Asian investors take major slice in Giggs and Neville projects

UK: Former Manchester United stars Ryan Giggs and Gary Neville have teamed up with Singaporean billionaire Peter Lim and Beijing Construction and Engineering Group.

UK: Former Manchester United stars Ryan Giggs and Gary Neville have teamed up with Singaporean billionaire Peter Lim and Beijing Construction and Engineering Group.

The pair have formed a joint venture with Peter Lim, who bought Spanish football giant Valencia in 2014. Singapore-listed development company Rowsley, in which Lim has a controlling interest, has purchased a 75 per cent stake in the 500,000 square foot Bootle Street project for £40 million. Chinese state-owned company Beijing Construction and Engineering Group has taken a 21 per cent stake.

Neville’s remaining two per cent ownership will be held through his Relentless Investments vehicle, with Giggs’ two per cent through his RGJR company. The pair’s Jackson’s Row Development Company will stay on as lead development manager and will work alongside consultant Zerum.

Rowsley is also paying £29.1 million for a 75 per cent stake in each of the three companies holding the assets of Hotel Football, Café Football and hotel management company GG Collections. The companies were founded by Neville, Giggs and former teammates Paul Scholes and Nicky Butt.

The mixed-use project, which will be renamed St Michael, includes a five-star hotel, shops, leisure, residential and offices. Construction will start in 2016 and take around three years.

www.gghospitality.com

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