March 1, 2023
Buccleuch Property has acquired a 50% shareholding in Bloc Group, the well-established London and Manchester property development company run by CEO Richard Page and Development Directors Nicola Tindale and Richard Thomas.
Aligned values and experience combined with additional capital will provide Bloc with significant financial firepower to capitalise on a growing pipeline of opportunities and further enhance Buccleuch Property’s stable of joint venture partners.
The new joint venture will now progress significant mixed-use projects in Newcastle, Salford, Northampton, Exeter and Henley in conjunction with the groups two significant land partners, Network Rail and the Canal & River Trust, with a GDV in excess of £300m.
Richard Page said: ‘Buccleuch’s covenant, profile, track record and resources will help the Bloc management team grow and expand the business. This is an exciting next step for Bloc.”
David Peck, MD at Buccleuch Property added: “Richard and his team have created a highly focussed development platform that has great relationships with a number of significant landowners with a particular focus on sustainability and the communities in which they operate – this very much aligns with our aspirations for the future.”
Tudor Real Estate advised the joint venture partners on the restructuring of the Bloc shareholding and Rob Tudor, Managing Director of TRE said:“It was great bringing two like-minded parties together and with the new shareholders in place the future is looking very exciting for Bloc.”
