Carillion sells stake in Ask
STRUGGLING construction giant Carillion has sold its majority stake in Ask Real Estate, the Manchester-based property developer, which has been behind prominent projects including First Street development.
The controlling stake has been sold to the Richardson family as Carillion looks to raise around £300m from the sale of its assets as it aims to reduce its debts.
Ask Real Estate managing director John Hughes and finance director Jonathan Cross will continue to head up the Ask board.
John said: “Richardson’s investment into Ask Real Estate is a huge vote of confidence in the business putting us in a strong position to continue to grow our mixed-use portfolio, and deliver our business plan.”
Ask Real Estate, which was launched in 2000, has assembled a varied portfolio including the pioneering 20 acre First Street Estate in Manchester city centre.
First Street was sold to PATRIZIA UK in May 2015 and Ask continues to manage the development of the scheme.
Other developments in its portfolio include 101 Embankment, the Grade A office scheme which has been successfully let to Swinton Insurance Group.
It is the largest letting in Manchester since 2004 and the largest ever letting in the city centre for a speculative office building.
The second phase of the scheme is scheduled to be on site early in 2018.
Ask also secured planning consent for the transformation of 1.74 acres on the former Bauer Millett Showrooms site adjacent to the Hilton Tower.
This will a deliver a 40 storey landmark residential tower for 375 high end apartments together with a 240,000 sq ft Grade A office building over 14 storeys.
Manchester-based Ask Real estate now boasts a portfolio of 20 separate projects, comprising over 3 million sq ft of floorspace and generating an end value of £800 million.