Franklin Templeton has agreed to acquire a majority stake in Spanish asset manager Stoneshield Capital through its real estate subsidiary Clarion Partners. The value of the transaction has not been disclosed and the deal remains subject to customary conditions and the relevant regulatory notifications.
The acquisition will triple Clarion's assets under management in Europe to approximately €11 billion, while its global assets will increase by 12% to €72 billion. Franklin Templeton will meanwhile surpass €265 billion in alternative investment strategies.
Stoneshield manages around €8 billion in real assets and focuses on sectors with limited supply, including residential, student accommodation, digital infrastructure, science and innovation, hospitality and critical infrastructure. Its activities include closed-ended opportunistic funds and a platform focused on PBSA and other living sectors.
Following completion, Stoneshield will become Clarion's platform for opportunistic investments in Europe, complementing its existing activities in institutional logistics and net-lease real estate. The business will retain its offices in Spain, Portugal, Ireland, the UK and Luxembourg.
Stoneshield co-founders Juan Pepa and Felipe Morenés will remain at the helm of the manager, retaining responsibility for investment strategy, growth and day-to-day management. They will also participate in the development of new vehicles for institutional and private banking clients within Clarion and Franklin Templeton's European platform.
Stoneshield's strategic holdings include MiCampus, Solaria, Exolum, Neinor Homes and Meliá Hotels International. Goldman Sachs International acted as financial adviser to Stoneshield on the transaction.
