HARTFORD, Conn., Feb. 17 /PRNewswire/ -- Cornerstone Real Estate Advisers LLC, one of the world's largest real estate investment managers(1), has completed its acquisition of London-based Protego Real Estate Investors LLP, Protego Real Estate Investors Finance LLP and their subsidiaries (Protego) in a move that enhances the organization's reach and capabilities in the European market.
Cornerstone will expand its platform in Europe through Protego, which provides real estate investment advisory services to a variety of clients through funds and separate accounts. Protego, which focuses primarily on office, retail, and industrial property, will retain its brand name. Cornerstone is also integrating the personnel and assets of Babson Capital Management's ("Babson Capital") Real Estate Finance Group, scheduled to be completed in the first quarter of 2010. The merged entities will manage or service approximately $30 Billion of assets.(2)
"With our acquisition of Protego, Cornerstone is positioned to provide a broad range of real estate debt, equity and securities expertise within Europe, which is a long-established and very promising market," said Cornerstone President and CEO David J. Reilly. "At the same time, we will be expanding our advisory services to clients who increasingly want to diversify their risk by focusing on a global investment strategy." While Cornerstone will enhance its global reach, Protego will have the ability to offer a wider array of investment opportunities to its clients and will benefit from Cornerstone's financial strength and resources, said Iain Reid, CEO of Protego, which has approximately $2.5 billion of assets under management.(3)
"We will now be able to offer our institutional and wealth management clients access to both public and private, debt and equity capabilities which will enable us to continue the rapid growth of our business in Europe," said Reid. "We also will be able to offer our clients access to opportunities in the U.S. through Cornerstone's presence there."
For more information on Cornerstone, visit www.cornerstoneadvisers.com.
(1) As measured by assets managed and serviced according to Pensions & Investments annual ranking, published Oct. 19, 2009. See: http://www.pionline.com/apps/pbcs.dll/section?djoPage=view_html&category=datajoe&pgTitle=Real+estate&djoPid=901&djoYear=2009&djoPgTitle=Real+estate+2009-Largest+
(2) Babson Capital and Cornerstone are each indirect, wholly-owned subsidiaries of the Massachusetts Mutual Life Insurance Company.
(3) As of September 30, 2009.
SOURCE Cornerstone Real Estate Advisers LLC