Pradera is to remain independent after a management buyout.
The European retail property fund manager said co-founder Colin Campbell, who already owns 40% of Pradera’s holding company Kuno, has purchased business partner Paul Whight’s 60% stake for an undisclosed sum.
Pradera said the deal would complete later this month or in early April.
As reported in March last year, Pradera asked M&A advisers Berkshire Capital to explore the option of a sale of its business.
Media reports in October suggested Cordea Savills was favourite to buy the firm, which has €2.3bn in assets under management in nine countries.
Campbell said it would now look to grow at a “greater pace, particularly in Continental Europe”.
The firm, which has invested in shopping centres and retail warehouse parks across Europe and Turkey, manages four discretionary property funds.
Pradera’s €2.4 billion portfolio imcludes 60 shopping centres and retail parks in the UK, Spain, Italy, Greece, Germany, Poland, the Czech Republic and Turkey.
The firm has also raised capital for retail-focused discretionary funds.
Pradera was founded in 1999 to act as a specialist management company for European retail property funds.
Campbell, who has been managing director, chief executive and chairman, will be re-appointed chairman.
Whight will remain a non-executive director.
Shareholder and former director David Fletcher has been named as a managing director alongside Alison Rehill, Neil Varnham and Roberto Limetti.
Simone Asser, another shareholder and Pradera’s finance from 2001 to 2010, will re-join the senior team as a non-executive director and corporate finance adviser.