The asset management firm Draycott has completed the acquisition of the entire share capital of Square Asset Management (Square AM), an independent manager of open-ended property investment funds in the Iberian Peninsula, with over €2.7 billion in assets under management and close to 35,000 investorsreached through a large-scale banking distribution network. The financial details of the deal have not been disclosed.
The transaction was made public on 7 May, as reported by Iberian Property at the time. The notification sent to the Competition Authority stated that the transaction “consists of the acquisition of sole control by Draycott Capital, SA over the companies Square Asset Management – Sociedade Gestora de Organismos de Investimento Coletivo, SA and Square Asset Management II Consulting – Gestão e Consultoria Imobiliária, Lda”.
The deal is now official following the Competition Authority’s approval of the acquisition, and is described as “a milestone of great significance for the investment sector in Portugal”. With this acquisition, Draycott aims to “consolidate its position as a leading asset management firm in Portugal”.
“Square strengthens our presence in property investment, bringing scale, distribution and a very significant investor base. The complementary nature of the two platforms allows us to capitalise on clear synergies in terms of product and market access, accelerating our growth. This is an important step towards building a leading platform in the alternative assets sector in Portugal”, stated João Coelho Borges, CEO and founding partner of Draycott.
“We are confident in the success and innovation that this acquisition will bring to our operation. Over the last 20 years, Square AM has built a solid reputation in the Iberian property investment fund market and is now, quite naturally, entering a new phase. It is time to renew our ambition and reinforce our commitment to the partners and investors who have stood by us”, emphasised Pedro Coelho, CEO of Square AM.
Square AM has been in business for over 20 years and specialises in the management of property, income and specialist investment funds, aimed at institutional and retail investors. Amongst the main vehicles under management, the CA Património Crescente fund stands out; marketed by Crédito Agrícola, it is the largest open-ended property investment fund in the Iberian Peninsula, with over 23,500 subscribers and more than €1.4 billion in total net assets under management. It also manages the Property Core Real Estate Fund, a property investment fund marketed by Banco Best, Novo Banco and Novo Banco dos Açores, with over €500 million in assets under management in Portugal and Spain and more than 9,600 investors.
