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News Release

London

Welbeck Strategic Land set to invest £45 million


London, 15th December 2010 - Welbeck Strategic Land is delighted to have attracted the support of two UK pension funds managed by Aberdeen Asset Management and LaSalle Investment Management.
 
These new investors, along with the Howard de Walden family and Welbeck Strategic Land Management Team, will all become partners in the new Welbeck Strategic Land LLP. All have committed equally to a fund of £45 million which will give the company an increased level of financial backing allowing it to pursue its already successful business.
 
With 24 schemes already currently being promoted and worked on, the added investment will allow Welbeck Strategic Land to further increase this portfolio of projects.
 
Alistair Watson, Managing Director of Welbeck Strategic Land, said:

“Our strategic land business has had much success recently. I am confident that with the support of our expanded group of investors we shall be able to build upon that success in an increasingly important sector of the property industry”

Malcolm Tibbits, Aberdeen Asset Management, said:
 
“This marks our first significant commitment to the residential strategic land market. Welbeck Strategic Land, as specialist strategic land promoters, will be looking to secure opportunities to help generate a future supply of consented land that will help meet the medium and longer term housing needs of the UK”

Andrew Bull, LaSalle Investment Management, said:
 
“The opportunity that Welbeck have identified is one where our views coincide. We have been impressed with their professionalism, enthusiasm and skills and these attributes attracted us to them when we first discussed this investment”

A spokesman for the Howard de Walden family said:
 
“The Family has enjoyed a successful and profitable investment in its trading and development arm, Welbeck Land, since its formation in 1994. The Family is now delighted to continue its support for Alistair Watson and the rest of the Welbeck management team by co-investing alongside Aberdeen Asset Management and LaSalle Investment Management in this exciting new Strategic Land Fund”
Jones Lang LaSalle Corporate Finance acted for Aberdeen Asset Management and La Salle Investment Management. For more information please contact Peter Evans on 020 7399 5026.
 
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