North property investor reveals ‘milestone’ plans

PROPERTY investor Develop North hopes to raise £58m and has set out ambitions to significantly grow its investments.

- TOM KEIGHLEY Business writer [e-mail]

> Develop North deputy chairman Sameer Al-Ansari (left) and director Ian McElroy

The listed fund, which is advised by Newcastle's Tier One Capital, has revealed its prospectus to investors which includes an ambition to become a £300m assets under management company within five years.

Tier One's team has identified more than £175m of pipeline opportunities, including office, leisure, retail and industrial space in the North East.

In an update on the London Stock Exchange, Develop North also sets out how it hopes to build on its investment model with three deployment strategies spanning the residential, commercial and real estate lending sectors.

It says it aims to unlock investment, drive economic growth, support more jobs and deliver regeneration in the North East.