Carphone Warehouse co-founder and deputy chairman David Ross has taken a 50 per cent stake in the recently completed Drake Circus development in Plymouth through his private investment vehicle Kandahar.
Ross has set up a 50:50 joint venture, to be called Kandahar Real Estate, with the centre's owner Morgan Stanley Real Estate Funds. MSREF will inject the 560,000 sq ft Drake Circus, which opened on October 5, into the fund and for its part Kandahar will inject a million-sq ft portfolio of high street properties.
Kandahar's executive team will comprise Martin McGann, Amanda Hill and Mike Tyler. McGann was formerly finance director at Pillar Property, where he worked with Tyler who was responsible for asset management within the Hercules portfolio. And as head of property at Carphone Warehouse, Hill was responsible for the growth of the store portfolio from 20 to 600 stores.
McGann said: "The Kandahar team has extensive knowledge of the UK high street and this joint venture with Morgan Stanley Real Estate will enable us to capitalise on a significant number of new opportunities to create value."
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