Urban&Civic to target regional-scale UK estates
Transatlantic private equity house GI Partners has agreed to invest up to 150 million pounds ($252 million) in a real estate venture targeting land and estates in the UK, a source familiar with the matter said on Monday. Urban&Civic, led by former Lend Lease Europe (LLC.AX) senior executives Nigel Hugill and Robin Butler, will acquire metropolitan or regional-scale sites with the potential for major redevelopment, it said in a statement.
The company has made its first purchase by paying 27.5 million pounds for the 1,100-acre former Alconbury Airfield in Cambridgeshire, a U.S. airbase during World War Two, and expects to announce further acquisitions in due course.
GI Partners had closed its third fund last month, raising $1.9 billion, and the fund will provide investment capital for Urban&Civic, it added.
UKCIG News, November 2009
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