Chief executive Ian Sutcliffe said: “Nearly 50% of our business comes through the regeneration of local authority estates. We’ve been banging the drum on this for a number of years, saying this is a great opportunity not just to increase housing but to really revive some of the economic communities around London.”
He added: “There’s such political support at government level and at local authority level that we want to bring the expertise we’ve built up over 30 years to bear on it.” Of the net £114 million raised in the float nearly half — £50 million — will be used to speed up four major regeneration schemes including Acton in west London.
Oaktree is selling down part of its stake. Management and the Cherry family retain a 15% stake in Countryside potentially valued at £150 million by the float.
Ascential, the exhibitions and information firm formerly known as Emap and then Top Right, also on Thursday announced float plans in a deal that could value it at £800 million.
The firm behind the Cannes Lions advertising and marketing festival — owned since 2008 by private equity firm Apax and Guardian Media Group — will raise £200 million by selling at least 25% of the company.
