Morgan Stanley is selling German asset manager Argoneo Real Estate to EPM, a subsidiary of Bilfinger Berger Facility Services, with effect from January, EPM confirmed on Monday. Argoneo manages commercial property assets throughout Europe valued at some EUR 2.7 bn.

'With this step we want to sharpen our profile as a full-service provider in the asset and property management sector,' said EPM's CEO Aydin Karaduman. 'Through this acquisition, which will bring our total assets under management to EUR 5.3 bn and the number of asset management staff to over 80, we are expanding our leading position among German asset managers further. At the same time, we are strengthening our competences to meet the demands of international clients as part of the further internationalisation of the group.'

Morgan Stanley said the deal would enable it to focus on its real estate investment business in Germany, adding that EPM would continue to manage a 'significant part' of its fund assets.