Bridgepoint: Proposed acquisition of Kayne Anderson Real Estate expected to drive mid-single-digit EPS accretion in 2027 and over 20% in 2028. BPT guidance on current perimeter also upgraded

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Bridgepoint: Proposed acquisition of Kayne Anderson Real Estate expected to drive mid-single-digit EPS accretion in 2027 and over 20% in 2028. BPT guidance on current perimeter also upgraded

C A Z E N O V E Europe Equity Research

29 June 2026

Bridgepoint

Proposed acquisition of Kayne Anderson Real Estate Not Rated

expected to drive mid-single-digit EPS accretion in 2027 BPTB.L, BPT LN

and over 20% in 2028. BPT guidance on current Price (26 Jun 26):233p

perimeter also upgraded

Following the news that circulated on Friday, Bridgepoint is today announcing the European Diversified Financials

proposed acquisition of Kayne Anderson Real Estate (KARE; Not Covered) for an Enrico Bolzoni, CFA AC

upfront consideration of $1.393m, comprising $759m in cash and c189m of newly- (44 20) 7134-4222

issued Bridgepoint shares, with further consideration subject to management fee- enrico.bolzoni@jpmorgan.com

related performance hurdles. The transaction, which is expected to complete at the J.P. Morgan Securities plc

end of 2026, is expected to be mid-single digit accretive in 2027 and by more than Specialist Sales contact details:

20% in 2028. KARE currently has $22bn in AUM across real estate equity and real

Gigi Sparling - Specialist Sales -

estate debt, and the transaction would therefore expand Bridgepoint’s offering and European Financials

diversification. Bridgepoint is also upgrading its current perimeter guidance, (44-20) 7134-0355

targeting €28bn in fundraising over 2024-26 (up from €24bn previously), and ghislaine.sparling@jpmorgan.com

Performance-Related Earnings (PRE) in 2026 and 2027 to be at the top end of the

range of 20-25% of total income, with two thirds of the total PRE for 2026 expected

in 1H. The company will host a conference call at 8:30 AM GMT; see the details