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Bridgepoint to buy Kayne Anderson Real Estate in $1.393B deal

The purchase values Kayne Anderson Real Estate at $1.393 billion and expands Bridgepoint’s U.S. real estate footprint after KARE reported about $22 billion in assets under management.

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London-based private equity firm Bridgepoint Group has agreed to acquire Kayne Anderson Real Estate (KARE) from Kayne Anderson Capital Advisors in a cash-and-stock transaction valued at $1.393 billion, ConnectCRE reported.

KARE is headquartered in Boca Raton, Florida, and manages about $22 billion in assets under management. Its flagship fund, KAREP VII, closed last month at $5.12 billion, ConnectCRE said.

Bridgepoint said the deal will establish a fifth vertical for its platform, joining private equity, credit, infrastructure and secondaries. The firm also characterized the combined opportunity as more balanced and diversified, with about half of its assets under management invested in real assets and about half of management fees generated in the U.S., according to ConnectCRE.

At KARE, co-founder and CEO Al Rabil said the partnership supports KARE’s growth plans while allowing it to preserve its culture and investment approach. ConnectCRE added that Moelis & Company served as lead financial adviser to Bridgepoint, with Goldman Sachs listed as an adviser.

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