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Carlyle Group buying Metropolitan Real Estate

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September 25, 2013 08:26 AM EST | AP


WASHINGTON — WASHINGTON (AP) — The Carlyle Group is buying Metropolitan Real Estate Equity Management LLC, a transaction that helps strengthen its real estate position.

Financial terms were not disclosed.

Metropolitan Real Estate, which is based in New York, is a manager of indirect investments in global real estate. David Sherman, president and co-chief investment officer, will continue as co-CIO and become head of real estate for Carlyle's solutions group.

Carlyle is already one of the biggest private equity firms in the U.S.

The deal is targeted to close in November. It still needs approval from Metropolitan's investors.

Earlier this month Carlyle announced that it was buying a power generation plant in New Jersey and had completed the purchase of five power plants in California. Financial terms of the deals were not disclosed.

Carlyle Group shares finished at $25.39 per share on Tuesday. Its shares are near the low end of their 52-week range of $23.85 to $37.89.