Development firm sold off in £27m deal

Development firm sold off in £27m deal



717_2022-01-10-11-36-16am.gif
A development firm is set to be sold to an investment group for just over £27 million.

A development firm is set to be sold to an investment group for just over £27 million.

Property investment group, Development Securities, has confirmed it will acquire Cathedral Group for £27.4 million.

The deal is set to add nine mixed-use development opportunities in the South-East and London to the Group’s existing portfolio.

Commenting on the news, Richard Upton, Chief Executive of development firm Cathedral, said: "We are excited to expand our partnership with Development Securities.

“We already have a successful history together through our existing joint venture partnerships at The Old Vinyl Factory and Morden Wharf and our completed development at The Movement, Greenwich.

"We are confident that the integration with Development Securities will provide a stronger platform as we progress our existing portfolio of developments towards completion, and secure additional projects to further contribute to the growth of the company."

Michael Marx, CEO of Development Securities stated: "Furthermore, we are strengthening our senior management and delivery teams with highly respected and experienced individuals with whom we have worked for many years."

Leave a comment