The entire European and US management team of sale-leaseback investment specialist Northcliffe Asset Management has joined global investment manager Fidac.

Northcliffe’s European team are now part of Fidac UK, the European business of Fidac. Northcliffe co-founder Alistair Calvert becomes Fidac’s head of European equity real estate following the today’s moves.

The move by US-based Fidac to incorporate the Northcliffe management team aims to help it gain further inroads into the European sale-and-leaseback market. The company is a subsidiary of giant US mortgage REIT Annaly, which holds $120 bn (EUR 90 bn ) worth of assets under management.

Calvert claims the move brings benefits to both parties. ‘The Northcliffe team joining Fidac is a great fit. This allows Fidac to further broaden its investment product range, both into direct real estate investment as well as into Europe,‘ he said.

‘The depth of resources and relationship with the Annaly family of companies should allow us to grow into a leading player in both the sale-leaseback and commercial debt sectors in Europe.’