Thames Gateway developer Tilfen Land said last Friday that its net asset value broke the £100m mark for the first time at the end of the 2004/2005 financial year.
The developer also announced the appointment of a new chief executive.
Nigel Houston ‑ who has been with Tilfen Land for the past nine months will to be promoted from the post of investment director and will take over from David Novi, who is leaving the company to undertake his own development work and to pursue business interests in Spain.
Tilfen Land chairman William McKee CBE said: “David Novi has made an invaluable contribution to the business over the past six years, taking us from a company with a net asset value of £20m to one now worth five times that.
“Tilfen Land is moving forward into a new phase of growth. Nigel Houston brings to the business a set of skills and unrivalled experience ideally suited to the many exciting challenges we face.”
Houston’s new role will also incorporate management of the Tilfen Land investment portfolio, while a new development director will be appointed to further strengthen the management team.
Nigel Houston, Tilfen Land chief executive, said: “With an on-going £1bn development programme, we also aim to build the investment portfolio from its current base of almost £70m to £200m-plus and to extend Tilfen Land’s role as a leading player in the regeneration of the Thames Gateway.”
References: EGi News 16/05/05
