Gresham House, a UK-listed asset management group, has announced a deal to buy Burlington Real Estate Property Management for €1.8m.

Founded in 2012 by John Bruder and Niall Kavanagh, Burlington is an independent commercial property asset and development management company. It manages or advises assets of €340m as at 31 December 2021.

Today's deal will bring pro forma assets managed or advised by Gresham House in Ireland to €750m.

It forms part of Gresham House's ongoing international expansion plans as set out in its five-year strategy and is the group's second acquisition in Ireland, after it bought Appian Asset Management transaction last summer.

Gresham House said today's deal consolidates the existing relationship between the two businesses to achieve long-term alignment.

It is expected to be earnings enhancing for the group with potential further value creation through synergies and identified growth initiatives.

"Having worked closely with John and the team at Burlington Real Estate for over five years in their capacity as advisor to our property fund, we see a strong cultural fit with the Gresham House Group and our ambitions in Ireland," commented Patrick Lawless, Managing Director of Gresham House Ireland.