Albert Dock property group restructures
ALBERT Dock owner Arrowcroft has hived off the part of the business that managed distressed assets on behalf of banks.
The London-based group said it will continue to focus on its “long-term investments” such as the Albert Dock, while a new company, Vixcroft, will work with lenders.
Arrowcroft has shares in Vixcroft which has been set up by two departing Arrowcroft directors, Daniel Carter and Alan Jones, together with Ian Coleman, who joins as chairman.
On its website Vixcroft said it will use its skills to add value to lenders’ assets, by arranging new capital and funding improvements.
Arrowcroft’s chairman Nicholas Hai said: ”We have 40 years’ experience in acquiring, building and developing. While we have been assisting the banks by working on their portfolios of properties in distress, we now feel that the economy is sufficiently recovered for us to move on and concentrate on direct investment.
“We have a small financial interest in Vixcroft who will take over those bank management portfolios and we will support and assist the new company where possible. I would like to thank Daniel and Alan for their loyalty and wish them success in the new business.”
Mr Carter, Vixcroft’s chief executive, said: “Alan Jones and I have been part of the Arrowcroft team for 27 years and look forward to applying our expertise to identify assets that require repositioning or redevelopment. We see a large volume of real estate assets that remain challenged and to which we can contribute new investment capital to deliver added value. We are delighted that Ian Coleman, with his deep knowledge of financial restructuring, has agreed to augment our team.”
