Palmer Capital announced on Wednesday that its continental European business is rebranding as Arcona Capital following a management buy-out.
Under the deal, executives Guy Barker, Ben Maudling and Tina-Kathrin Rauh have increased their stakes in the firm by around 30% to over 80%.
The Continental European operating business of Palmer Capital was originally structured in 2007 as a 50/50 joint venture between Palmer Capital Partners London and the Munich-based management team.
Arcona Capital has offices in the Netherlands, Germany, Czech Republic, Poland, Romania and Bulgaria. The firm manages over €320 mln in assets across 10 European countries and operates nine investment funds, five of which are under licence from the Dutch Financial Markets Authority.
Its most recent transaction, closed in February this year, was the acquisition of a portfolio of 10 Czech regional shopping parks from Atrium in a €100 mln deal on behalf of a private fund client.
'With long-term experience in the region and reflecting the strong growth prospects available, we now have the opportunity to make a real impact in our core operating markets,' said director Ben Maudling. 'Our established regional platform and longstanding fund management mandates provide a solid base for future expansion. Our recent deal in the Czech Republic is the perfect example. We are grateful for the support from our London partners over the last nine years, and look forward to an ongoing mutually beneficial relationship.'
Ray Palmer, chairman of Palmer Capital in London, added: 'This partnership was originally set up as 50/50 joint venture however the business has now matured to a point where it’s appropriate for management to become the dominant shareholders in line with the policies we have adopted across the remainder of our business.'
The new brand replicates the venture capital model established by Palmer Capital in the UK, with London holding a minority stake and the local venture operating under a unique name, the company noted.
Palmer Capital UK is a boutique real estate investment management company which focuses on adding value to real estate and creating core assets for institutional investors. Founded in 1992 the company is management owned and manages either directly or via its affiliated companies over £1 bn of assets.
