Cromwell completes Valad Europe acquisition

Sydney-listed Cromwell Property Group has completed the acquisition of real estate investment Valad Europe from a Blackstone fund.

Valad Europe said the closing of the transaction was the culmination of the search for a new long-term owner which began six months ago.

On 27 January this year Cromwell agreed to acquire Valad Europe from its senior management and the Blackstone fund for €145 mln.

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.'

Cromwell is an Australia a property investment and funds management group with a market capitalisation of AUD 2 bn (€1.4 bn).

With €5.3 bn 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.

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