Australian investment firm Cromwell Property Group has bought Valad Europe from Valad Europe senior management and Blackstone Real Estate Partners VI for £107m.
This price reflects an EBITDA multiple of around 6.4x.
Valad will retain its management team and will continue to manage £3.9bn of assets across 13 European countries.
Cromwell chief executive Paul Weightman said: “The acquisition of Valad Europe presents an opportunity to acquire a successful, value-add property funds management platform with scale across a number of geographies and sectors.
“The business is a strong cultural fit with Cromwell, is complementary to our existing funds management operations and furthers our strategy to increase the earnings contribution from funds management to around 20%.”
alex.horne@estatesgazette.com
