Catalyst buys JSD for £170 million

December 2003

Catalyst, Schroders and Deutsche Property Asset Management have secured a deal to buy J Sainsbury Developments (JSD) for £170m. Its initial offer, which saw it beat rival bidders Kier Property and Miller Developments, was at closer to £190m. Joe Froud , executive director of Schroders, said: We are delighted to have acquired such an exciting retail development portfolio and have the management team and financing to ensure the delivery of profitable investments. We are looking forward to implementing development and asset management initiatives and to working with Deutsche and Catalyst as property adviser for the first time." Fineman Ross, Gilbert Bath & Gooch Cunliffe Whale advised the Joint Venture Partnership, Jones Lang LaSalle Corporate Finance acted for JSD. Contact Keith Whale 020 7647 4800keith.whale@gcw.co.uk