Buccleuch Property has acquired a 50% interest in London specialist developer Native Land. As a part of the transaction, Clan Real Estate, Native Land’s existing joint venture with Buccleuch, will be merged with Native Land. The deal will allow Native Land, which has undergone significant growth since the company was formed in 2003, to continue its expansion.
David Peck, Managing Director of Buccleuch Property, will join the Board of Native Land as Chairman.
The newly-merged business has also announced its intention to launch a £200 million central London private equity fund, to make further strategic acquisitions throughout the capital.
Commenting on the deal, Alasdair Nicholls, Chief Executive of Native Land, said:
“Over the past two years, we have formed a very successful working relationship with Buccleuch Property through the Clan joint venture and we are extremely pleased to welcome Buccleuch as a substantial shareholder in Native Land. The deal creates huge potential for further growth as Native Land establishes itself as one of London’s leading residential and mixed use development companies”.
David Peck, Managing Director of Buccleuch Property, commented:
“This transaction represents a major milestone in a very successful relationship and is part of our strategy to align ourselves with first class management teams operating in our core business areas. We are delighted to cement our relationship and provide a sound spring board for the next phase of Native Land’s growth”.