Urban Logic, an off plan property investment specialist based in Manchester, is to be acquired by Damask Investments plc for a total consideration of approximately £7,400,000, it was announced today.
Trading since January 2004, Urban Logic has become a respected name in the off plan investment sector and was nominated for last year's Manchester Evening News' Business of Year Award.
The company, which has developed exclusive relationships with a number of the UK's leading housebuilders, offers discounts of around 15 per cent on a range of properties at prime sites across the north of England and Scotland.
With a healthy client database, which includes high net worth investors plus celebrity and sporting personalities, Urban Logic also announced today that it has secured an exclusive two-year deal with the Professional Footballers' Association. Under the deal, Urban Logic will offer investment opportunities within the UK property market to all the PFA's current and former players.
Commenting on the acquisition, David Wilson, chairman of Damask, said: "We were established last year with an objective to acquire a property company with a strong track record and strong management team.
"We identified Urban Logic as a young, well managed company with exciting potential and a number of strategic partnerships in place and we are looking forward to helping the firm build on this success."
Andrew Lazare, chief executive of Urban Logic, added: "Urban Logic is a very successful property investment company. It has found a niche in the marketplace by specialising in 'out of town locations'. Investors in these areas find that there is strong demand when they come to re-sell or rent their apartments compared to many city centre properties.
"This move will take the business to the next level and will give our clients the confidence that they are dealing with the UK's only regulated off plan property investment company."
Damask, meanwhile, also announced today that following the acquisition of Urban Logic and Northern Lynx its intention to transfer from Ofex to AIM under the new name Northern Lynx plc. Dealing is expected to commence in early April 2006.
For further information on Urban Logic, please visit http://www.urban-logic.co.uk or call 0800 916 8659.
For more press information contact:
Bell Pottinger North Tel: (01625) 506444
Chairman, Damask plc Tel: 07703 934390
Chief executive, Urban Logic Tel: (0161) 236 5505
Strand Partners Tel: (0207) 409 3494