October 29, 2015
Following a successful buyout of certain UK development assets from Blackstone, and also a new operating management agreement with Blackstone for the 5,500 bed Victoria Hall student assets (which they acquired in April 2015 via a debt for equity swap), Tiger Developments and Victoria Hall Management Limited under the direction of John Nesbitt is actively back in business.
Michael O’Flynn’s O’Flynn Construction has bought out a number of Irish development assets from Blackstone and will remain focused on its Irish activities including their house building platform and commercial developments.
Finance for the buyout of the UK assets, principally a major town centre redevelopment opportunity in Peckham and a development site in Portsmouth, was secured through a new Joint Venture arrangement with Blackrock, with whom they already have a close relationship. In addition, Tiger has retained a major development project in Haymarket, Edinburgh, a mixed use hotel and residential project in Clerkenwell, London and a development project in York. The current development programme has a gross development value of circa £500 million.
Victoria Hall Management Limited, established in 2010 for the purposes of undertaking third party development and management operating business, now has over 10,000 student beds under management in 15 cities in the UK and 2 in Europe, several development projects under construction or in the pipeline and continues to operate under the Victoria Hall brand.
Peckham will comprise of at least 1,000 residential units and 350,000 sq ft of retail and commercial, following a successful pre-app, planning is soon to be submitted. The project in York comprises a pre-let 128 bed Travelodge, a Costa Coffee and an additional development opportunity where funding is being sought.
John Nesbitt, said: “Tiger has a new set of claws and Victoria Hall Management Limited has great ambition and with our first class development and operational asset management platforms, we intend to grow the business opportunistically and take advantage of the opportunities to undertake new mixed use schemes, student accommodation and residential projects.
Already a leader in the UK student housing sector, Victoria Hall Management Limited is also looking to expand through joint venture/partnership agreements or through third party advisory roles.
Tiger Developments and student housing company Victoria Hall Management (VHML) are expanding their development and asset management operations and have recently strengthened their development and management teams with the further appointment of Graham Haydon-White, formerly of Ballymore and Spenhill Properties, and Dominic Macer, a former residential investment director at Countrywide plc and continue to recruit.
Tiger Developments and Victoria Hall Management Limited have retained their central London offices at 9 Clifford Street and are now well placed, well-funded to drive the business and are searching for new mixed-use, residential / PRS and student accommodation projects across the UK.
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