Madison Property Fund Managers has acquired a 40% stake in Corovest, the investment manager for Jersey-registered closed-ended property company Ciref. Madison said the acquisition was a strategic move to broaden its international asset base. The financial details of the transaction were not disclosed.
Madison Property Fund Managers has acquired a 40% stake in Corovest, the investment manager for Jersey-registered closed-ended property company Ciref. Madison said the acquisition was a strategic move to broaden its international asset base. The financial details of the transaction were not disclosed.
With assets valued of more than £1.75 bn, Madison is South Africa's largest asset manager and the first to be listed on Jersey Stock Exchange. Ciref is a property investment and development company that invests primarily in the UK and continental Europe. Its portfolio includes four large integrated town centre developments, a supermarket and home depot centre in Switzerland, 28 Kwik-Fit properties, 22 filling stations and three shopping centres in the UK. The company also owns a German portfolio which consists of supermarkets, convenience stores, a petrol filling station and a McDonalds restaurant.