JC Flowers buys Expro

US private equity firm JC Flowers has led a consortium to acquire German real estate investor Hypo Real Estate, paying around €1.1bn for a 24.9% stake.

The private equity syndicate has offered €22.50 per share, and is chasing a 25% representation on Hypo’s board. Other members of the consortium include Grove International Partners, a real estate private equity firm, and Shinsei Bank, a Japanese financial institution.

In a statement, JC Flowers said it would continue to support the expansion of the business, both in Germany and internationally, including the Japanese market.

The deal marks JC Flowers’ second acquisition in the German financial services sector. In bought a 27% stake in HSH Nordbank in August 2006. It closed its last fund, JC Flowers II, in 2006 with US$7bn.