2001 - 2005
In 2002, 51% of CAM was sold to IOG, an UK listed property fund manager which was at the time running a number of income producing property funds for various clients based on the multi let industrial sector in Europe.
IOG purchased a share in CAM in order to set up a platform to set up property funds in Central and Eastern Europe. Subsequently the €500m Central European Industrial fund was set up, invested and asset managed on behalf of Morley, a large UK institution. Equity of Euro 180 million was raised from institutional investors including Aviva, PGGM, KPN and Henderson Global Investors. The majority of the purchasing capacity was placed within the first 18 months with properties acquired in Poland, Czech Republic, Hungary and Romania. These ranged from prime estates to added value properties.
The company was re branded into IOG, and when IOG was subsequently purchased by Teesland the company eventually became part of Valad which still runs the portfolio to this day.
Andrew and Rhys retained the Celtic brand, but between 2002 and their exit from the business in 2005 when their remaining shares were sold, they were heavily involved in purchasing the portfolio of property, and in setting up the asset management platform.