Development Securities has reported on an “exciting” period during which it acquired Cathedral Group and won funding for two key projects.
In its interim results for the period from 1 March to 18 July, the investor and developer said the £20.9m purchase of Cathedral added nine projects covering more than 5m sq ft to its portfolio.
It highlights Cathedral’s recent agreement with Brighton and Hove council to buy a 2.2-hectare site in Brighton for the development of a major mixed-use scheme in a joint venture with the University of Brighton.
During the period it secured £44.1m of funding for its mixed-use regeneration project in Shepherd’s Bush Market and £14.8m for Hale Barns in Manchester.
In Ireland the regeneration specialist exchanged contracts for a development in Malahide for €36m and the completion of a 1.7-acre site on Burlington Road, Dublin for €40.5m.
On the letting front, the firm said it has let 57,500 sq ft of office space at 10 Hammersmith Grove, W6, representing 50.2% of the total available commercial space.
Chief executive Michaal Marx said: “This has been an exciting period for the company, with the acquisition of Cathedral Group significantly strengthening both our pipeline and our resources.
“With additional projects added to our portfolio and an expanded team of experienced developers, the acquisition has set a strong platform for future growth and we are confident in our ability to deliver enhanced shareholder returns.
“We remain committed to our long-term goal of generating enhanced returns through regeneration, predominantly in Greater London and the South East of England.
“We have maintained a high level of activity across our diversified portfolio of projects during the period, as we continue to deliver value and growth through real estate regeneration.”
Development Securities has reported on an “exciting” period during which it acquired Cathedral Group and won funding for two key projects. In its interim results for the period from 1 March to 18 July, the investor and developer said the £20.9m purchase of Cathedral added nine projects covering more than 5m sq ft to its portfolio. It highlights Cathedral’s recent agreement with Brighton and Hove council to buy a 2.2-hectare site in Brighton for the development of a major mixed-use scheme in a joint venture with the University of Brighton. During the period it secured £44.1m of funding for its mixed-use regeneration project in Shepherd’s Bush Market and £14.8m for Hale Barns in Manchester. In Ireland the regeneration specialist exchanged contracts for a development in Malahide for €36m and the completion of a 1.7-acre site on Burlington Road, Dublin for €40.5m. On the letting front, the firm said it has let 57,500 sq ft of office space at 10 Hammersmith Grove, W6, representing 50.2% of the total available commercial space. Chief executive Michaal Marx said: “This has been an exciting period for the company, with the acquisition of Cathedral Group significantly strengthening both our pipeline and our resources. “With additional projects added to our portfolio and an expanded team of experienced developers, the acquisition has set a strong platform for future growth and we are confident in our ability to deliver enhanced shareholder returns. “We remain committed to our long-term goal of generating enhanced returns through regeneration, predominantly in Greater London and the South East of England. “We have maintained a high level of activity across our diversified portfolio of projects during the period, as we continue to deliver value and growth through real estate regeneration.”
