London, Munich and New York, 06 Feb 2018
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, today announced they have signed an agreement which will see GLL become the real estate equity investment platform for MIRA in Europe and the Americas1 operating under its own brand. The terms of the transaction remain confidential.
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.
As the world leader in infrastructure investment for over 20 years, MIRA has been building its presence across the real asset investment spectrum, including real estate, energy and agriculture.
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.
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. Following the transaction, MIRA and GLL will together manage ~ €10.6 billion of real estate assets globally on behalf of investors.
Global Head of MIRA, Martin Stanley, commented: “We are delighted to welcome the GLL team to MIRA. This partnership is a significant step in MIRA’s growth and diversification across the real assets sector, and will result in a material expansion of our global real estate footprint.
MIRA’s global platform and strong track record in fundraising combined with the real estate expertise of the GLL team positions us well to expand our offering to our respective client bases in the coming years.”
Co-Founder of GLL, Rainer Göebel, commented: “We have spent considerable time confirming the compatibility of GLL and MIRA, and I am convinced that bringing these two entities together, will result in the whole being greater than the sum of the parts. We complement each other, by bringing together two networks to the benefit of our respective investors and business partners, providing a truly global platform.”
Gerd Kremer, Co-Founder of GLL, said: “GLL has built an international portfolio and network to the benefit of its strong institutional investor base. Teaming up with a first-in-class international institution continues, consolidates and strengthens GLL’s long-held strategy.”
The transaction is subject to regulatory and merger approvals, expected in second quarter 2018.
1 Excluding Brazil.
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About Macquarie Infrastructure and Real Assets (MIRA)
More than 20 years ago Macquarie Infrastructure and Real Assets (MIRA) pioneered investment in a new asset class for institutional investors - infrastructure.
Today we combine two decades of experience and expertise to identify and unlock investment opportunities in the assets that people use every day – extending beyond infrastructure to real estate, agriculture and energy.
Managing investments that underpin economies and communities requires a careful balance of local knowledge, experience and foresight to create enduring value.
Our dedicated operational and financial experts in each region work closely with our global network to help our clients to see across the regions and deep into local markets, working where our funds invest and portfolio companies operate.
As at 30 September 2017, MIRA has assets under management of more than €94 billion invested in 137 portfolio businesses, ~300 properties and 4.5m hectares of farmland.
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.
About GLL Real Estate Partners
GLL, headquartered in Munich, Germany was founded in 2000 to assemble a top tier real estate investment management group with a global network of professionals in acquisitions, management and structuring of institutional real estate products. Today, some 100 world class properties are being managed by the 130 staff members based in 16 locations across 12 countries on four continents.
The funds and separate accounts focus on building diversified, international commercial property portfolios and are structured to provide capital preservation, sustainable distributable income and attractive total returns to its investor base.
GLL recently won the 2018 Award for Institutional Asset Manager Global Real Estate by the renowned European Rating Agency Scope and its media partner Handelsblatt.