Mon, 04 Jul 2011 | COMMERCIAL PROPERTY
Construction and property development firm Springfield Properties has acquired Redrow's Scottish operation.
UK housebuilding giant Redrow – the sixth-largest housebuilder by stock market worth – announced its intentions to focus on London and the South-East and put its Scottish arm up for sale in April.
Springfield's £49 million purchase has put it onto the list of Scotland’s largest independent housebuilders.
Springfield's chairman, Sandy Adam, told The Herald, “It has certainly taken us into the first division.
“The deal, which marks a major expansion drive for Springfield into the Central Belt, is expected to generate an additional £200 million in turnover for the company,” he added.
Prior to the Redrow acquisition, Springfield Properties had already kicked off a strategic expansion into central Scotland by purchasing sites across Edinburgh, Aberdeenshire, Perthshire and West Lothian. It also acquired an office base in Stirling.
Following the new acquisition, Springfield’s housebuilding business will operate across 30 sites, with 500 new homes a year in its planned development pipeline, according to The Herald.
Mr Adam went on to say that Springfield had carefully planned its expansion. “We were very careful with our money. Before the downturn, we decided that what we were seeing was a bubble, and we acted accordingly.
“We sold off a third of our land bank and concentrated on the affordable housing market. That was a step that has put us in very good stead today,” he told The Herald.
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