MGPA poised for £90m UK land deal

The Europe and Asia firm is reportedly close to acquiring a residential land company from insurer Clerical Medical.

MGPA is in exclusive talks to acquire a residential property land company for £90 million (€100 million; $148 million).

The European and Asia firm has beaten The Carlyle Group to enter exclusivity on buying Land Improvement, according to the Financial Times.

It has until the end of next week to finalise a deal, the newspaper added.
Land Improvement is owned by insurer Clerical Medical and controls development land across the UK as well as options to acquire sites.

It is the second time this week that a private equity real estate firm has been linked with a UK development deal.

Reports today suggest AREA Property Partners is part of a consortium that has agreed to buy  a half-completed shopping scheme in Wakefield, Yorkshire, from administrator, KPMG.