The sale of CWI was in the best interests of its client base, says C&W's Carlo Sant'Albano.

GREENWICH, CT- La Française and UK-based Forum Partners said Monday they’ve acquired Cushman & Wakefield Investors, the investment management business of Cushman & Wakefield. Terms were not disclosed.

The acquisition, which fits in with the two companies’ four-month-old partnership and stated intention to become a leading CRE investment manager and advisor in Europe, will be 66.66% owned by La Française and 33.33% by Forum. It will operate under the brand La Française Forum Real Estate Partners, and will have assets under management of nearly $20 billion, including $14 billion in direct core European CRE assets.

CWI CEO David Rendall and managing director Jens Göttler, along with their current team, will continue to manage the business and investments. All existing service arrangements between C&W and CWI will be transferred to LFF Real Estate Partners.

“With a number of high-priority strategic growth initiatives under way at present, it is not the right time to invest substantially in building out the CWI platform,” says Carlo Sant’Albano, CEO of C&W for the EMEA region. “In the best interests of the existing CWI client base, we are pleased to have reached an agreement to sell the business to LFF Real Estate Partners.”

Recognized as a specialist in core and core-plus real estate investment strategies throughout Europe, CWI provides a platform of investment management service in both direct and indirect commercial property investments for a wide range of international clients across the UK, continental Europe and Korea. It has over $1.2 billion of AUM from separate accounts and the PURetail Fund, in a joint venture with Scottish Widows Investment Partnership.

PURetail is a closed-ended pan-European real estate fund focused on urban retail assets. Existing local teams will remain in place and will continue to operate out of Paris, London and Frankfurt.