Henley Investment Management has teamed up with Gillette Development to develop a $350m (€328m) waterfront residential project in southeast US.
The private equity investment firm said it has partnered with Gillette Development to acquire a waterside land assembly in Naples Florida for the 350,000sqft prime condo residential development.
Ian Rickwood, CEO of Henley Investment Management, said: “The Henley team has deep personal ties with Naples: We have a Florida office and it is one of our favourite places in the world. So we are excited by the prospect of bringing our development skills to bear in this spectacular setting.
“We are now focused on the planning and development process over the next 12 months before exploring financing options with potential debt and equity investment for partners keen to access the booming Naples residential real estate sector, with considerable upside prospects.”
Gavin Gillette, principal owner, Gillette Development, said: “Just 40 minutes from Fort Myers International Airport and a mile from downtown Naples, as well as access to the Gulf of Mexico, this will be one of the best waterfront developments in the US.
“The combination of Henley’s development and financing expertise and Gillette’s deep knowledge of Florida, will also create a powerful delivery proposition.”
To read the latest IPE Real Assets magazine click here.
