By Tiisetso Motsoeneng

Property group Madison Property Fund (MDN) has bought 40% of Corovest Fund Managers for 100.15 million rand, it said on Monday.

Corovest is the management company of Coronation International Real Estate Fund and the stake was bought from Osiris Property Services.

The deal is effective from July 1 following approval by the South African Reserve Bank.

Madison said the purchase amount would be settled by a combination of cash and the issue shares.

The deal forms part of the group's strategy to expand its asset management activities into new markets.

I-Net Bridge