Montagu Evans is thought to have made a profit of more than £5m from the reduction in its stake in Glasgow-based property investor Paradigm Real Estate Managers.
Montagu Evans has reduced its stake from 33% to 10%. Its third stake in the £24m company was valued at £8m.
Bank of Scotland
The ownership restructuring sees Bank of Scotland, already a provider of finance for many Paradigm projects, take a 15% stake. Two existing shareholders, Ann Gloag and Brian Souter, have increased their stakes to 19% each.
The management’s shareholding has gone up to 37%, with Clive Riding, a London-based partner of Montagu Evans, also joining the management team.
Riding joins founder members Bill O’Hara, the lead partner of Montagu Evans in Scotland, David McCrory and Alistair Scott.
Paradigm has £100m of funds under management.
The restructuring provides £15m of additional equity and will allow Paradigm to invest £500m.
Paradigm has invested £800m in investment and development deals across the UK in the last four years, with activity having accelerated greatly in 2007.