One of the first Australian institutions to target Europe has bought out its UK-based management team in a deal worth up to €60m (£40.7m).
APN Property Group is understood to have paid an initial sum of €10m, after adjustments, for UKA – the management company run by Tony Green, John Harrison and Robert Akkerman.
UKA will remain adviser to the fund.
The three founders will stay for at least three years.
Green – one half of Anthony Green & Spencer – MWB co-founder Harrison, and Strata Concepts pioneer Akkerman, could receive a long-term earnout in excess of €50m.
APN managing director Clive Appleton said the acquisition was the “natural evolution” of its European expansion.
“When we listed, we had a portfolio of five properties, valued at A$242m (£98.9m), in two European countries,” he said.
“Today, the portfolio has 35 properties in seven countries valued at A$1.3bn (£530m).”
The APN/UKA European Retail Trust was set up in 2005 and has since built up assets under management in Italy, Spain, Germany, Austria, Greece, Romania and Poland.
Since its launch, several other Australian investors have bought into UK companies for rapid European expansion.
They include Goodman, which bought Akeler and Arlington; Stockdale, which took over Halladale; and Valad, which bought Scarborough. Australian fund Mirvac has been linked with Kenmore.
