Schroders to acquire majority stake in Pamfleet, a US$1.1 billion Asian real estate investment manager

Schroders announced today it has reached an agreement to acquire a majority stake in Pamfleet, a value-add real estate investment manager with offices in Hong Kong, Shanghai and Singapore.
Liliana Varona
Content Manager in RankiaPro
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Distressed Mergers & Acquisitions Outline

Schroders is today announcing it has reached an agreement to acquire a majority stake in Pamfleet, a value-add real estate investment manager with offices in Hong Kong, Shanghai and Singapore. Pamfleet currently has US$1.1 billion of assets under management across four funds, the most recent of which closed last year at US$450 million.

schroderes_China

Following completion, the entire Pamfleet team of 19 professionals will remain with the organisation, which will be renamed Schroder Pamfleet.

The acquisition reinforces Schroders’ private assets and real estate capabilities, building on the recent purchases of Blue Asset Management, the value-add real estate specialist in Munich, and Algonquin, the Pan-European value-add Real Estate Hotels team. It also brings significant additional industry expertise and geographical reach into some of the largest and fastest growing Asian real estate markets which are attractive to Schroders’ global clientele.

“Pamfleet is a high-quality business with a clear investment thesis and an experienced team of investment professionals. Since it was founded in 2000, it has had an excellent performance track record in some of the highest value and most dynamic real estate markets in the world. These markets are attractive to many of our partners and clients. We are therefore delighted to join forces and create Schroder Pamfleet. Pamfleet’s strong presence within the Asian real estate market as a leader in the value-add style complements the existing Schroders offering within Real Estate and Private Assets to provide extra choice for new and existing investors.”

Duncan Owen, Global Head of Schroder Real Estate

There will be no changes to the management of the existing Pamfleet funds, and the investment team will have access to the broader investment capabilities and distribution network of the wider Schroders business. The board will comprise of Andrew Moore and Singuz Lo, alongside Duncan Owen, Melinda Knatchbull, Chief Operating Officer of Real Estate at Schroders and Amy Cho, Chief Executive Officer of Schroders Hong Kong. Managing Directors Allan Lee and Kelvin Wong will continue to lead teams based in Hong Kong, Shanghai and Singapore and will be joined by Canon Yau, who will lead the business’s institutional investor relationships.

David Holdsworth and Bruce Walker will continue to serve as advisors.

“We are excited about joining Schroders in the real estate business of its private assets division, which is forging a global reputation for offering outstanding client service and delivering a strong investment track record.

Andrew Moore, Chief Executive officer and co-founder of Pamfleet

“The combination of Schroders’ heritage and global footprint with Pamfleet’s local knowledge will create a force in the Asian real estate market. As we integrate Schroder Pamfleet into the wider Schroders group capabilities, we believe we will be able to offer a very attractive proposition to our investors.”

Andrew Moore, Chief Executive officer and co-founder of Pamfleet

Schroder Real Estate forms part of Schroders’ private assets business which is a key strategic priority for the firm. This capability includes private equity, infrastructure, microfinance and impact investments, insurance-linked securities and securitised credit and has combined assets under management of £44.2 billion as at 31 December 2019.

Schroders has managed real estate funds since 1971 and currently has £16.3 billion (€19.2 / US$21.6 billion)* of gross real estate assets under management as at 31 December 2019.

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Schroders to acquire majority stake in Pamfleet, a US$1.1 billion Asian real estate investment manager