Norwich Union has entered into a binding agreement to acquire 50.1 per cent of the share capital of First Australian Property Group Holdings Pty Limited (‘Paladin’), a leading Australian property investment management business. Norwich Union has also entered into arrangements with the vendors that will enable it to acquire the remaining share capital of Paladin in 2004.
Norwich Union has entered into a binding agreement to acquire 50.1 per cent of the share capital of First Australian Property Group Holdings Pty Limited (‘Paladin’), a leading Australian property investment management business. Norwich Union has also entered into arrangements with the vendors that will enable it to acquire the remaining share capital of Paladin in 2004.
At 30 June 1998, Paladin had audited net assets of A$1.1 million (approximately Ł0.45 million). Paladin is one of the top 10 property fund managers in Australia with funds under management of more than A$1.8 billion (approximately Ł0.75 billion).
Richard Harvey, Norwich Union’s group chief executive, said:
"The pensions and fund management industries in Australia have witnessed dramatic expansion in recent years and we expect this growth to continue. Last year we acquired the equity and balanced funds capability of Portfolio Partners to supplement our existing strengths in Australia and this acquisition is performing very well. The addition of Paladin's property investment management skills and reputation will provide further support for Norwich Union’s strategy of securing a leading position in the Australian long-term savings and pensions market."
ends