Malory Clifford’s Blackfriars Investments has been appointed to manage a £130m property company, formed from the recently privatised Allied London Properties.
Chamarel, a vehicle owned by private Hong Kong clients of Blackfriars, has acquired Allied London Properties and £75m of mortgage debenture stock from Arrow Property Investment, the JER/Deutsche Bank vehicle which took the company private earlier this year. Chamarel’s acquisitions will be renamed South Ocean Group.
Arrow will retain the Allied London name and its major property projects in Bracknell, London, Manchester and Glasgow. South Ocean has acquired Allied London’s projects in the South East and Arrows 50% share in the M25 Orbital venture between Allied London and Chamarel. Allieds debenture stock will remain with South Ocean.
