Commercial Property News

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Wednesday, September 26, 2023

Highcross buys Kenmore Homes for approx 20m

Highcross, the Newbury based private fund manager, has today announced the acquisition of 100% of the share capital of Kenmore Homes Group for approaching 20m, the final price depending on the profitability of certain of the existing projects.

Kenmore Homes was established in Edinburgh in 2001 and, with offices in Edinburgh, Winchester, Glasgow, Birmingham and Chelmsford, has built a residential development business through project and corporate joint ventures together with direct development. In 2007 Kenmore should construct around 500 residential units.

Kenmore Homes has a projected development pipeline of around 3,000 units in over 50 projects throughout Scotland and England.

Peter Gubb, Chief Executive of Highcross said, "The acquisition of Kenmore Homes gives Highcross an excellent platform into the residential sector and the opportunity to both grow the existing business and to explore new areas of operation and benefit from clear synergies with our existing investments."

Bill Thomson, co-founder with John Kennedy of Kenmore Homes, will step down as chairman but will continue with the company as a consultant. Charles Wilkinson and Drew Reid will continue as joint managing directors and said, "We are delighted with the acquisition by Highcross which gives us the resources to continue the exceptional growth of the company which we have achieved over the past 6 years through our flexible and forward thinking approach to the residential sector."

Kenmore Homes currently has about 30 joint ventures throughout England and Scotland and these will be unaffected by the purchase.