Met Tower developer sets up investment company
Plans to convert the Met Tower were announced in April
A property developer behind plans for the former City of Glasgow College building and JP Morgan’s new European technology hub in the city has set up an investment management company.
Osborne + Co Investment Management will be led by Conor Osborne and director Rajesh Budhrani, who have been joined by Rishi Khurana, formerly of Sidra Capital.
They plan to co-invest in development opportunities alongside high net worth individuals, family offices, pension funds and other investors.
The team will take over the management of a select number of investments with a GDV of more than £500 million, which is expected to grow substantially in the coming year, despite global economic challenges.
The initial focus will be on “value add acquisitions and development opportunities”. The first deal was the acquisition of a ten-acre site in Dublin’s Sandyford.
The company will be based in London and its portfolio includes plans for a residential development on Glasgow’s Lancefield Quay, close to the SSE Hydro, and the regeneration of Belfast Waterside.
Mr Osborne, director and head of investment, said: “We are incredibly excited to have established OCIM, building on what has been a period of significant investment across the UK for our sister company Osborne + Co.
“We have been working diligently behind the scenes on new transactions with a number of private investors and family offices and we expect to close these in the coming weeks.
“We are working on raising a significant amount of third party capital and while we are all currently experiencing a period of uncertainty, we believe investors are not just seeking but preparing for a period when markets return to a degree of normality in the UK and further afield”.
Rishi Khurana, director and head of credit, said: “We are fortunate enough to be able to leverage the extraordinary skillset of Osborne+Co’s world-class team, which is currently building Santander Bank’s landmark new workplace in Milton Keynes and JP Morgan’s new European Technology Hub in Glasgow.”
He said the firm plans key hires in Scotland, Ireland and Singapore.
Re-development of the former Glasgow college tower and a nearby building, announced in April, will allow for 120,000 sq ft of Grade A office space and a 260-bed hotel.