British luxury real estate developer Native Land said a Gulf-based investor had acquired a 45% stake in it, but did not disclose its name or the amount paid for the shares.
As a result, Scottish property developer and owner Buccleuch Group trimmed its interest in the company to 10%, while Native Land’s management kept the other 45%. According to an informed source cited by Reuters, the investor group comes from Qatar and is related to the royal family.
Simultaneously, the three shareholders have set up a new firm, Native Land Investments Limited, which will invest about GBP500m (USD783m/EUR643m) in Native Land sites and projects in central London in a two-year period. With the fresh funds, Native Land expects to further strengthen its sound position in the prime central London residential market, it said.
Apart from the deal, the British firm also announced it had named Stephen Musgrave and David Peck non-executive directors.
Deloitte LLP, CMS Cameron McKenna LLP and Clyde & Co acted as advisors to Native Land on the transaction, while KPMG LLP and Berwin Leighton Paisner LLP advised the Gulf-based investor.
Native Land specialises in residential development in central London and has in its portfolio the popular NEO Bankside apartment building, located on the south bank of the Thames, as well as houses in neighbourhoods like Chelsea and Belgravia. The firm was established in 2003 by its experienced executive directors.