(Sharecast News) - Shares in Bridgepoint surged 14% on Monday as the UK private equity group said it was buying the real estate arm of US investment firm Kayne Anderson for $1.4bn, making its first move into the US property sector.

The deal comprises $759m in cash and around 189m new Bridgepoint shares.

Kayne Anderson Real Estate is a leading real estate investment platform, headquartered in Boca Raton, Florida, with $22bn of assets under management.

Reporting by Frank Prenesti for Sharecast.com