Developer’s management team retains independence while Mitsui Fudosan's hunt for a UK partner comes to an end
Developer Stanhope has sold a 15% stake of its business to a Japanese property company in the last stage of its reorganisation.
Mitsui Fudosan has taken a 15% stake in Stanhope, for an undisclosed price, which completes a restructuring started in May when property entrepreneur Ian Laing and his partner Nick Cross took a stake in Stanhope.
Under the new structure 65% of the company is still owned by chief executive David Camp and the management team.
In a statement Stanhope said the management team will retain its independence while for Mitsui Fudosan, the investment marks the culmination of its search for a preferred UK development partner.
As part of the deal Motomitsu Morimoto of Mitsui Fudosan joins the Stanhope board as a non-executive director.
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 and we are greatly excited about taking the company forward with our first class team of partners and employees. The ownership structure which is now in place will provide long-term stability as Stanhope embarks on a period of growth.”