The financial terms of the deal were not disclosed.

European real estate investment manager Patrizia Immobilien AG has agreed to acquire Rockspring Property Managers, a client of wealth management firm Cannacord Genuity client.

The deal will provide Patrizia with a London-based fund management hub with a focus on discretionary capital for global clients, it said in a statement.

The firm said when the transaction is completed it will increase its assets under management to approximately €40 billion ($47.3 billion). Financial terms of the deal were not disclosed. Patrizia expects the transaction to close at the end of the first quarter of 2018.

Rockspring has been in real estate investment and fund management sector for over 30 years. During this time it has established a client base in excess of 120 institutional investors across 20 countries, as well as fund brands including Rockspring TransEuropean, Rockspring PanEuropean and Rockspring Hanover – all of which will remain unaffected and will continue in their current form post-merger.

“Rockspring has an outstanding track record and reputation for European property fund management and client services and is a perfect fit for Patrizia in terms of shared vision and culture and its focus on real estate business,” said Wolfgang Egger, chief executive of Patrizia. “This acquisition represents an important milestone for Patrizia in achieving our vision to become a global provider of European real estate assets for our clients. The clients of PATRIZIA and Rockspring will benefit from access to a stronger independent platform which will offer broader access to markets and products while Patrizia will strengthen its market position significantly in its core European markets.”

Patrizia Immobilien AG has been a investment manager in the real estate market across Europe for more than 30 years.

Rockspring Property Investment Managers is an investment fiduciary specialising in the acquisition and management of commercial property throughout the UK and continental Europe on behalf of institutional clients - either directly for single- client accounts or through the group’s series of tax-efficient, co-mingled investment funds. Rockspring is authorised and regulated by the FCA, and is headquartered in London and has a network of offices in Amsterdam, Berlin, Brussels, Madrid, Paris and Warsaw as well as client services offices in Seoul and Sydney.