National Australia Bank's direct asset management business, nabInvest, has made its second overseas fund manager purchase, acquiring Canadian global real estate investment trust (REIT) boutique fund manager Presima.
Still subject to regulatory approval in Australia and Canada, nabInvest acquired Presima from SITQ, a subsidiary of Canada's largest pension fund manager, Caisse de Depot et Placement du Quebec.
The acquisition is nabInvest's seventh deal since the business was established in 2007 and will give it access to a client base in Canada and the United States.
The Montreal-based firm has around $577.5 million in funds under management and invests in listed property securities across a variety of regional markets on behalf of institutional clients.
"Managers of global REIT strategies are actively sought by Australian and international investors. Boutique managers such as Presima offer a solid record of performance and a team of experienced investment professionals," nabInvest investment director Nick Basile said.
The other nabInvest business partners are Combridge Industrial Trust Management, Lodestar Capital Partners, which it bought in September last year, Fairview Equity Partners, Pengana Capital, Northward Capital and Antares Fixed Income.
