At the same time as agreeing the sale of Cafe Football to Rowsley Ltd, Gary Neville and his partners have formed a joint venture for their St Michael’s development project in central Manchester. Under the JVA, Rowsley’s wholly owned subsidiary, R1 Investment Pte. Ltd. will invest approximately £40 million for a 75% stake in the joint venture company. The joint venture parties will hold shares in the joint venture company in the following proportions:
R1 Investment Pte. Ltd. – 75%
BCEGI (Hong Kong) Company Limited – 21%
Relentless Investments Limited – 2%
RGJR Limited – 2%
St Michael’s will be a landmark city centre regeneration scheme comprising a five-star hotel, luxury apartments, high quality office space and a range of restaurants and bars, with an estimated GDV of £200 million.
