Montreal-based Fiera Capital Corp. has acquired an 80% interest in London-based Palmer Capital Partners Ltd., a U.K.-focused real estate investment manager, Fiera Capital announced Wednesday.

The acquisition was made through Fiera’s real estate platform, Fiera Properties Ltd., which provides direct real estate investment opportunities to clients with significant investible assets. Palmer Capital will remain independently managed but become the U.K. arm of Fiera Properties, according to a release from Fiera Capital.

Ray Palmer, founder of Palmer Capital, will remain executive chairman. Alex Price, chief executive officer, will remain in charge of the business’s strategy and operations.

Palmer Capital holds more than $1.39 billion (£800 million) in assets under management with an additional $453 million (£260 million) managed through the joint ventures of eight regional property companies in which it is a minority shareholder.

The 80% interest acquired by Fiera Capital has an equity value of $70 million (£40 million) and an enterprise value of $52 million (£30 million), the firm says. Seventeen million dollars (£10 million) was paid by the issuance of 1,430,036 Class A shares of Fiera Capital, issued at a price of $12.30. The transaction is expected to be immediately accretive.