UK-listed Absolute Capital Management has acquired North Asset Management’s interest in the management contract of North Real Estate Opportunities Fund, an AIM-listed property investment and development company which raised €100 million at IPO in August 2006 and has since substantially committed its IPO proceeds to property investments in Romania, Ukraine and Moldova. Under the terms of the transaction, total consideration of €12.5 million is payable. Magnus Lofgren and Robert Provine, North’s real estate investment principals, will be joining ACMH’s newly created property division Absolute Capital Management Property. ACMP will receive a management fee of 2 per cent and a 20 per cent performance fee, which is payable on realisation of property investments as long as NREOF achieves an annualised return of 10 per cent.