BentallGreenOak Announces Deal to Acquire Metropolitan Real Estate Equity Management
New York, United States:
BentallGreenOak announced today the signing of an agreement to acquire Metropolitan Real Estate Equity, LLC (Metropolitan) from global investment firm The Carlyle Group Inc. (NASDAQ:CG). The deal adds Metropolitan’s integrated primary, secondary and co-investment real estate platform, with over USD$2.4 billion (as of December 31, 2020) in assets under management, to BentallGreenOak’s business to deliver further diversified investment strategies and enhanced global market presence for a leading, global real estate investment management advisor and a globally recognized provider of real estate services.
The combination of BentallGreenOak and Metropolitan is poised to bring together two platforms with distinct and highly complementary real estate investment strategies, a commitment to continuity of leadership, and multiple drivers for immediate and future growth and additional scale.
“BentallGreenOak’s acquisition of Metropolitan was motivated by our relentless efforts to put our clients and investors first by providing them with access to an enhanced array of global investment strategies and opportunities,” said Sonny Kalsi, Chief Executive Officer of BentallGreenOak. “Our shared, positive outlook on the growth potential for secondary and co-investment opportunities in the commercial real estate market further cements our commitment to integrating this business into our platform and growing it into a global leader for the long term. We are confident that the cultural alignment and history of strong relationships we share with Metropolitan’s senior management team makes this deal a seamless fit for both firms.”
“We are excited to join BentallGreenOak’s broad global real estate platform,” said Sarah Schwarzschild and John So, Co-Heads of Metropolitan Real Estate. “Our shared focus on investment performance, entrepreneurial mindset, and the complementary nature of our businesses makes BentallGreenOak both a strong strategic and cultural fit for the Metropolitan team. We will look to leverage BentallGreenOak’s deep real estate resources to drive future value for our investors and accelerate growth opportunities for Metropolitan’s secondaries, co-investment and separately managed account businesses.”
BentallGreenOak received legal advice from Akin Gump and Carlyle was represented by Latham and Watkins.
Terms of the agreement have not been publicly disclosed. The transaction is subject to customary closing conditions. Closing of the deal is expected to occur in the first half of 2021.
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