Brookfield to buy renewables-focused asset manager in Germany

Canada’s Brookfield Asset Management Inc (NYSE:BAM) has agreed to acquire the asset manager of the Germany-based CEE Group that holds various renewable energy funds.

Specifically, Brookfield is buying Lampe Equity Management, currently a subsidiary of Bankhaus Lampe, which in turn is an anchor investor in the CEE Group. Bankhaus Lampe said in a statement that the sale of Lampe Equity Management paves the way to international growth.

The transaction is expected to close at the end of 2017. About 40 employees in Hamburg will then join Brookfield, according to the announcement.

Presently, the CEE Group has five renewable funds for institutional investors and assets under management with a combined value of about EUR 1.3 billion (USD 1.53bn). Its core markets are Germany and France.

(EUR 1.0 = USD 1.179)

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