Cromwell Group (ASX:CMW) has bought a 50 per cent stake in New Zealand property and fund manager Oyster Group.
The Australian property and fund management group believes the acquisition will provide a solid platform for its expansion into New Zealand.
Oyster Group has more than $NZD650 million, or about $AUD591 million, of property assets under management.
Cromwell Group will pay $NZD5 million, or about $ AUD4.5 million, for the stake with an extra $NZD2.5 million, or $AUD2.3 million, being payable over the next two years upon achieving targeted financial performance.
The remaining 50 per stake will continue to be held by Oyster Directors.
Cromwell Group reported a net profit of $86.7 million in the first half of the 2014 financial year.
