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Macquarie to Acquire GLL Munich-Based Real Estate Fund Manager

More Than Half of GLL's Assets Comprised of US CRE, Including Properties in DC, Boston, LA, Chicago
February 6, 2018

GLL Real Estate Partners' managed assets include 200 State St. in Boston, a 16-story office building constructed in 1985.

A division of Sydney-based banking and investment company Macquarie Group struck a deal to acquire GLL Real Estate Partners, a German real estate fund manager that controls about 100 properties in a dozen countries in Europe, Asia and the Americas.

Under the merger agreement, GLL will continue to operate under its own brand while becoming the real estate equity investment platform for Macquarie Infrastructure and Real Assets (MIRA) in Europe and the Americas. Macquarie and GLL did not disclose the sale price or other terms of the transaction.

MIRA has purchased GLL's management platform, not the underlying assets, which are owned by funds GLL manages. GLL's current portfolio of managed assets includes 100 office, retail, and industrial properties and development projects, including such U.S. assets as the 26-floor, 701,535-square-foot 400 S. Hope St. office tower in Los Angeles; the USG building at 444 N. Michigan Ave. in Chicago's West Loop, and 1331 L St. NW, CoStar Group, Inc.'s 169,430-square-foot headquarters building in Washington, D.C.'s East End submarket.

In all, just over half of GLL's portfolio consists of U.S. properties, with about 44% in Europe and the remaining 5% in Latin America. GLL founding partners Rainer Göebel and Gerd Kremer, who are selling 100% of their interest in the company, and managing director Dana Gibson will continue to lead the business following the expected second-quarter 2018 closing of the transaction, subject to regulatory and merger approvals.

Macquarie Infrastructure has been investing in several asset classes for 20 years, including real estate, energy and agriculture. MIRA said acquiring GLL and its established investor base will provide immediate presence and scale in the real estate sector.

Martin Stanley, global head of MIRA, described the transaction as a significant step in MIRA’s growth and diversification in real assets. MIRA’s fundraising capabilities, 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," Stanley added.

Together with GLL's US $8.66 billion in assets under management, the combined entity will manage more than US $13 billion in real estate assets globally on behalf of investors.

In a statement, Göebel said GLL "spent considerable time confirming the compatibility" of the two companies.

"We complement each other by bringing together two networks to the benefit of our respective investors and business partners, providing a truly global platform," Göebel said.

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