PRG announces £30m investment
Pinnacle Regeneration Group (Pinnacle) today announces a £30m
investment in the company by three prominent Hong Kong-based
investors. The new capital will provide a significant boost to
Pinnacle's expansion plans in urban regeneration in the UK at a
time when Local Authorities, under funding pressure, are looking
for innovative ways of developing and improving their housing
services.
"We see this investment as the beginning of something
significant in terms of a different approach to developing and
improving housing through regeneration schemes," said Godfrey
Blott, Chairman of Pinnacle. "The Hong Kong investors know the UK
property market well and understand the importance of the
opportunities to develop partnerships with Local Authorities across
the country."
The lead investor is Chow Tai Fook Enterprises (CTFE), the
privately-held holding company for the Cheng family, one of Hong
Kong's most influential and successful families. CTFE's listed
flagship company is New World Developments, which has total assets
of £18bn. The group also includes Sammy Lee, a prominent property
developer whose projects include 'The Knightsbridge' (completed in
2005 and which achieved a record-breaking sales value of over
£600m) and Peter Fung, a well-known financier.
Together, the three investors will hold 61% of the equity
capital of Pinnacle. UK Pacific, a group lead by Godfrey Blott
(Chairman of Pinnacle) and Perry Lloyd (CEO of Pinnacle) which made
the original investment in Pinnacle, will hold 36% (including the
shares held by management) whilst international property
consultants Savills retain 3%.
With the backing of such strong investors, Pinnacle believes it
can play a key role in both the creation and the long-term
ownership of major urban regeneration projects. Pinnacle is
considering a number of such schemes in partnership with Local
Authorities and will in addition be looking at a number of
acquisitions in the sector.
Pinnacle is currently closing projects in Lambeth, Kirklees and
Oldham and has a build programme of around 3,000 dwellings over the
next four years.
Perry Lloyd, CEO of Pinnacle, said: "There is a growing
need for investment in housing and for helping local authorities
manage their huge housing responsibilities in a way that provides a
better service at a better cost. Pinnacle has a proven track record
of doing just this in communities across the country."
For further information:
John Eisenhammer, Quiller Consultants
Telephone: 020 7233 9444
