Chris Stewart Group Announces Minority Investment from Proprium

EDINBURGH, Scotland, March 24, 2014 /PRNewswire/ --



Chris Stewart Group ("CSG"), a leading Edinburgh-based property developer and investor, today announced that an affiliate of Proprium Capital Partners ("Proprium"), a global investment advisory firm, has agreed to make a significant minority investment of growth capital in CSG. Terms of the investment were not disclosed.

Founded in 1996, CSG has a long track record of executing complex transformational city-centre redevelopment projects, including its award-winning Advocate's Close development off Edinburgh's Royal Mile. CSG's long term objective is to invest in high quality prime locations, drawing on its extensive relationships and experience.

The first deal concluded by the new partnership involves the purchase of Baxter's Place, a historic Georgian terrace building in Edinburgh's city centre, which is designated for 240-bed upmarket hotel development.

"The partnership with Proprium is a major breakthrough for our Company," said Chris Stewart, founder and Chief Executive of CSG. "We have operated mainly in Scotland to date, focusing on giving heritage buildings a viable and dynamic future. The investment from Proprium and the working partnership that it brings now means we have significant fire power to transact more effectively on larger scale projects and address a broader market."

"This is an exciting time for the business, allowing us to capitalise fully on our experience and deal pipeline."

"Chris Stewart Group is a fast-growing and entrepreneurial company with an outstanding track record," said Philipp Westermann, Proprium's Head of Europe. "We are excited at the prospect of contributing to its future success through this capital injection, which will be used to invest in several attractive projects in Scotland and other parts of the UK."

Barclays, DLA Piper and Dickson Minto were advisers on the transaction.

Notes  to  Editors:

1. Proprium's investment advisory business is principally focused on providing advisory [and sub-advisory] services to its clients that are organized primarily to invest in real estate and real-estate related portfolio companies. Proprium currently has in excess of $2 billion of assets under management globally. Proprium's principal owners and founders formerly served as managing directors in Morgan Stanley's real estate division. The principals of Proprium have had a long-standing involvement in the UK property market.

2. The Chris Stewart Group is a property development and investment business based in Edinburgh. Its current portfolio has interests across residential, office and hotel and leisure property and includes the £46m award winning regeneration of Advocate's Close.

3. All enquiries, please call Elizabeth Lambley, Indigo, +44-(0)131-554-1230