Schroders PLC acquired Munich-based real estate boutique Blue Asset Management, which manages €1.2 billion of assets on behalf of its clients across Germany, Austria and Switzerland.

Financial terms of the deal were not disclosed.

Blue Asset Management's portfolio consists of both commercial and residential properties. Its three founding managing directors — Artus Pourroy, Thomas Wiegelmann and Tino Lurtsch — and their 17 employees will join Schroder Real Estate as part of the deal, Schroders said May 28.

The U.K. asset manager said the transaction strengthens its private assets capabilities by providing additional resource, expertise and presence in the German, Swiss and Austrian real estate markets to serve its global investor base.