BlackRock, the New York-headquartered investment and risk management firm, has strengthened its Asia-Pacific and European business with the acquisition of private equity real estate advisory firm MGPA.

The takeover creates a combined global real estate investment platform with a $23.5 billion value (as at 30 June 2013) and serving around 700 investors through at least 400 on-the-ground real estate specialists. The new entity, which will operate under the BlackRock name, will give investors access to some of the world's top markets, which represent 75 per cent of the investable commercial real estate industry, said the firm in a statement.

With the acquisition, BlackRock now manages a diverse range of real estate funds, including real estate equity and debt, REIT securities, open-ended and close-ended funds and separate account mandates. The financial impact of the deal will not affect BlackRock's earnings per share. 

Terms of the deal were not disclosed.