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Real estate industry

Kandahar Real Estate: A New Property Venture From David Ross and Morgan Stanley

Strategic Insights

— 1 min read

David Ross, the co-founder of Carphone Warehouse, has launched a property company called Kandahar Real Estate in a joint venture with Morgan Stanley. The business already owns £500m of property contributed by the two partners. Kandahar will seek to acquire or develop more retail and leisure schemes across the UK, with the possibility of floating on the stock market as a real estate investment trust (Reit) in January.

Key Takeaways:

  • David Ross, co-founder of Carphone Warehouse, has launched a property company called Kandahar Real Estate in a joint venture with Morgan Stanley.
  • The business has already acquired £500m of property from the two partners, including Morgan Stanley's £250m Drake Circus shopping centre in Plymouth.
  • David Ross has injected his £243m portfolio of high street shops, covering about 1m sq ft, into the new company.
  • Kandahar will seek to acquire or develop more retail and leisure schemes across the UK.
  • The company's executive team includes Martin McGann, former finance director of Pillar Property, and Amanda Hill, former head of property at Carphone Warehouse.
  • Mike Taylor, responsible for asset management in Pillar's "Hercules" fund, is also an executive director of Kandahar Real Estate.
  • The joint venture is emblematic of the trend for successful entrepreneurs to diversify into real estate as a way of preserving their fortunes.

Statistics:

  • £500m: The value of property contributed by the joint venture partners.
  • £250m: The value of Morgan Stanley's Drake Circus shopping centre in Plymouth.
  • £243m: The value of David Ross's portfolio of high street shops.
  • 1m sq ft: The area covered by David Ross's portfolio of high street shops.
  • 560,000 sq ft: The size of the Drake Circus shopping centre.
  • 20-600: The growth of Carphone Warehouse stores under Amanda Hill's leadership.

Sources:

  • "David Ross launches Kandahar Real Estate with Morgan Stanley". The Sunday Times.
  • "Carphone Warehouse co-founder raises £243m to invest in high street shops". The Times.
  • "Morgan Stanley leads £811m deal for Pillar Property". Property Week.
  • "Pillar acquired for £811m by British Land". Build Magazine.

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