Tycoon Elliott Bernerd is in talks to buy a stake in a London-listed surveying firm in a move that could eventually see the return of his Chelsfield real estate empire to the stock market.
Bernerd, who made an estimated £250million in 40 years in the London property market, is in talks to buy a 29.9 per cent shareholding in Fletcher King.
City sources said the unusual deal could be part of a longer-term plan to merge Chelsfield with Fletcher King so that the real estate firm can attain a new listing on the stock market.
Bold return: City sources said the unusual deal could be part of a longer-term plan to merge Chelsfield with Fletcher King
Chelsfield floated in 1993 but in 2004 Bernerd took the company private for £1.86billion with the backing of a consortium that included the billionaire Reuben Brothers and Saudi Arabia’s Olayan Group.
Bernerd, 76, worked as an estate agent in London before setting up Chelsfield. He was involved in the development of the Westfield shopping complex in West London.
City sources estimated Chelsfield would be valued at £100 million to £150 million if it were back on the London Stock Exchange.
Fletcher King, whose shares closed at 46p on Friday, said: ‘Discussions are ongoing, including regarding price, and there can be no certainty that the potential transaction will proceed.’ Chelsfield did not comment.
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