17 September 2013
BNP Paribas Real Estate aquires iii-investments
BNP Paribas Real Estate has acquired iii-investments, a subsidiary of HypoVereinsbank (UniCredit Bank AG) in the UniCredit Group and second largest manager of real estate special funds for institutional investors in Germany.**
The new acquisition ranks BNP Paribas Real Estate's investment management business
line as one of Europe's top 10 real estate asset managers, with €18 billion in assets under
management. The acquisition is subject to the approval of the competent authorities and
could be effective by fourth-quarter 2013 at the latest. Confidentiality is being maintained
with respect to the purchase price.
The iii-investments acquisition is 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 80% 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.
iii-investments, founded in 1958, manages and administers €4.2billion of third-party real
estate and debt assets for German institutional investors. These include pension funds,
retirement plans and insurance companies, mainly based in Germany. The assets
consisting mostly of office space, are mainly located in Germany as well as in France, in
the UK, in ten other European countries and in Japan.
Commenting, Philippe Zivkovic, executive chairman of BNP Paribas Real Estate, said: "I'm
delighted with the acquisition. It completes our range of services in Germany, where we
already have leadership positions in transactions, consulting, valuation and property
management, a business line that we grew in the first-half 2013 with the acquisition of
Immoplan. It also strengthens our capacity to meet the expectations of our investor and
user clients for their real estate projects. Our investment management activity is now
present in seven European countries, with strong positions in France, Italy and Germany."
Heinz Laber, member of the management board of HypoVereinsbank and member of the
supervisory board of iii-investments, said: "The sale of iii-investments as a highly
specialised, institutional fund manager to BNP Paribas Real Estate is an excellent step in
ensuring the continued success of our subsidiary in good hands."
Reinhard Mattern and Bernd Schöffel, current managing directors of iii-investments, will
continue to manage the structure, to be renamed BNP Paribas REIM Germany.
** Source: BVI, December 2012.
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