Teesland is setting up a 50/50 joint venture called Teesloch with Tulloch Properties in a bid to exploit development opportunities across Scotland and the UK.
Teesland and Tulloch have worked together for over 15 years, with Tulloch undertaking around 40 construction contracts for Teesland, in addition to successful joint property projects, including Tollcross in Edinburgh, Inshes Retail Park in Inverness, St Catherines in Perth and Greenfaulds Road in Cumbernnauld.
The Teesloch board will comprise Kevin McCabe and Cesidio Di Ciacca of Teesland, and David Sutherland and Tom McGougan of Tulloch and will be managed from a joint office in George Street, Edinburgh.
Cesidio Di Ciacca, director of Teesland, said: “The cementing of this relationship will help both Teesland and Tulloch better exploit development opportunities.
“We have a number of projects where we feel that the input of Tulloch would further strengthen the Teesland offering and we expect to be commencing work with them on a variety of schemes in the next 12 months.”
David Sutherland, chairman of Tulloch, said: “This new jv will focus our joint offering still further and we expect this to strengthen upcoming bids for property scenarios throughout Scotland and the UK.
“The combination of Tulloch dynamism and Teesland clout is expected to facilitate entry to larger transactions in the market place than previously possible.”
EGi News 24/10/01
