved by regulators, it is set to close by the end of the fourth-quarter 2013 at the latest.
BNP said the takeover was part of BNP Paribas Real Estate's development plan, "aimed at growing its investment management business in Europe and boosting its positions in France, Germany and the UK, which together account for over 80pc of Europe's total real estate investments".
"More broadly speaking, it also ties in with BNP Paribas Group's expansion plan in Germany, notably by reinforcing its leadership position in real estate," the firm added.