Two giants of the Midland property industry have announced the launch of a joint venture investment company following the appointment of Rupert Young as its new managing director.
JJ Gallagher and Countrywide Property Holdings are jointly establishing an investment arm to secure a range of properties in the UK and eastern Europe.
No name has yet been determined for the venture, which will have a multi million pound warchest to spend on properties in the commerical, mixed use and residential sectors.
Mr Young, who will remain in his post as managing director of the Birmingham office of CBRE until November, will also be tasked with exploiting European investment opportunities.
He was appointed managing director at CBRE in Birmingham in 2003, having worked for the company since 1987, initially in London.
He said: "Like many agents, I had often thought about taking a more direct role in the development process and when this opportunity arose it felt right.
"Setting up a new investment company with Gallagher and Countrywide presents me with the perfect opportunity to convert the skills I have developed as a surveyor and managing director at CBRE into the hands-on practice of acquiring property from the client-side."
JJ Gallagher, which is owned and controlled by Tony Gallagher, is the largest private owner of retail parks in the UK.
Solihull-based Countrywide Property Holdings is a major player in the UK's development scene, with in excess of 80 residential and commercial sites throughout the United Kingdom.
John Downer, managing director of Countrywide Property Holdings said: "Individually Gallagher and ourselves have been securing a number of investment opportunities, however, this trend intensified for both of us in the past 12 months, leading us to see the mutual benefit in collaborating going forward.
"We believe the climate is ideal to carve a niche in the investment market and use our development expertise to seek out properties that may not neatly fit into other rival investment portfolios.
"Securing Rupert Young as the managing director of our new investment arm is a major coup.
"He is experienced and hard working as well as being one of the most well respected personalities within the regional property market, which is matched with an enviable reputation throughout the UK for his ability to tie-up deals for a wide range of investments.
"We are delighted he has accepted this position and welcome the challenge that working in this new arena will present for us."
Having started out his career with CBRE in London, Solihull-born Mr Young moved back to Birmingham in 1994 as a member of a five-man team appointed to set up the firm's regional office.
In Birmingham the firm now employs 80 people and is acting on some of the city's biggest office schemes, including Arena Central, Baskerville House and Snow Hill Station.
Julian Shellard, Birmingham based executive chairman of the regional business at CBRE, will re-take the helm at the Birmingham office.
He said: "We look forward to working with Rupert in his new role and to building a close working relationship with Gallagher and Countrywide."