Indian billionaire to invest in Irish builders

Grant Prior 14 years ago

An Indian billionaire is looking to invest in more Irish contractors after bailing-out the McCabe Group with a £300m cash injection.

McCabe has formed a strategic partnership with Western Gulf Advisory  – a Bahrain-Swiss-based investment company controlled by Indian entrepreneur Ahsan Ali Syed which has funds worth £8bn under its control.

The partnership will enable McCabe’s management team to maintain its focus on running the construction business with WGA acting as a silent  financial partner.

The deal includes £40 million to fund the completion of existing projects which include seven apartments in Arlington Street London and 32 units in Clapham along with a 27 storey tower on City Road.

Ahsan Ali Syed said: “We are very pleased to have entered into a long term partnership with McCabe.  This is a well managed business with a long track record of success and as the economic cycle starts to move into the upturn we believe it has a strong future ahead of it.

“This agreement marks WGA’s first investment in Ireland and we are developing a long term plan for investing in the country across a number of sectors.

“At a time when many of Ireland’s banks are facing severe lending restrictions, many businesses employing large workforces are entering a distressed state despite being fundamentally sound and having considerable growth potential.

“We look forward to extending our support to other Irish businesses facing these types of challenges.”

John McCabe, founder and Managing Director of J&M McCabe Properties Limited, said: “We are delighted to have agreed this partnership with WGA.

“Soon after we approached WGA, it became apparent that they saw the long term potential of our business and we both saw the benefits of entering a partnership agreement with clearly defined roles.

“With the help of a strong financial partner in WGA, we will be able to bring our existing projects to market as well as acquire additional assets and contracts.

“We have been in business for nearly forty years and with WGA’s backing we are in a strong position to maximise the value of our assets and build our reputation as a high quality developer.”

Latest news

London £3bn housing framework out to tender

SMEs allocated slots on London Construction Programme housing framework refresh
50 mins ago

BAM wins first major RAAC school rebuild

Contractor seals £46m deal for St Leonards school in Durham
1 hour ago

Failed strip out specialist owes £1.5m to supply chain

More than 100 subcontractors and suppliers left with unpaid bills by Type Ten Limited
2 hours ago

Councils to turn screw on building owners over fire safety upgrades

Government tells councils to step up legal action against rogue building owners
2 hours ago

Green light for £300m Fenland energy from waste scheme

Wisbech incinerator will generate 50MW from half a million tonnes of waste
15 hours ago

Multiplex starts on 50-storey Thames tower

Developer green lights construction of latest phase of £3bn Bankside Yards scheme
21 hours ago

McLaren lodges fresh Reading Broad Street Mall plan

Town centre scheme will deliver 600 homes in four towers
1 day ago

Beard bags £24.5m Bristol office revamp

Construction to start in April
1 hour ago

SMEs star in £3.2bn social housing upkeep deal

Around 85% of Efficiency North's framework winners are local firms
1 day ago

Scottish NHS new building projects delayed for two years

Spending clampdown hits over a dozen planned projects
1 day ago

Balfour M25 workers hold strike ballot

Motorway maintenance crews unhappy with 3.4% pay rise offer
1 day ago

Rainsford Contracts acquires M&E specialist

Expanded contractor will have turnover of £45m
1 day ago

Statom expands with launch of Northern HQ

RC frames specialist now targeting jobs in Scotland and north of England
2 days ago

High Court dismisses Stonehenge tunnel challenge

Judge quashes legal challenge against Government consent for £1.7bn job
2 days ago

£1.5bn Teesside carbon capture scheme consented

Final investment decision expected this year for construction start
2 days ago

First viaduct steel section installed at HS2’s complex junction job

Victor Buyck Steel Construction install first 300t viaduct section
2 days ago

Sister scaffold firms file administration notices

BCM Scaffolding Services and Scaffteq West employ 100 people between them
2 days ago

McLaughlin & Harvey suffers £8.6m loss

Cost inflation and Scottish landfill tax legislation hit Antrim-based group
2 days ago

Regulator opens probe into National Highways delivery

ORR concerned about 'dip in performance' on capital projects
2 days ago

Sir Robert McAlpine chief Paul Hamer exits

Hamer replaced as CEO by former Lendlease Europe boss Neil Martin
5 days ago

Unite Students to build £250m Newcastle scheme

Work to start this summer on revamp of Castle Leazes site
2 days ago

Britcon poaches Tilbury Douglas business development chief

Don Stewart joins Britcon board as strategic director
2 days ago

Building control system on verge of collapse

Calls to delay new registration scheme
5 days ago

Go-ahead for UK’s largest mass timber structure neighbourhood

Visionary 685-home sustainable village will be built in Lewes, East Sussex
5 days ago

£90m Manchester zig-zag library approved

Work to start this summer on iconic city centre building
5 days ago

Mace clear to start £34m weather-watching HQ job

Planning granted for European Centre for Medium-Range Weather Forecasts
5 days ago

Ford Dagenham site revamp to hit nearly 4,000 homes

Latest phases approved for £1bn Beam Park redevelopment
5 days ago

Sisk names new data centres regional director

John Hennessey appointed to lead expansion
6 days ago

Balfour starts £171m Sussex Uni student DBFO job

West Slope Residences will provide 1,900 bedrooms
6 days ago

Director and site manager sentenced after labourer crushed

Worker killed during demolition on renovation scheme
6 days ago

Contractor services