Invesco Real Estate has bought around a 75% stake in the € 3.5 billion institutional real estate investment arm of Germany’s Hypovereinsbank (HVB) in a deal believed to be worth between € 30-50 million.
The buy-out follows last year’s statement by HVB that it was focusing its business on distribution rather than pure asset management.
Before the sale HVB had placed both the US and Munich-based real estate investment arms of the group into two separate vehicles. It then sold a 75.1% stake in each to Invesco.
Together the two former HVB teams have around 30 staff