Valad Europe, the leading diversified European investment manager, has been acquired for a consideration of €145 mln by Cromwell Property Group, one of Australia’s leading property investment and funds management groups with a market capitalization of €1.8 bln, from Valad Europe senior management and Blackstone Real Estate Partners VI, following a highly competitive process. The purchase price reflects an EBITDA multiple of approximately 6.4xi.
Cromwell, one of Australia’s leading REITs in the ASX/S&P 200 Index, values the unique size and breadth of the Valad Europe platform and the local experience of its investment and asset management teams across a range of commercial real estate sectors. Following the completion of the acquisition, Valad Europe will continue to remain focused on delivering superior returns to its existing mandates, growing its business across Europe and diversifying its investor base globally.
It will continue to be run by the same management team led by Martyn McCarthy, Executive Chairman of Valad Europe, who have all committed to the future growth of the business under Cromwell’s ownership. Valad Europe will continue to be operated as an independent business, being able to work with a broad spectrum of capital partners including sovereign wealth funds, pension funds and private equity funds as well as banks and financial institutions.
Managing €5.3 bln 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.
Source: Valad Europe