US indices group MSCI acquires property specialist IPD for £78m

Kasmira Jefford
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US INDICES group MSCI has agreed to buy Investment Property Databank (IPD), a private company that provides crucial information for the property industry, in a £78m deal.

The sale will generate a huge windfall for IPD’s founders Rupert Nabarro and Ian Cullen, who set up the company 27 years ago.

The pair will share £26m for their 32 per cent stake while 82 staff who hold a 20 per cent stake will each receive around £100,000.

The remaining share is owned by a number of fund managers, agents and landlords including Aviva, Prupim, Savills, Land Securities and British Land.

“We believe this transaction is key to the long-term success of IPD, and it has the wholehearted support of our shareholders and staff,” Nabarro, IPD’s chairman, said.

Henry Fernandez, MSCI’s chairman and chief executive said IPD’s real estate knowledge would complement the New York listed group’s expertise in providing investment tools for the equities, fixed income, hedge fund, energy and commodities markets.

“The real estate investment market presents considerable opportunities for growth, and we look forward to helping to accelerate the institutionalization and globalization of real estate as an asset class,” he said.