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Langtree completes acquistion of Carrington Estate
Manchester, 11 December 2013 - On behalf of Shell, Jones Lang LaSalle has completed the sale of its 1,600 acre Carrington Estate and Business Park in Greater Manchester.
The site has been acquired by Langtree Group for an undisclosed sum. Recognised as one of the largest development opportunities in the region, the site is considered suitable for a major mixed use development, providing new settlements and new large scale employment opportunities.
John Lafferty, director in Jones Lang LaSalle’s Planning & Development team who advised Shell, said: “Following an extremely competitive bidding process, one of the most significant development land transactions in the NW region has been concluded. The site has the potential to provide the opportunity to address long-term demand for both residential and employment-space across the Manchester city region.”
The deal will mean ‘no change’ for the existing tenants of the site, says Langtree Group chief executive John Downes.
Commenting on the acquisition, Mr Downes added: “We’re looking forward to working in partnership with all stakeholders to identify how best to evolve, modernise and develop the site to maximise the opportunity it presents. Shell has been a fine custodian of the estate and we shall continue that tradition whilst focusing our attention on ensuring that the property offer is advanced.
“In the meantime, it’s business as usual for all occupiers of the estate and we’re looking forward to having a mutually successful relationship with them going forward.”
Jason Peckmore, Real Estate Regional Manager, EMEA, from Shell, added: “We are proud of our long history at Carrington and are pleased to have sold to Langtree, a company with a strong track record in developing and managing sites of this nature. Our priority was selecting a buyer whose plans for development would benefit the local area and we’re confident that Langtree will deliver that”.
About Jones Lang LaSalleJones Lang LaSalle (NYSE:JLL) is a professional services and investment management firm offering specialized real estate services to clients seeking increased value by owning, occupying and investing in real estate. With annual revenue of $3.9 billion, Jones Lang LaSalle operates in 70 countries from more than 1,000 locations worldwide. On behalf of its clients, the firm provides management and real estate outsourcing services to a property portfolio of 242 million square meters and completed $63 billion in sales, acquisitions and finance transactions in 2012. Its investment management business, LaSalle Investment Management, has $46.7 billion of real estate assets under management.In Russia and CIS Jones Lang LaSalle have offices in Moscow, St. Petersburg and Kiev. Jones Lang LaSalle, Russia was voted Consultant of the Year in 2004, 2006, 2007, 2008, 2009, 2010, 2011, 2012 and 2013 at the Commercial Real Estate Awards, Moscow and Consultant of the Year at the Commercial Real Estate Awards 2009, St. Petersburg.For further information, please visit www.jll.ru
Natalia Kopeychenko, Head of PR
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