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CROMWELL Property Group (ASX: CMW) has seized an opportunity to build a strong company presence in New Zealand, announcing the acquisition of a 50 per cent interest in property and funds manager Oyster Group.
It’s a big ticket deal, with Oyster Group holding more than $NZ650 million of property assets under management through private property syndicates and institutional property management mandates.
Cromwell CEO Paul Weightman says that as New Zealand begins a phase of economic upturn, the transaction is both timely and beneficial for both parties.
“Recent economic data suggests New Zealand is entering a new period of strong, sustainable growth,” says Weightman.
“We believe we have the right partner at the right time to take advantage of these conditions and build a solid, profitable business.”
As part of its plans to accelerate company growth, Oyster Group has partnered with Cromwell, while company executives including CEO Mark Schiele still retain 50 per cent ownership.
Cromwell executives say the acquisition provides a solid base for company expansion in New Zealand, and that both companies’ plans for the future are aligned.
“The existing Oyster management team has laid a strong foundation and we see tremendous potential for growth with the prudent application of the capital resources and expertise of Cromwell,” says Weightman.
“It has been a long time since we had any significant presence in New Zealand and we are looking forward to the opportunity we have with Oyster.”
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