MCR PROPERTY GROUP REACHES £1BILLION MILESTONE
27/06/2008
MCR Property Group has successfully grown its investment and development portfolio to in excess of £1billion, two years ahead of schedule. This figure is made up of a £700m investment portfolio across the UK and a development programme with an end value of £300million.
The announcement comes as MCR steps up its aggressive recruitment drive with the appointment of seven new employees over the past 12 months, four in asset management, one in investment and two in project management.
The portfolio comprises a mix of residential and commercial properties across the country, including a series of recent commercial investment acquisitions, such as the purchase of No. 2 Moorfields in Liverpool city centre for £10.75million, New Albion House in Leicester for £9.7million, an industrial unit in Chester for £2.6million and Cornbrook, 2 Brindley Road, Manchester for £7.5million.
Reaching the milestone, chief executive, Aneel Mussarat, comments: "This is a significant achievement for us and is testament to the exceptional team we have built up here at MCR. In the current market, the team has shown immense drive and has demonstrated its ability to turn deals around efficiently and effectively.
"This has been strengthened by a number of mainstream banks and building societies who have continued to support us in our ventures despite difficult but opportunistic market conditions. We will continue to strategically invest and develop across the UK and are looking forward to moving into new premises in Manchester by the end of this year."