NEWS ARCHIVE

CHANGES AT TARGETFOLLOW | 11/03/08

Major new appointments have been announced by the executive board of commercial property group Targetfollow as the business moves into its next phase of “exciting growth”.

Founder and owner of the Norfolk-based group, Ardeshir Naghshineh, is to relinquish the day-to-day role of managing director and become executive chairman, while Ian Fox, executive director of property, and Vanessa Fletcher, group finance director, become joint managing directors.

The appointments will enable Mr Naghshineh to concentrate on long-term corporate strategies, while working closely with Mr Fox and Mrs Fletcher to identify further acquisition opportunities, develop equity partnerships, and seek new sources of finance.

With a staff of 250, some 70 of whom are based in Norwich, Targetfollow is now one of the country’s leading privately owned commercial property investment and development businesses.

The group’s fast-growing portfolio includes Centre Point in the West End of London and Baskerville House in Birmingham. Its most recent deal was January’s £11 million acquisition of The Pantiles, the famous colonnade in Royal Tunbridge Wells.

In Norwich, Targetfollow is forging ahead with its £66 million Duke’s Wharf scheme, which will turn a major brownfield site into a new mixed-use quarter. Another significant project locally is Harford Place, the £125 million proposed regeneration of Targetfollow’s 21-acre site on Hall Road, Norwich.

Mr Naghshineh said: “In the past five years, Targetfollow has successfully built up a substantial investment and development portfolio in the UK as well as expanded into Continental Europe.

“Ian and Vanessa have played key roles in the group’s outstanding achievements and their appointments to the board are a natural progression, both for them and the group as a whole. They are two talented and highly experienced individuals who will bring a clarity of focus and energy to the board as Targetfollow moves into its next exciting growth phase.”

Mr Fox, 43, becomes managing director (property and development). He will oversee property acquisitions and sales, asset management, and development and construction projects.

Mrs Fletcher, 46, an existing executive board member, becomes managing director (finance). She will oversee all financial operations as well as being responsible for human resources.

“I’m delighted to be given this important new role as Targetfollow enters an exciting phase in its remarkable growth,” said Mr Fox.

“With this robust management structure in place, we can accelerate our portfolio expansion and our commitment to regenerating brownfield sites. We have fantastic staff, and an ambitious pipeline of developments, and are constantly looking for new opportunities in investment markets.”

Mr Fox will continue as managing director of Targetspace, the group’s high quality serviced office provider in the UK.

Mrs Fletcher said: “Targetfollow has established a strong relationship with key financial institutions which enables us to act quickly and efficiently when sourcing acquisition and development finance in the UK and in Europe.

“These relationships, together with our experienced in-house finance and banking team and our professional advisors, combine to provide a solid base from which to realise our ambitious plans for future expansion.

“Our recent £454 million Bank of Scotland refinancing deal was a clear vote of confidence in our ability to add value and underlines the fact that Targetfollow is a significant property industry player, well placed to expand further in the UK and on the Continent.”