Carillion has bought a majority state in Ask Real Estate, the Manchester-based developer with a £500m commercial property pipeline.
The undisclosed investment bought out the four founding shareholders of the company, which was formed in 2000.
Ask Real Estate managing director John Hughes and finance director Jonathan Cross have retained their executive roles.
They will be joined on the new board by Simon Eastwood, managing director of Carillion’s developments business and Peter Forsyth, Carillion’s director of strategy and investment.
The investment builds on an existing joint venture between Ask, Carillion and Tristan Capital Partners that is delivering a two-phase development at Embankment in Manchester city centre, including the 165,000 sq ft 101 Embankment office building with shops, leisure units and a 442-space car park.
The joint venture is due to submit a planning application in February for the second phase of the scheme, an adjacent identical office building, 100 Embankment.
Hughes said: “The Carillion investment into Ask Real Estate is a game changer for the business, presenting us with an exciting opportunity to marry our reputation for delivering high quality developments and spaces in urban centres with the expertise and financial resource of Carillion.”
Richard Howson, chief executive of Carillion, said the deal underlined Carillion’s “long-term commitment to the North”.
