SC’s London & Henley is to be put up for sale in the wake of its renewed business concentration
Security Capital is to restructure is European operations to concentrate on offices, car parking and self-storage.
The move means that its residential business, the UK-based London & Henley, is up for the sale.
The restructuring also comes as the group loses two key personnel from its European operations. Mark Glatman, chief executive of Akeler, is quitting the firm and William Palmer is to leave as chief executive of Access storage.
Jeremy Plummer, managing director of Security Capital European Realty, said Glatman had completed the agreed employment period since Akeler was acquired in May 1998.
“He has a number of other interests and will be staying in a consultancy role. He didn’t want to be a full-time chief executive,” said Plummer.
Plummer will become chief executive of Akeler with Trevor Silver appointed as managing director.
Palmer was previously managing director of Acorn Storage, which was taken over along with three other storage companies to form Access. Plummer said that since Palmer joined the firm from Acorn, “the nature of the business had changed from being a small private business.”
Tom Allin, managing director of Security Capital Group, will run the company until a new chief executive is appointed.
The sale of London & Henley is expected to raise around £150m which will be added to the $225m that is still allocated for Europe by the group. “We will sell that business to concentrate on three area where there is the potential to grow a business on an pan-European or multi-country basis,” said Plummer.
It will consider making further acquisitions to grow its three core businesses.
The group has also expanding its car parking operations through its subsidiary company Interparking with the acquisition of Spanish car park operation Aygesa Group for an undisclosed sum.
Interparking, which is 73.6% owned by SC-European Realty, now has 24 car parks in Spain and 256 through Europe.
In the US, Security Capital is buying out the remaining 13% of lodging company Homestead Village for $52.99m.
