London based Equation Properties has formed a partnership with Birmingham based Nurton Developments to consolidate its existing activities in the South East & Golden Triangle markets and spearhead a new wave of expansion across the Midlands' industrial and logistic sectors.
The high-profile business is the private vehicle of property veteran Simon Holley, a former chairman of the agency and development arm of CBRE, following its acquisition of Holley Blake, and the founding principal of Allyon Partners LLP
Nurton's managing director David Bradshaw says the new partnership was created to enhance the deliverability capability of the company, capitalising on the buoyant regional demand for employment and industrial land.
“Simon has an impeccable history in shed agency and development and a tremendous recent track record of working in the South-East on projects with major investors including Barwood Capital, Gazeley, LaSalle Investment Management, Liberty Property Trust, Sheikh Holdings,” he says.
“He's also no stranger to the so-called Golden Triangle in the Midlands, having recently completed a new logistics unit of almost 200,000 sq ft at Brackmills in Northampton this summer, with Liberty.
“Equation's core focus since it was established five years ago has been large to mid-box industrial and distribution schemes, although they're also active in the strategic land market, so its expertise really is a perfect fit for all our activities.”
The new partnership is driven by was the mutual desire to develop out more industrial and distribution units in both the traditional Equation South East and Golden Triangle but also into the Greater Midland Area.
Nurton has agreed to commit additional working capital to further this aim with all options open but to include the outright purchase of sites and involvement in strategic opportunities whilst also continuing the traditional Equation Development Manager role.
The new structure should be able to make decisions quickly and use its capital to purchase sites or options and spend on design and due diligence early, giving vendors certainty earlier.
The catalyst for the acquisition was Equation's desire to replace its previous private backer and gain access to greater financial firepower, allowing it to commit to purchase employment sites outright, and Nurton's ability to fund such growth, provide strategic opportunities to assist Equation to expand its presence across the Midlands.
“There's been a lot of noise about Brexit impacting business decisions, but the industrial and distribution sectors are still very strong in the Midlands,” adds Nurton’s development director, Rupert Young.
“Like ourselves, Simon has the expertise and the contacts to be able to take projects right through the design, planning and delivery process, and with our support, Equation can now expand its sphere of operations.
“The best partnerships are always underpinned by mutual respect, and we’re looking forward to seeing this relationship blossom right from the start.”
Simon Holley said, “I am looking forward to working with Nurton. The financial firepower they bring will enable us to be more competitive in the development sector”
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