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.
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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.
