Catella, the Nasdaq Stockholm listed financial group, has announced the completion of its acquisition of 75% of UK property investment and management copmany APAM, which is now a subsidiary of the Catella Group following regulatory approval from the Commission de Surveillance du Secteur Financier (CSSF) in Luxembourg.
Catella said the £18m deal was a good fit with its broader business development, as there was "significant investment interest from our clients, particularly from our Asian office."
"With this deal we strengthen our pan-European platform and local expertise giving us a competitive edge across Europe," said Knut Pedersen, group CEO of Catella.
APAM recorded revenues of some £7m in 2017, Catella said. APAM's assets under management are estimated at £1.4bn, and its founders Simon Cooke and William Powell remain with the business for "at least another five years".
Following the deal, the Catella Property Investment Management business overall has AUM of some €8.1bn, added Timo Nurminen, head of Property Investment Management at Catella.