Chris Stewart Group secures minority investment from Proprium
An affiliate of Proprium Capital Partners is to make a significant minority investment of growth capital in Edinburgh-based property developer and investor Chris Stewart Group (CSG).
Terms of the investment have not been disclosed.
Founded in 1996, CSG executes city-centre redevelopment projects including its award-winning Advocate's Close development off Edinburgh's Royal Mile. CSG's long term objective is to invest in high quality prime locations, drawing on its relationships and experience.
The first deal concluded by the new partnership involves the purchase of Baxter's Place, a historic Georgian terrace building in Edinburgh's city centre, which is designated for 240-bed upmarket hotel development.
"The partnership with Proprium is a major breakthrough for our company," says Chris Stewart, founder and chief executive of CSG. "We have operated mainly in Scotland to date, focusing on giving heritage buildings a viable and dynamic future. The investment from Proprium and the working partnership that it brings now means we have significant fire power to transact more effectively on larger scale projects and address a broader market.
"This is an exciting time for the business, allowing us to capitalise fully on our experience and deal pipeline."
"Chris Stewart Group is a fast-growing and entrepreneurial company with an outstanding track record," says Philipp Westermann, Proprium's head of Europe. "We are excited at the prospect of contributing to its future success through this capital injection, which will be used to invest in several attractive projects in Scotland and other parts of the UK."
Barclays, DLA Piper and Dickson Minto were advisers on the transaction.
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