After seven years as Asset Manager of commercial property investment company Apperley Properties Red Kite will be handing over this role to Hugo Llewelyn and his team at Newcore Capital.
David built Apperley from a virtually bankrupted company in 2010 into a mixed sector portfolio comprising of a total of 534,300 sq ft across 18 commercial assets in England valued at £65m that became well known in the secondary investment market place.
David also built a residential development arm to Apperley that currently has over £15m of development value in 18 units in Mitcham and New Cross.
David said………….“After 7 years at the helm of a great company, supporting Board and shareholders it was time to move on – my bit was done. Hugo will inherit a stable portfolio of high yielding assets and Newcore will be able to reposition the portfolio for long-term income and capital growth by moving away from the office, industrial and retail sectors and focusing on their favoured “new core” sectors, which are central to the continuing physical needs of society, such as nursing homes, elderly care and cemeteries. For the shareholders of Apperley, being a private family, this now is the focus and Newcore are better placed to carry out that investment transition."
Red Kite's will continue to asset manage their other managed portfolios of currently £200m in value including Brighton Marina on behalf the Brunswick/ICG Longbow JV and those of their other corporate and private clients.