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Posted at 13/11/2006 08:47 by lbo The Sunday Times October 22, 2006 Livingstones in property float TWO of Britain's most active property investors, Ian and Richard Livingstone, who have been on a 7 billion (£4.7 billion) buying spree in recent years, are to make their stock-market debut. The brothers are creating a quoted continental property investment vehicle, Northern European Properties, which will own a portfolio of 84 buildings across the Nordic and Baltic countries, with a value nearing 1.9 billion. The company has appointed Citigroup to advise on the float on the Alternative Investment Market. A heavyweight board has also been assembled, with Jens Engwall, the recently retired chief executive of Kungsleden, the Swedish property firm, as chairman. The board also includes Michael Hirst, former chairman and chief executive of Hilton International. London & Regional, the private property company owned by the Livingstones, will manage the assets and receive a fee. The investment vehicle will also have first call on L&R's completed development projects. The Livingstones' big investments have included deals with General Healthcare and Ashbourne Homes in the care sector and with Woolworths, the retailer. More recently they have acquired a waterfront development in Cape Town, South Africa, with Dubai-based Istithmar for about £600m. One analyst said: "A lot of these overseas investment vehicles are run by real estate tourists. The Livingstones have an unrivalled track record." |
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