Press Releases
MacDonald Egan’s new £70m property fund acquires its first development site in Woolwich town centre.
The 0.42 hectare Callis Yard site, which overlooks the Thames offers the potential for a substantial mixed use development of circa 10,000 sqm residential and 1,750 sqm commercial/retail in the strongly emerging Woolwich town centre area.
The recently established fund MacDonald Egan Regen 35 LLP is a joint venturebetween MacDonald Egan Developments plc, the London-based regeneration specialists, and Revcap, the £1bn investment vehicle established to co-invest in European real estate where value can be created through active management. .
The fund will seek to acquire further assets over the next 12 to 18 months totaling circa £70m in London regeneration areas where there is significant potential to add value through the planning and development process
The fundraising and formation of the joint venture was lead by Kevin Cubitt, former director at Candy and Candy, who has been working with MacDonald Egan since May 2007. ‘Despite current finance market conditions, we have a strong belief in the fundamentals underpinning the market in which we operate. Revcap has shown its support for us and it is pleasing to close a fund of this size at this time.’ said Cubitt. ‘We are already starting to see opportunities that were not out there 6 months ago and, in the current market, operators without access to large amounts of cash will find it difficult to transact. This joint venture provides us with a significant level of firepower to take advantage of the opportunities presented. We are also seeing a number of agreed deals falling away due to purchaser issues. The partnership of MacDonald Egan and Revcap will provide vendors with a great deal of assurance that we will deliver.'
