A NEW property development firm has been established by two directors of Edinburgh-based company Quartermile Developments following a management buyout (MBO) for an undisclosed sum.
Chief executive officer Paul Curran and finance director Mike Milligan have acquired the entire share capital in Quartermile Edinburgh Limited (QMEL) from MREFIII, a value-add fund managed by London-based property fund manager Moorfield Group and funds managed by The Baupost Group, the Massachusetts-headquartered investment adviser.
The Quartermile Developments, Quartermile Estates and Quartermile Ventures operating companies become part of a new holding company, the Qmile Group, located in Edinburgh city centre.
Quartermile Developments is widely recognised for delivering the capital's city centre £750 million Quartermile mixed-use development. The company is also building 145 homes at its 52-acre, £100m Craighouse development in Edinburgh.
Mr Curran, who is Qmile Group chief executive, said: “With the final phases of Quartermile nearing completion it was natural for us to consider future opportunities. Our Craighouse development was already under way and selling well off-plan due to the strength of the Quartermile brand and our national and international reputation for design and build excellence.
“We now look forward to further implementing our strategic growth plans for Qmile Group. We are already exploring a number of mixed-use, residential and commercial opportunities and assessing various funding opportunities."
He said that while Qmile Group will initially have a Scottish focus it is the company's ambition to expand across key cities in the UK. "We are widely known for our ability to deliver high-profile, complex projects, and we believe this gives us the strongest possible position upon which to continue to build our business and brand,” he said.
Quartermile currently comprises 1,050 apartments; 370,000 sq ft of Grade A office accommodation; 65,000 sq ft of retail and leisure space; and seven acres of open landscaping. The development will also be home to the Edinburgh Futures Institute, the University of Edinburgh’s new interdisciplinary hub.
Law firm Brodies advised Qmile Group.
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