31 July 2014
New Investment Division For Drum
Drum Property Group (Drum) is to undergo a major expansion of its business with the set up of an investment division to complement its existing development activity. The new division will be based in Edinburgh and will be headed by Bryan Sherriff, currently of Coldspring Asset and Development Management.
The new investment arm will allow Drum to continue to focus on risk-controlled development and also make inroads into the UK-wide investment market. Drum will either look to acquire assets on balance sheet or work with strategic joint venture partners where there are opportunities to co-invest in development or investment projects.
The existing Drum management team has a strong track record of working in partnership with institutional clients. Mr Sherriff’s arrival will enable the group to build on this experience and understanding to develop successful partnerships across investment, development and asset management projects.
Drum is active throughout the UK and is currently working on a variety of projects at various stages of development with an end value in excess of £1bn.
Drum Group Managing Director Graeme Bone, said:
“Drum is at an exciting stage of growth, and I am delighted that such a well-respected operator of Bryan’s calibre and experience is joining us. He will greatly enhance the strength of our executive team and management capabilities, and be central to driving our future growth.
“We feel that there is an opportunity in the current cycle to establish a Scottish based investment offering. By combining the wider Drum senior management team with Bryan’s experience of the UK market, as well as his previous experience in working with joint venture partners, the new division will offer a unique structure and co-investment offering in the current economic climate.”
Mr Sherriff will join the Drum board and executive team as Investment Director. He is a Fellow of the Royal Institution of Chartered Surveyors (FRICS) and has over 20 years experience in UK commercial property. Prior to establishing ColdSpring, Bryan was Head of Property with Stockland UK (formerly Halladale), a UK subsidiary of one of Australia’s largest diversified property groups and a top 50 ASX company.
“I am looking forward to working with the Drum senior management team to create a UK-wide development and investment platform and we are well capitalised to either acquire opportunities direct or to enter into joint venture arrangements.
The immediate workstreams will primarily reflect the work undertaken by ColdSpring over the last four years, however, both Graeme and I are confident that the combined resources offer synergies that will quickly result in significant new activity. We wish to work with like minded companies where we can use the skills of the senior team to maximise returns and performance.”