Saudi Arabian investor Arqaam, formerly CIC International, has sold its stake in Chesterton to Vincent Tchenguiz and Credit Mercantile Group, the company’s other two shareholders.
The private equity group, part of the Saudi Arabian Commercial Investment Corporation, announced today that it had sold its stake in the business to Vincent Tchenguiz’s Property Consensus Group and Credit Mercantile Group.
A consortium of the three investors bought the residential element of Chesterton in 2005 after the troubled quoted company collapsed for around £4m.
Arqaam refused to reveal what proportion of the business it had owned but added that its investment had grown in value in the two years since the purchase.
“Obviously, our primary focus is to build partnerships that deliver excellent returns for our investors, but it’s also very satisfying to know we’ve helped turn-around a two-hundred year old brand like Chesterton. We consider this mission as being accomplished, and now look forward to delivering similar success with other opportunities we have in Europe which are currently in the pipeline”, said Dennis Wijsmuller, chief operating officer at Arqaam Capital.
Since the deal Chesterton has acquired real estate agencies in
