Led by Andrew Gordon, Investment director, the acquisition will include the transferring of GAM’s European real estate debt team and its assets worth $300 million to Invesco. Reporting to Andy Rofe, Andrew Gordon had been named as the head of European real estate debt.
According to Invesco, the assets will enable to expand its European real estate capabilities in the near mid-term, as well as reinforce Invesco’s $79.8 billion global real estate unit. Further, the expansion is viewed as opportunistic with global coverage across equity/debt.
Invesco’s real estate consists of $14.6 billion in European direct investments under management. The assets will be held in two active funds and one separate account.
In a news release, Andy Rofe said that the dynamics shaping the European debt market are attractive and they are enthusiastic about expediting the European offering with the new debt team. That would give Invesco highly experienced professionals and asset class momentum from the inception, and develop the debt proposition further, he added.