Internos Global Investors Limited has purchased Commerz Real's real estate (CRS) Spezialfonds business, adding €1.6 billion of assets to its portfolio.
The transaction includes CRS's nine funds that includes 68 assets across nine central and western European countries. The assets are mostly logistics and office buildings located in France and Germany.
London-based Internos has completed nine similar deals since 2009. The latest deal increases the firm's total assets under management to €3.9 billion ($5.3 billion).
In the past six months, the firm has been appointed investment manager of Local Shopping REIT plc, held the second close of its Hotel Real Estate Fund with €210 million of equity and won two mandates; one, to manage a French portfolio for a Swedish pension fund; and the other, from the Saxony Doctors Pension Fund, Germany to invest up to €200 million in value-add European hotel real estate, according to a press release.
"This new acquisition moves towards Internos' long term strategic decision to manage a diversified range of assets across varying classes, qualities and locations with a weighting towards core and opportunistic European funds," Internos chief executive Andrew Thornton said in the statement.