MGPA, the private equity real estate firm, has demonstrated it is business as usual despite its impending sale, by announcing a further equity closing for its MGPA Asien Spezialfonds, a core-plus fund intended for German institutional investors.
The firm announced a further €50 million commitment from an unnamed German insurance company, bringing the total raised by the Asia and Europe-focused firm to €135 million since the fund was launched in September 2011. The added equity brings the investor count in the fund to four investors.
MGPA hopes to corral €500 million in total for the vehicle which has already been used for investments in Australia and Japan.
The vehicle offers institutional investors in Germany a conduit through which they can invest in Asian real estate via a regulated German fund structure, provided by Universal-Investment, an investment company focused on European countries where German is spoken.
Christian Schulte Eistrup, MGPA’s managing director of capital markets – Europe , said: “MGPA Asien Spezialfonds will target attractive, income-producing investments with asset management potential, especially in the office and retail sectors. Annual distributions to investors and longer-term capital growth potential are key pillars of the investment strategy.”
The firm’s capital raising announcement comes amid a sale process for the company. BlackRock has been tipped as the frontrunner to buy the firm. Other parties reportedly interested in acquiring the business include Cornerstone Real Estate Advisors, the real estate investment management arm of US insurer MassMutual.
MGPA, which comes with $11 billion of assets under management in Asia and Europe, is 56 percent owned by Macquarie Group, the Australian bank. The remainder is owned by its management, led by Singapore-based executive chairman James Quille and chief executive officer Simon Treacy. Quille, Treacy and other senior executives at MGPA formed the firm in 2004 after spinning out from Australian real estate company Lend Lease.
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