Listed property funds management group Cromwell Property Group has acquired a half stake in emerging New Zealand property manager Oyster Group.
Oyster has more than $NZ650 million ($591m) of property assets under management through a combination of private property syndicates and institutional property management mandates.
Cromwell paid $NZ5m for its stake in the business, with a further $NZ2.5m being payable over the next two years.
Cromwell chief executive Paul Weightman said Oyster had many similarities to Cromwell and would provide a solid platform for the group’s expansion into New Zealand.
“Recent economic data suggests New Zealand is entering a new period of strong, sustainable growth,” he said.
“We believe we have the right partner at the right time to take advantage of these conditions and build a solid, profitable business.”