Tycoon Elliott Bernerd in talks to purchase stake in surveying agency in transfer that might finally see return of his Chelsfield empire to inventory market
Tycoon Elliott Bernerd is in talks to purchase a stake in a London-listed surveying agency in a transfer that might finally see the return of his Chelsfield actual property empire to the inventory market.
Bernerd, who made an estimated £250million in 40 years within the London property market, is in talks to purchase a 29.9 per cent shareholding in Fletcher King.
Metropolis sources mentioned the weird deal could possibly be a part of a longer-term plan to merge Chelsfield with Fletcher King in order that the true property agency can attain a brand new itemizing on the inventory market.
Daring return: Metropolis sources mentioned the weird deal could possibly be a part of a longer-term plan to merge Chelsfield with Fletcher King
Chelsfield floated in 1993 however in 2004 Bernerd took the corporate personal for £1.86billion with the backing of a consortium that included the billionaire Reuben Brothers and Saudi Arabia’s Olayan Group.
Bernerd, 76, labored as an property agent in London earlier than establishing Chelsfield. He was concerned within the improvement of the Westfield buying advanced in West London.
Metropolis sources estimated Chelsfield could be valued at £100 million to £150 million if it had been again on the London Inventory Alternate.
Fletcher King, whose shares closed at 46p on Friday, mentioned: ‘Discussions are ongoing, together with relating to worth, and there may be no certainty that the potential transaction will proceed.’ Chelsfield didn’t remark.