Cerberus Capital Management has acquired a majority stake in Mac Mic Strategic Land and formed a joint venture to invest in projects.
Mac Mic Strategic Land was formed in 2009 by Mactaggart & Mickel, a fourth-generation Scottish property, land and investment business with more than a century of experience.
Founded in 1992, Cerberus manages approximately $65 billion in assets across credit, private equity, and real estate strategies.
Mactaggart & Mickel retains a shareholding in the business, with Andrew Mickel continuing as senior director and Ross Mickel remaining a director.
David Gaffney, of Ambassador Group — Cerberus’s UK asset manager — takes on the role of chairman and chief executive, with Ambassador’s portfolio management team supporting the business in an operating partner role.
Mr Mickel said: “This investment offers an exciting new chapter — it is a huge vote of confidence in what we do.
“It enables the continued evolution of the business, giving us the firepower to scale up, accelerate and deliver more — not just more sites, but more of the outcomes that matter.
“Our heritage has given us specialist knowledge across all aspects of land, the planning system and communities.
“This exciting partnership with Cerberus enhances our ability to act quickly, invest more deeply, and support our landowners and partners even more effectively.”
A Cerberus spokesperson added: “Mac Mic Strategic Land has a strong track record of enabling the delivery of high-quality homes and shaping long-term, sustainable communities across the UK. We look forward to supporting their mission and collaborating with homeowners, communities, and partners to bring much-needed housing to the UK.”
Sam Isaacs, director, Savills Capital Advisors said: “Mactaggart & Mickel has curated a high-quality UK-wide portfolio of well over 30,000 residential units.
“This partnership with Cerberus, a world-class investor, unlocks immense potential that will support in directly addressing the UK’s pressing need for new housing.”
Mac Mic Strategic Land was advised by Alvarez and Marsal Corporate Finance and Savills Capital Advisors (lead advisors) and Gowling WLG; Cerberus was advised by Addleshaw Goddard and CT Group.
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