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.
Monday, November 16, 2009
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