One of the founder members of Summit Property has teamed up with a consortium of Singaporean investors to take control of the company.
Charles Chamberlain will head the new venture, called Merlion Capital Corporation, which has acquired Summit’s entire 92,900 sq m (1m sq ft) development programme.
The move takes the company out of the hands of giant support service company Summit Group, which attempted a £70m reverse takeover of Chesterton in 1998.
Chamberlain said: “I anticipate rationalising the Summit Property portfolio within the next six to nine months. We have significant capital resource and are already on the cusp of making a £25m-plus offer for a London investment/development.”
See Saturday’s Estates Gazette for the full version of this story.
EGi News 11/10/01
