Cromwell Property Group ("Cromwell"), one of Australia's leading property investment and funds management groups with a market capitalisation of A$2 billion, has completed the acquisition of Valad Europe from senior management and Blackstone Real Estate Partners VI ("Blackstone") for a total consideration of €145 million.
Managing €5.3 billion of assets across 24 mandates in 13 European countries, Valad Europe provides Cromwell with an integrated pan-European real estate investment management platform that complements its existing funds management operations in the Asia-Pacific region and is consistent with its strategy of increasing the proportion of its total revenues derived from funds management activities globally.
Valad Europe will continue to be run by the same management team and operated as an independent business, being able to work with a broad spectrum of capital partners including sovereign wealth funds, pension funds and private equity funds as well as banks and financial institutions.
Martyn McCarthy, Executive Chairman of Valad Europe said: "We have known the Cromwell management team for a long time and we are pleased to have a parent company with such an outstanding track record. We look forward to continuing to deliver strong performance and returns to our investor and banking partners and growing the Valad Europe business, as the European real estate cycle enters the next exciting phase of growth."