Cornerstone Real Estate Advisers has boosted its global expansion strategy in Europe with the bolt-on of €1 billion firm, Pamera Asset Management in Germany.
Cornerstone has made no secret of the fact it wants to build on the $44 billion of assets it already has under management globally, and has been continually on the hunt for European acquisitions.
Its most recent target, Pamera, manages around €1 billion of mainly office and retail assets via offices in Frankfurt, Berlin, Dusseldorf, Hamburg, and Munich and has a staff of 38. It was established in 2010 by Christoph Wittkop, Gunther Deutsch, Lars Borghaus and Maximilian Isenberg. Its clients are German and international private equity investors, loan servicers and institutional investors.
Cornerstone explained the takeover reflected its desire to establish a business that managed both German and international “capital flows” into and out of Germany and Europe.
“This transaction is consistent with Cornerstone’s stated strategy to expand its real estate platform throughout Europe,” it said. “It will enable Cornerstone Europe and Pamera’s combined operations in Germany to continue to expand and offer new investment products and services in Germany, with a particular focus on core / value add investments, to a broader network of both domestic and international investors.”
Charles Weeks, chief executive of Cornerstone Europe, said the acquisition of Pamera complemented its operations in the UK, Nordics and Netherlands. “We are impressed by Pamera’s proven track record, experience, knowledge and developed network of contacts,” said Weeks.
Wittkop added that becoming an “integral part” of the European platform of “such a strong and ambitious global investment manager as Cornerstone” was an important step forward. “This will allow us to better service our existing client base and grow our business in Germany over the longer term.”