For the 12 months to 30 June 2002, MWB's fund management business created EBITDA of £2.5 million ($4 million). The purchase price also covers MWB's equity interests and carried interests in the three funds, as well as deferred fund management fees. The acquisition is expected to complete in January 2003.
The limited partners in the three funds include: Clerical Medical, Coal Pension Properties, Credit Suisse Asset Management, Deutsche Bank, Hermes, Norwich Union, Scottish Widows, Shell Pensions Trust and United Friendly Trust.
Martin Barber, Capital & Regional's Chief Executive, said: "This is an exciting acquisition as we continue with our growth strategy as a co-investing asset manager. It adds a third leg to our fund management business and complements our existing Xscape leisure business led by PY Gerbeau. We have experience in this sector which we believe will enable us toachieve excellent returns for the fund investors and for our shareholders."
Credit Suisse First Boston advised MWB on the sale.
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