Ask Developments acquires Abito
Date: 24/10/2007
Source: Residential
Developer buys out shareholder to expand residential portfolio
Innovative property developer Ask Developments has announced the total acquisition of its subsidiary company Abito to further strengthen its expanding residential arm, Ask Life.
Ask Developments, which owned 85% of Abito, purchased the remaining 15% share to wholly own the company, which was set up in 2004 to provide realistically priced accommodation for young professionals and first-time buyers in city centres.
The Abito brand, identity and product – including the completed scheme at Greengate and the second at Salford Quays, is already integrated into Ask Developments’ own overall brand and will fit seamlessly into the Ask Life residential portfolio, headed up by Director Duncan Bowman.
Abito’s Managing Director Les Lang will be leaving to run a new development venture and will create new mixed-use product throughout the UK.
To be based in the North-West, Les will be leaving the company at Christmas and said: “I am looking forward to an exciting challenge ahead but I have had a wonderful experience at Abito and I believe I have left a fantastic product for the team to continue expanding.”
Duncan Bowman, Director of Ask Life said: “The whole Abito concept will remain as it always has, and through this acquisition we will be able to streamline it with Ask Life, proving quality apartments and innovative housing solutions - and develop a more efficient business. It is a very exciting prospect for us.”
Two new appointments for a land development executive and personal assistant will be announced shortly, to allow the company to expand Abito across the UK.
Abito has already won plaudits for its design concept, scooping four awards in the last six months, including Residential Developer of the Year at Insider Property Awards North West 2007, Concept for Living’s Best New Build Apartment, Premier Excellence Awards’ Best Apartment Development in the UK and Property Executive North’s Residential Award for Excellence.
Chief Executive of Ask Developments, Ken Knott said: “We will be very sad to see Les go, as we value greatly the contribution he has made to the company. He has built a superb brand which will be integrated into the residential arm and further strengthen this sector. We wish him all the success in his new venture.”