The sale of Solihull-based property company Parkridge Holdings to US industrial property giant ProLogis netted John Cutts and his family trusts cash and shares worth nearly £300 million.
John Cutts, aged 49, retains 40 per cent of Parkridge, which has more than £2.5 billion of industrial, retail and office developments on its books in the UK, France, Italy, Luxembourg, Poland, Russia and Spain.
Parkridge has specialised in realising maximum value from undeveloped land. That doesn’t just mean industrial land. Parkridge has a number of residential schemes on the go, one of which is the highly-acclaimed Dickens Heath in Solihull where Parkridge has developed a village community with houses selling between £100,000 and £1 million.
Other residential schemes under the Parkridge banner include New Stoke Village in Ryton and Paragon Park, both near Coventry.
After the sale of Parkridge to ProLogis John Cutts was appointed vice chairman – Europe of ProLogis while remaining chairman and chief executive of Parkridge. ProLogis, with its headquarters in Denver, Colorado, is the world’s largest owner, manager and developer of industrial distribution facilities, with nearly 5000 customers in 20 countries, and almost 3000 industrial properties across Europe, Asia and the US.
This is the second time that John Cutts has done well out of selling to ProLogis. Before founding Parkridge in 1998 he led a successful management buyout of Ashford Developments and relaunched the company as Kingspark Group Holdings. Kingspark was later acquired by ProLogis for almost £100 million.
Parkridge now employs around 170 people at offices in the UK, Poland, Italy, Russia, Spain, Ukraine, Bulgaria and Luxemburg. The company recently sponsored the Parkridge Polish Seniors golf classic in Krakow.
Sheffield-raised John Cutts began his property career as a development surveyor with William H Brown in 1985. He was quickly promoted to commercial sales manager at Wilson Bowden before joining Ashford as commercial director in 1989.