Mitsui Fudosan (UK), the UK arm of Mitsui Fudosan Co. Ltd, has acquired a 15 per cent stake in Stanhope to become the second largest shareholder after Chief Executive and principal shareholder David Camp. This completes the restructuring that began in May, when property entrepreneur and business angel Ian Laing and his partner Nick Cross also took a stake in Stanhope.
Under Stanhope's new structure the majority of the company is still owned by David Camp and the management team. The introduction of a complementary balance of shareholders, in Mitsui Fudosan and Ian Laing/Nick Cross, will provide Stanhope with access to new capital sources, contacts, business opportunities and expertise. Motomitsu Morimoto of Mitsui Fudosan joins the Stanhope board as a non-executive director, joining fellow non-executives Ian Laing and chairman Oliver Stocken.
For Mitsui Fudosan, the investment marks the culmination of its search for a UK development partner and is consistent with its strategy of working with leading local partners who complement their business strategy and expertise. Additional funds supplied by Mitsui Fudosan, together with those already provided by Ian Laing and Nick Cross, will allow Stanhope to invest in more projects and further advance the company's growth.
While Mitsui Fudosan will collaborate with Stanhope on various future projects, both firms will also continue to work with and maintain their long-term relationships with a range of institutional partners. Among Stanhope's partners are Schroders, Legal & General, Mitsubishi Corporation, MEC, Morley Fund Management and British Land.
David Camp, Chief Executive of Stanhope said: "We are delighted to have completed our restructuring with the introduction of Mitsui Fudosan as partner and shareholder. The company is now in a strong position to begin the next chapter in its development and we are greatly excited about taking the company forward with all of our partners, both new and existing.
Motomitsu Morimoto of Mitsui Fudosan commented: "Our relationship with Stanhope will give us an excellent base for expanding our asset management platform into the UK. We decided that David and his team at Stanhope would be an ideal partner for us as they have an outstanding track record for development in London with a skill set and culture that complements our own."
Mitsui Fudosan (UK) Ltd is pleased to announce the appointment of Richard Harrold as Executive Advisor. Harrold spent 15 years running Hermes Real Estate and the last three years as Chief Executive of MEPC.
Mitsui Fudosan (UK) Ltd ("MFUK") is the UK arm of the Mitsui Fudosan Group, one of the world's largest property companies with some £14 billion of assets.
The MFUK team has also recently been joined by Makoto Fukui, who has been with Mitsui Fudosan in Japan for the past ten years.
Commenting on Richard Harrold's appointment, Motomitsu Morimoto, Managing Director of MFUK said: "We will be developing our interests in London in the very near future and we are delighted that Richard Harrold will be joining us in this process. We have great respect for Richard having worked with him for many years through Hermes' previous connections with Mitsui Fudosan in both London and Tokyo, and we believe his experience and expertise in the London market will complement our business strategy."
Richard Harrold commented: "Mitsui Fudosan are one of the world's most impressive investors, developers and managers and I am honoured to be able to contribute to the company's vision of extending its interests in the UK market."
Mitsui Fudosan UK is delighted to support the Kabuki season at Sadler's Wells from 31st May to 11th June 2006, featuring leading Kabuki actor Ebizo Ichikawa XI.
