Speymill, the AIM-listed property services business, has purchased the remaining 49% of its German asset management company Goal Services.
The group, led by chief executive Bob MacDonald, has bought out shareholder Florian Lanz for an initial €1m (£797,000) – a figure that could grow depending on future performance.
Goal manages property on behalf of a number of German property funds, including Speymill’s AIM-quoted Speymill Deutsche Immobilien.
The purchase fee mirrors the pre-tax profit attributable to the 49% stake in Goal.
The gross assets attributable to 49% of Goal were approximately £3.4m at the end of last year.
MacDonald said: 'Speymill’s full acquisition of Goal Services highlights the enormous opportunity we see in the overall German property market and re-emphasises our strong commitment to this core part of our business'.