Macdonald Estates is considering making its first move into mainland Europe and is in talks with a UK institution to provide £100m funding for its plans.
The Edinburgh based firm, which is headed by chief executive and former chairman of the Scottish Property Federation, Dan Macdonald, is considering developing in Poland following visits by its managing director. The company would focus on retail and regeneration schemes, as it does in Scotland.
Kevin Robertson, managing director at Macdonald Estates said: ‘Retail led and regenerative property development will continue to be our core activity in Scotland and possibly, for the first time in Poland. There are a number of opportunities there and I know that Scotland and Poland share a special relationship. I am very encouraged by my visit and look forward to examining more detail.’
He said the company is debt free and is currently negotiating terms on a £100m funding facility with a UK-based institution with access to sovereign funds. The facility would be used as development funding for its current and scheduled planning applications.
Despite its prospective new ventures in Poland the company maintains that it remains focused on its projects in Scotland, where it is has submitted three planning application in Glasgow, Kirriemuir and Arbroath.
The three schemes, which all include a food store and regeneration element, will have a combined development value of £53m if given approval.
Macdonald Estates predicted the peak of the market in 2007 and sold the entirety of its investment portfolio. It now plans to reinvest this cash in to a number of strategic land sites throughout this year, which will involve the regeneration of town centres through the creation of retail and mixed use developments alongside community facilities.