Property investment group Corovest has bought a 50% stake in Wichford Property Management.

Wichford Property Management advises Wichford, which owns 78 properties worth £700m across the UK, France and Germany. Corovest bought the stake for an undisclosed amount.

Corovest, the manager of AIM-listed CIREF, bought the stake from Laird Capital. Laird co-founded Wichford Property Management with J O Hambro, which continues to own the remaining 50% stake.

Richard Britten-Long, chairman of Laird Capital, remains on the Wichford board and is joining the board of Corovest Fund Managers.

Mike Watters, Corovest chief executive, said he felt that the combination of the two businesses now invested in Wichford Property Management would enhance the company’s position in the market.