Retail investor Ellandi has acquired competitor Lathe Investments, creating a new combine with nearly £300 mln (€364 mln) of retail assets under management comprising 11 shopping centres.
Retail investor Ellandi has acquired competitor Lathe Investments, creating a new combine with nearly £300 mln (€364 mln) of retail assets under management comprising 11 shopping centres.
Lathe, a privately held investor, fund and asset manager in the retail sector, has a portfolio consisting of the Ladysmith Shopping Centre in Ashton-under-Lyne and the Castlegate Shopping Centre in Stockton-on-Tees.
The company has also recently exchanged on a third scheme with a new source of equity, bringing its total portfolio value to around £70 mln.
Morgan Garfield, founding partner of Ellandi said: 'Lathe has a long term, successful track record of establishing and administering funds and joint ventures, as well as asset managing some 30 schemes, in the UK and abroad. We have a complementary approach and the addition of the Lathe team will greatly assist with the next stage of Ellandi’s growth.'
The move will see a restructuring at Ellandi with Morgan becoming managing director, fellow Ellandi founder Mark Robinson taking the role of property director and Lathe managing director Richard Tanner taking the role of finance director.
Robinson added, 'This move establishes us as one of the UK leading pure play shopping centre investment managers, with a unique focus on value-oriented and convenience schemes.'
The Lathe team will be moving to Ellandi’s central London office, with effect from 3 February.
Ellandi will continue to manage real estate investments on behalf of their joint venture partners that now include Angelo Gordon, Chenevari, Development Securities, Rockspring PIM, Tristan Capital and Redleaf.
