Buccleuch Group cuts shares in London firm
THE Duke of Buccleuch has restructured his involvement in a luxury property development company in London.
The Bowhill-based landowner’s Buccleuch Group reduced its holding, but will be investing more in Native Land’s residential developments.
The Duke’s property and agricultural enterprise cut its share in the exclusive house builders from 50 per cent to 10 per cent, it was announced last week.
Buccleuch Property’s managing director David Peck said: “Buccleuch has been a long-term shareholder and equity investor in every Native Land project over the past six years and will remain an enthusiastic and committed participant under the new structure.
“We are not cutting back our property arm, but are fully committed and investing more in this sector of the business than we did before.”
He explained: “We are operating in changing times and needed to ensure we had access to significant capital with a partner who will be fully aligned with the business, both financially and culturally.
And he added: “Buccleuch has a diverse portfolio and we are fortunate to be operating in a market where we see continued opportunity and growth.”
The company sold the holding for an undisclosed sum.
And a private Gulf-based investor has snapped up a 45 per cent share in the residential development company, which builds houses in some of London’s most exclusive neighbourhoods such as Chelsea and Belgravia.
Native Land’s original management team has retained a 45 per cent share in the new company the three shareholders have formed, Native Land Investments.
The developers plan to invest an initial £500million in sites and projects across central London over the next two years.
The new capital will fund a planned development programme of £1billion, said the company.
Native Land’s current development programme includes three joint ventures including an award-winning construction next to Tate Modern, a 100,000 sq ft project in Chelsea and a 180,000 sq ft development overlooking Kensington’s famed Holland Park.
Earlier this year, the Buccleuch Group reported a return to profit after financial losses in previous years.
The Duke of Buccleuch is Scotland’s largest private landowner.
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