The acquisition will give, on a pro-forma basis, BlackRock assets under management in global real estate of $25 billion, based on figures set at the end of March. The deal also gives it “substantial teams in the world’s top-six markets, which represent 75 per cent of the commercial real estate investable universe,” the firm said in a statement.

“Today’s agreement advances BlackRock’s growth strategy in Asia-Pacific and Europe, where we are seeking to enhance our local offerings and build on the firm’s real estate experience,” said Jack Chandler, global head of real estate for BlackRock.

The firm said that MGPA’s offerings complement BlackRock’s existing real estate investment solutions, “with virtually no overlap of people or products”.

MGPA has a presence in 13 offices in Asia-Pacific and Europe.

The transaction is expected to close in the third quarter of 2013, subject to customary regulatory approvals and closing conditions. The financial impact of the transaction is not material to BlackRock earnings per share. Terms were not disclosed.

MGPA was advised by Berkshire Capital Securities.

“The addition of MGPA to BlackRock is an important step in the evolution of our Asia-based investment capabilities and is aligned with the growth of our Asia-Pacific franchise,” Mark McCombe, BlackRock’s chairman, Asia-Pacific, said.

”Global real estate plays an increasingly important role in the investment strategy of our Asian clients. Similarly the strong economic growth in the region means global investors are looking for greater exposure to Asian real estate. The acquisition of MGPA and its experienced investment team will respond to this demand,” he said.