Schroders takes majority stake in Asian real estate firm
Schroders has reached an agreement to acquire a majority stake in Asian real estate investment firm Pamfleet, which currently has $1.1bn in assets under management.
The asset manager said the deal strengthened its private assets and real estate capabilities.
It comes after the recent acquisition of the German real estate specialist, Blue Asset Management, and Alognquin, the European real estate hotels team.
Following the completion of the deal, Pamfleet’s team of 19 will stay with the firm, which will be renamed Schroder Pamfleet. Schroders confirmed there would be no changes to the management of existing Pamfleet funds.
Schroders also said the deal would significantly increase its geographic reach, since Pamfleet has offices in Hong Kong, Shanghai and Singapore.
Global head of Schroder Real Estate Duncan Owen said Pamfleet has an “excellent performance track record in some of the highest value… real estate markets in the world.”
“Pamfleet’s strong presence within the Asian real estate market as a leader in the value-add style complements the existing Schroders offering within Real Estate and Private Assets to provide extra choice for new and existing investors,” he added.
Schroder’s Real Estate’s deal Pamfleet, which closed $450m assets under management last year, builds on Schroders’ strategy of prioritising its private assets business.
Pamfleet chief Andrew Moore said: “The combination of Schroders’ heritage and global footprint with Pamfleet’s local knowledge will create a force in the Asian real estate market.”