Birmingham-based Richardson Developments has teamed up with Joe Kaempfer to carry out a partial management buyout of designer outlet giant BAA McArthurGlen (BMG).
Richardson is expected to replace BAA as McArthurGlen’s principal funding partner and will create a series of new 50:50 vehicles with Kaempfer and his partners to carry out new developments, principally in continental Europe.
Airport operator BAA is thought to be steadily scaling down its involvement to focus on core business, although it will retain a small stake in future schemes.
Property Week 16/11/01 page 1
