Fexco to sell 50 per cent stake in PICA
Fexco, the firm founded by Brian McCarthy (above), is close to inking a deal to sell a 50 per cent stake of its Australian PICA business to Japanese group Nippon Kanzai.
The size of the deal has not been disclosed, although Nippon Kanzai is said to be spending "several billion yen" or over €20m on the deal.
Killorglin-headquartered Fexco bought the stock market-quoted Prudential Investment Co of Australia (PICA) in 2003 in a deal that valued the company at close to €20m. PICA is one of Australia's fastest-growing property management outfits. The company will operate as a joint venture between Fexco and Nippon Kanzai.