Buccleuch Property has acquired a 50% shareholding in property development company Bloc Group.
Bloc Group is run by CEO Richard Page and development directors Nicola Tindale and Richard Thomas, and the new joint venture will progress mixed-use projects in Newcastle, Salford, Northampton, Exeter and Henley in conjunction with the group’s two land partners, Network Rail and the Canal & River Trust, with a GDV in excess of £300m.
Page said: ‘Buccleuch’s covenant, profile, track record and resources will help the Bloc management team grow and expand the business. This is an exciting next step for Bloc.”
David Peck, MD at Buccleuch Property, added: “Richard and his team have created a highly focussed development platform that has great relationships with a number of significant landowners with a particular focus on sustainability and the communities in which they operate – this very much aligns with our aspirations for the future.”
Rob Tudor, managing director of Tudor Real Estate, who advised the joint venture partners on the restructuring of the Bloc shareholding, said: “It was great bringing two like-minded parties together and with the new shareholders in place the future is looking very exciting for Bloc.”
