Mirvac Group has bought a 50% interest in Chantrey Limited, a property consultancy and asset management business in London, United Kingdom for £2.0 million.
Established in 1993, Chantrey provides architectural, project management and property consultancy and asset management services to the commercial, residential, industrial, retail and leisure sectors throughout the United Kingdom.
Under the agreement, Mirvac may increase it interest in Chantrey to 100% through exercising a put and call option in 2010.
Chantrey will be jointly owned by Mirvac and its four founding shareholders who will continue to manage the day-to-day operations of the company.
Mirvac’s managing director Greg Paramor said Chantrey will provide the group with a platform to expand into one of the world’s largest property markets and to launch a new development property funds management business, consistent with Mirvac’s strategy of expanding its funds management operations.
By Nelson Yap
