Indian billionaire to invest in Irish builders

Grant Prior 13 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.”

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