NEW YORK—BlackRock Inc. plans to acquire private-equity property investment advisory firm MGPA for an undisclosed amount to expand real-estate holdings in the Asia-Pacific region and Europe.
MGPA manages about $12 billion, focusing on real estate funds management, co-investments and separate-account mandates for institutional investors, BlackRock said Tuesday in a statement. The transaction, expected to close in the third quarter, and would create a $25 billion global real-estate fund.
“The addition of MGPA to BlackRock is an important step in the evolution of our Asia-based investment capabilities and is aligned with the growth of our Asia-Pacific franchise,” Mark McCombe, BlackRock's Asia-Pacific chairman, told Bloomberg Tuesday.
Led by CEO Laurence Fink, BlackRock has expanded into private equity, real estate, and other fields as investors seek to diversify.
The acquisition will fill a void for BlackRock in Asia with fast economic growth and an expanding middle class, McCombe said. BlackRock reports that it managed $3.9 trillion of assets globally at the end of March.
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David Phillips
David Phillips is a Chicago-based freelance writer and consultant with more than 20 years experience in business and community news. He also has extensive reporting experience in the food manufacturing industry for national trade publications.
