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Macquarie unit to boost real estate AUM to €10.6B with GLL acquisition

A unit of Australian banking group Macquarie Group Ltd. agreed to acquire Germany-based real estate fund manager GLL Real Estate Partners in a deal that will boost the former's real estate assets under management to roughly €10.6 billion.

The deal, details of which were not disclosed, will see GLL become the real estate equity investment platform for Macquarie Infrastructure and Real Assets in Europe and the Americas, excluding Brazil.

The fund manager has around €7 billion of assets under management, with a portfolio of 100 property investments and development projects in the office, retail and industrial real estate sectors.

GLL will continue to be led by its founding partners, Rainer Göebel and Gerd Kremer, and its managing director, Dana Gibson, according to a release.

The acquisition is expected to close in the second quarter.