The deal will add nine mixed-use development schemes, totalling more than 5m sq ft to Development Securities’ existing pipeline of jobs.
The Cathedral team also brings with it significant additional development expertise with two members of Cathedral’s management team set to join the Dev Secs group upon completion.
Two of the nine projects – The Old Vinyl Factory and Morden Wharf – are existing joint venture projects between Development Securities and Cathedral.
Richard Upton, 46, who founded Cathedral in 1998 joins the board along with co-director Barry Bennett, present chairman of the firm.
Development pipeline
- Telegraph Works in Greenwich
- Morden Wharf in Greenwich
- The Deptford Project in Deptford
- St. Mark’s Square in Bromley
- The Old Vinyl Factory in Hayes
- Circus Street in Brighton
- Spirit of Sittingbourne in Kent
- The Albany in Deptford
- Preston Barracks in Brighton
Michael Marx, chief executive officer of Development Securities, said: “The acquisition of Cathedral is highly complementary to our existing activities.
“We are adding a portfolio of attractive development projects to our own portfolio, with the potential to deliver further gains in the years ahead.
“Furthermore, we are strengthening our senior management and delivery teams with highly respected and experienced individuals with whom we have worked for many years.”
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