Dublin-based property manager Greenman has expanded into food anchored assets in France and Spain with the acquisition of a Luxembourg fund administrator.
Greenman, which manages several funds and joint venture mandates in Germany, said Greenman Fund Administration (GMFA) business has paid an undisclosed amount to buy a 70% stake in Compagnie Financi猫re et Boursi猫re Luxembourgeoise (COFIBOL).
Established in 1983, COFIBOL offers a range of asset management, accounting and administration services to UCITS funds for both private and institutional clients.
Subject to approvals, COFIBOL will be appointed as fund administrator and corporate service provider for all of Greenman鈥檚 Luxembourg domiciled funds and investment vehicles, including the 鈧�760m flagship Greenman Open fund.
Greenman said integrating the fund administration capability in-house will enhance its investment management platform, allowing the team to 鈥渞espond effectively to market conditions, tenant issues and investor queries while creating efficiencies that will ultimately benefit investors and improve overall returns鈥�.
Darragh Gogarty, CEO of GMFA, said: 鈥淰ertical integration has been a key development strategy for Greenman over the years and in recent weeks we have seen the merits as we go through this strange period of COVID-19.
鈥淭he addition of COFIBOL to the Greenman Group will further bolster our operational resilience and enable the planned expansion of our investment activities鈥�
Gogarty said, notwithstanding the impact of COVID-19, Greenman is looking to increase assets under management across Europe to 鈧�3bn over the next 5 years.
