Listed asset manager Schroders has announced 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 $1.1 billion of assets under management across four funds, the most recent of which closed last year at $450 million.
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.
The move also brings 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.
Duncan Owen, Global Head of Schroder Real Estate, said in a statement: “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.”
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.
