Corovest, the property manager in which JSE-listed Madison Property Fund Managers owns a stake, says that it has bought a 50% stake in the UK-based Wichford Property Fund Management for £11.0 million.

Wichford Property Fund Management, in which JO Hambro Capital Management owns the remaining 50%, is the property adviser of LSE-listed Wichford Plc. Corovest acquired the stake from Laird Capital Ltd.

Wichford owns 78 properties valued at £700 million across the UK, France and Germany.

As part of the transaction, Standard Bank's real estate investment division has acquired a 10% stake in Corovest, and the vendor of the 50% stake in Wichford, Laird Capital, has acquired a 5% stake, as a result of which Madison's interest in Corovest has been reduced to 34% from 40%.