Internos acquires Commerz Real’s real estate Spezialfonds business
Internos Global Investors has completed the acquisition of Commerz Real’s real estate Spezialfonds business (CRS), increasing its total assets under management to EUR3.9bn.
CRS comprises nine funds holding 68 assets located across nine central and western European countries. These funds administer EUR1.6bn of AUM, with the majority of the assets being logistics and office buildings situated in France and Germany.
As part of the integration of the CRS business, Internos has opened an office in Lisbon, Portugal.
This latest acquisition follows a period of sustained growth in Internos’s European business in 2013. Over the past six months it has been appointed investment manager of Local Shopping REIT, held the second close of its Hotel Real Estate Fund with EUR210m of equity and won two mandates: one, to manage a French portfolio for a Swedish pension fund; and the other, from the Saxony Doctors Pension Fund, Germany (Sächsische Aerzteversorgung ‘SAEV’) to invest up to EUR200m in value-add European hotel real estate.
Andrew Thornton (pictured), chief executive of Internos Global Investors, says: “Internos has already earned a reputation for the successful takeover of portfolios and fund management businesses, having executed nine such transactions since 2009. This new acquisition moves towards Internos’ long term strategic decision to manage a diversified range of assets across varying classes, qualities and locations with a weighting towards core and opportunistic European funds.”