MPC Real Estate Services, a subsidiary of MPC Capital Group, has emerged ahead of a number of rival bidders to take over the management of 10 real estate funds of Dutch bank ABN AMRO MeesPierson. In a statement on Monday, the Hamburg-based real estate fund specialist said that the operation will allow it to expand its assets under management by EUR 350 mln to a total of EUR 2.4 bn.

The funds, nine closed-end and one open-ended vehicle, own a portfolio consisting of 40 properties leased to a total of 180 tenants.

'With the takeover of the management of the ABN AMRO MeesPierson portfolio, we have secured not only an additional revenue stream, but we have also expanded our strategic position in the Dutch real estate market,' said Axel Schroeder, CEO of MPC Capital.

After the launch of its first Dutch fund back in 1995, MPC Capital has been increasingly active in the sector. Earlier this year, it successfully placed its latest vehicle of this type, MPC Holland 72. The company's biggest operation to date was the disposal in 2007 of a portfolio of 98 properties held by 27 Dutch funds to a number of institutional investors for just less than EUR 1 bn.