John Early, the former executive chairman of Amec’s development and construction business, has confirmed plans for a joint venture with Chelsfield Partners with the aim of creating a £1bn development pipeline within two years.
Genr8, a 50:50 jv with Elliot Bernerd and Sir Stuart Lipton’s investment fund, will be based in
Early said the company is already evaluating 20 opportunities being offered through the public procurement route, as well as a mix of off-market deals.
The proposed development pipeline will comprise between five and ten major mixed-use schemes in cities and town centres, with an emphasis on creating long-term value.
Early said: “One thing that Chelsfield isn’t involved in is the area of the market I want to position this company – mixed-use, urban developments, including major, publicly procured projects.
“This is a super time to do it. At Amec, we created a good portfolio during the early 1990s when the market was much worse than it is now. The current market offers real opportunities, where proven ability to deliver will be the key to success.”
Lipton said the jv would focus in “pioneering regeneration schemes”.
He added: “The prospects for this new vehicle are excellent and we are excited about working with an individual of John’s calibre and standing.”
Mike Smith, the former head of Amec’s
Early founded Amec Developments from 1992 until last year and was a key figure behind schemes including
Amec’s development and construction business was sold to Morgan Sindall in summer 2007 and has since been rebranded Muse Developments.
