Multi-family office LJ Partnership has agreed to purchase a minority stake in retail fund manager Pradera for an undisclosed amount.
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Established in 1999, Pradera has a portfolio of 2.3bn, which comprises more than 50 shopping centres and retail parks in the UK, Spain, Italy, Greece, Germany, Poland, the Czech Republic and Turkey, accommodating nearly 2,000 tenants.
Following the acquisition, the current management team of Pradera will retain full control of business strategy and the day to day running of the business.
Pradera said that two senior directors from LJ Partnership will be appointed to its board, which will supplement the current management team.
LJ Partnership CEO Andrew Williams said: "We share a common focus and strong track record in real estate management and investment but also have different strengths in terms of geographical reach and the capital that we manage.
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By GlobalData"It will broaden and deepen our European platform, enhancing our local presence in major European markets and enable us to bring a broader range of investment opportunities to the select group of individuals and families that we represent."
Pradera managing director David Fletcher said: "This significant investment marks the beginning of another exciting phase for Pradera that should take the company into new segments of the retail market and over time into new geographies. It should help drive growth and allow us to further improve our service to clients and investors alike.
"With LJ Partnership’s largest shareholders being family offices/businesses from Hong Kong and Latin America, there is real potential for growth in regions previously untapped by Pradera. This will take the business into the family office market, supplementing, but not competing with, our historic strong institutional client base."
