Japanese property company Mitsui Fudosan has taken a 15% stake in developer Stanhope
In the final part of the privately owned company's restructure, Stanhope chief executive and principal shareholder David Camp has sold the stake to the Japanese company.
In May, property entrepreneur Ian Laing and his partner Nick Cross also took a stake in Stanhope, which enabled Camp to complete the buyout of founder Sir Stuart lipton's 44% ownership.
Under Stanhope’s new structure, 65% of the company is still owned by David Camp and the management team.
Mitsui Fudosan has been searching for a UK development partner for some time. It has also been looking at the direct market in the UK, acquiring 71 Queen Victoria Street, EC4, for £115m from German fund manager DIFA (news, 17.02.06).
Mitsui Fudosan’s Motomitsu Morimoto will join the Stanhope board as a non-executive director, joining fellow non-executives Ian Laing, Peter Rogers and chairman Oliver Stocken.
Camp said: ‘With the introduction of Mitsui Fudosan as partner and shareholder, the company is now in a strong position to begin the next chapter in its evolution. The ownership structure, which is now in place, will provide long-term stability as Stanhope embarks on a period of growth.’
Jones Lang LaSalle advised Stanhope on this transaction; UBS acted for Mitsui Fudosan.