Langtree, the property development and management business, has reported a strong first year’s financial results.
The company, whose operations range from joint ventures with local authorities to providing asset management services to major investment funds, reported assets under management of £130m, producing a rent roll of more than £12m from 450 tenants.
The activity generated a maiden profit before deductions of just over £1m and saw the firm grow its team to 34 staff.
“It’s been a busy and enjoyable year,” said group managing director John Downes. “I was delighted that we were able to welcome Tim Johnston as our Chairman and his regeneration and public sector know-how has been key to our progress. We bedded in our systems quickly and hit the ground running, which is a great credit the team. We have been able to continue with development activity in our joint ventures whilst bringing new management properties under our wing through our partnership with one of the world’s leading money managers and investment funds, PGIM Real Estate. The year ahead is already looking very encouraging.”
Among the notable achievements included the completion of a £24m investment in Sci-Tech Daresbury, the company’s joint venture with the Science and Technology Facilities Council and Halton Council, and the acquisition of numerous assets within the Southern Gateway, its joint venture with Warrington Council. Assets under management across the business now total 1.9m sq ft.
“The market still remains in good shape and we aim to capitalise on this in the coming year by seeking to progress major projects such as the Former Parkside Colliery with our partner St Helens Council,” added Mr Downes. “This is a 232 acre site with great potential but not without its challenges including, of course, genuine concerns from neighbours that we will address and mitigate. There is a huge amount of work going on behind the scenes to ensure a robust planning submission which, if approved, would be a game-changer for the St Helens economy.”
Chairman, Tim Johnston, welcomed four new members to the board and thanked the firm’s public sector partners for their strong support in the joint ventures. He added: “We have been delighted with the very positive relationships and teamwork that has continued to develop with our public sector partners in our joint ventures. We are also very pleased to see our partnership with such a prestigious institution, PGIM Real Estate, grow further. Langtree began with an initial contract to manage 23 industrial estates on PGIM Real Estate’s behalf and has already added a further 9 sites to this management remit during the year.”
The new board members appointed following the buyout are Jayne Furnival, Group Property Director, Malcolm Jackson, Group Finance Director, Neal Biddle, Group Development Director and Adrian Clery of Colliers International in London, who joins as a Non-Executive Director.