Sienna Investment Managers acquires L’Etoile Properties
Sienna Investment Managers has acquired pan-European real estate investment manager L’Etoile Properties (L’Etoile), a real estate firm with EUR7 billion in AuM, from its founders.
Launched in 2013, Sienna Investment Managers (Sienna) is the alternative assets platform of Groupe Bruxelles Lambert (GBL), the listed investment holding company. The acquisition of L’Etoile brings the total AuM of Sienna to EUR10 billion, with the remainder of the assets invested in direct investments, co-investments or external managers. Financial details of the transaction were not disclosed.
L’Etoile has attracted capital from international institutional investors for more than 30 years, focusing on the investment and management of real estate assets including offices, hotels, and logistics centres. The business has 85 employees across offices in Amsterdam, Hamburg, Paris, Madrid, London and South Korea.
Sienna Investment Managers invests across a range of asset classes to fund technologies, businesses, and infrastructure. The capital is invested via external managers we have partnered with (including with expertise in private equity, growth capital, venture capital, healthcare, technology, and hedge funds) as well as through direct investments and co-investments in private companies.
Sienna Investment Managers’ approach adds up to a distinct investment advantage: long-term patient capital bringing attractive economics and benefiting from Sienna’s role as a value-added partner. Sienna Investment Managers’ ecosystem allows it to source, collaborate and invest with best-in-class management teams and companies globally.
Alongside the acquisition, Sienna is pleased to announce the launch of its third-party capital management company and its AIFM approval from the Luxembourg regulator, the CSSF.
Pedro-Antonio Arias, CEO of Sienna Investment Managers, says: “Alternative asset management has experienced consistent and sustained growth for many years. Only global alternative platforms, active in private markets and real assets, will be able to cope with the consolidation to come. Thanks to the quality of our shareholder GBL and the acquisition of highly-experienced and successful investment managers like L’Etoile, we are well-positioned to capitalise on the consolidation opportunity and play a vital role as an integrator in this sector.”
Didier Unglik, CEO of L’Etoile Properties, adds: “My partners and I are happy to join Sienna Investment Managers. This partnership brings an opportunity to accelerate our development in investment products, geographic locations and skills, while keeping our identity. We are confident that with the support of Pedro, the Sienna team and GBL that we will be able to continue our ambitious investment plans and raise and successfully invest further capital for our future funds.”