Dr Sameer Al-Ansari, Develop North deputy chair, left, and Ian McElroy, Develop North director, launch the organisation's growth prospectus

Investment firm unveils £300 million growth plan

An investment firm has unveiled plans to expand into a £300 million organisation.

Develop North is rolling out a growth blueprint.

Bosses say the venture will push the operator towards becoming a £300 million asset under management company, while helping to “unlock investment, drive economic growth, support more jobs and deliver regeneration in the North East”.

Marked by a planned £58 million fundraise, they add the move will be catalysed by deployment strategies across the residential, commercial and real estate lending sectors.

Since its founding in 2017, officials say London Stock Exchange-listed Develop North – which is managed by Newcastle-based Tier One Capital – has supported more than 40 projects and about 12,000 jobs.

They add it has deployed capital worth about £90 million, with 16 projects in its live portfolio.

John Newlands, Develop North chair, said: “Our prospectus represents a significant milestone, setting out our proposed strategy to scale to a £300 million multi-asset investment company and to invest in opportunities across the North East.

“Our proposed three-pillar deployment model will give us both diversification and resilience, and will be underpinned by a leadership team with deep regional expertise.

“With major inward investment, £5.15 billion of devolution funding and growing institutional interest in UK regions, this is an exciting time for the North East.

“By providing flexible, locally informed capital, we can contribute to regional regeneration, job creation and economic growth.

“We look forward to engaging with existing and prospective shareholders as we enter this next phase.”

He added the endeavour is set to be supported by Homes or Houses, Broadoak Asset Management and Tier One Capital FM Limited, with the trio set to bolster its advisory team across residential real estate, commercial real estate and real estate lending respectively.

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