London-listed REIT NewRiver has snapped up investment manager Ellandi, boosting the property firm's assets under management to around the £2 bn (€2.4 bn) mark.
Retail and town centre specialist Ellandi has a portfolio of 16 shopping centre asset management mandates, covering over 6 million ft2 (560,000 m2). Its current projects include the regeneration of Blackpool town centre.
NewRiver said that the deal would bring its portfolio of shopping centres under management from 21 to 44, and expand its retail park mandates from 18 to 29.
NewRiver's tenants include Primark, Superdrug and Pound Land. The deal will cost the firm in the region of £9 mln.
NewRiver chief executive Allan Lockhart said: 'The acquisition of Ellandi supports our ambitions to expand our capital partnerships business and grow its fee income.
'By bringing together two high-quality teams with complementary skills and experience in asset management and regeneration, together with the balance sheet resources we have available, we are well positioned to participate in these opportunities, both on the balance sheet and through Capital Partnerships.'
Ellandi co-founders Morgan Garfield and Mark Robinson will join NewRiver as head of capital partnerships and head of regeneration respectively, and will sit on Newriver's executive committee.
Mark Robinson, co-founder of Ellandi said: 'Together we will bring unrivalled insights into UK consumer and retailer trends through the extensive data of our enlarged footprint.
'NewRiver is passionate about retail and recognises the important role it plays at the heart of communities, as well as having a similar culture and shared values.'
