Macquarie Infrastructure and Real Assets (MIRA), a division of the Macquarie Group, and GLL Real Estate Partners (GLL), the Munich-based real estate fund manager, announced they have signed an agreement which will see GLL become the real estate equity investment platform for MIRA in Europe and the Americas operating under its own brand. The terms of the transaction remain confidential.
Following the transaction, MIRA and GLL will together manage approximately €10.6 billion of real estate assets globally on behalf of investors.
GLL’s Founding Partners, Rainer Göebel and Gerd Kremer, as well as Dana Gibson, Managing Director, will continue to lead the business and ensure continuity and stability for staff, clients and business partners.
With c. €7 billion of assets under management and a team of over 130 experienced real estate professionals based in Europe, the Americas and South Korea, GLL’s deep expertise and established investor base will provide MIRA with significantly enhanced capabilities and immediate presence and scale in the real estate sector.
MIRA is a division of Macquarie Asset Management, the asset management arm of Macquarie Group, a diversified financial group providing clients with asset management, banking, advisory and risk and capital solutions across debt, equity and commodities.
GLL’s current portfolio consists of 100 property investments and development projects across the office, retail, and industrial real estate sector, with 44 per cent of the portfolio located in Europe, 51 per cent in the US and 5 per cent in Latin America.
The transaction is subject to regulatory and merger approvals, expected in second quarter 2018.