BNP Paribas Real Estate has acquired iii-investments, a subsidiary of HypoVereinsbank in the UniCredit Group and a manager of real estate special funds for institutional investors in Germany.
Founded in 1958, iii-investments manages and administers 4.2billion (US$5.68 billion) 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.
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According to BNP Paribas, Reinhard Mattern and Bernd Schöffel, current managing directors of iii-investments, will continue to manage the combined entity which is to be renamed as BNP Paribas REIM Germany.
The acquisition of iii-investments is part of BNP Paribas’ 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.
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," Zivkovic added.
The acquisition is subject to the approval of the competent authorities and could be effective by fourth-quarter 2013.
