Carillion buys stake in Ask

Carillion has announced that it has bought a majority stake in Ask, the Manchester-based real estate company.

Ask said it will work with Carillion’s developments team in planning to create a £500M pipeline of commercial property development schemes across the Northern Powerhouse region that includes the North West, Yorkshire and the North East.

The deal will see Carillion buy out the four original shareholders of the company, which formed in Manchester at the start of the millennium, and builds on an existing joint venture between Carillion, Ask and Tristan Capital Partners that is delivering a two phase development at Embankment in Manchester City Centre.

The first phase comprises 101 Embankment, a 10-storey, 165,000 sq ft development of Grade A office space, retail and leisure units and 442-space multi-storey car park pre let to Q-Park due for completion in July 2016.

The joint venture will submit plans for the second phase of the project next month, which will create an identical office complex entitled 100 Embankment.

Ask Real Estate’s Managing Director John Hughes said: “The Carillion investment into Ask Real Estate is a game changer for the business, presenting us with an exciting opportunity to marry our reputation for delivering high quality developments and spaces in urban centres with the expertise and financial resource of Carillion.”

Sir Howard Bernstein, chief executive of Manchester City Council, commented: “The investment and backing by Carillion as a major UK plc in a Manchester property developer is a further boost to the economic growth of the Manchester city region.

“With pioneering developments such as First Street adding value and creating jobs, Ask has played a prominent role in the transformation of the city region and remains a key partner of the city council.”

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