Buccleuch Property has bought a 50% stake in London and Manchester-based developer Bloc Group.
The investment from Buccleuch – the commercial property arm of major Scottish landowner the Duke of Buccleuch – will give Bloc the firepower to capitalise on a growing pipeline of opportunities.
The new joint venture will now progress mixed-use projects in Newcastle, Salford, Northampton, Exeter and Henley in conjunction with the group’s two significant land partners, Network Rail and the Canal & River Trust, with a GDV in excess of £300m.
Bloc Group chief executive Richard Page, who runs the company with development directors Nicola Tindale and Richard Thomas, said: “Buccleuch’s covenant, profile, track record and resources will help the Bloc management team grow and expand the business. This is an exciting next step for Bloc.”
David Peck, managing director at Buccleuch Property, added: “Richard and his team have created a highly focused development platform that has great relationships with a number of significant landowners with a particular focus on sustainability and the communities in which they operate – this very much aligns with our aspirations for the future.”
Tudor Real Estate advised the joint venture partners on the restructuring of the Bloc shareholding. Managing director Rob Tudor said: “It was great bringing two like-minded parties together, and with the new shareholders in place the future is looking very exciting for Bloc.”
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