Aneel Mussarat

MCR portfolio passes £1bn

Aneel Mussarat today claimed that his MCR Property Group had reached an investment and development portfolio value in excess of £1bn, two years ahead of his plan for the business.

Mussarat, pictured, said the figure was made up of £700m of investment assets and a development programme with an end value of £300m.

MCR's personnel numbers are also growing; the firm appointed seven new staff in the past 12 months, four in asset management, one in investment and two in project management.

The investment portfolio comprises a mix of residential and commercial properties across the country, including a series of recent commercial investment acquisitions, such as the purchase of No. 2 Moorfields in Liverpool city centre for £10.75m, New Albion House in Leicester for £9.7m, an industrial unit in Chester for £2.6m and Cornbrook, 2 Brindley Road, Manchester for £7.5m.

Mussarat, chief executive of MCR, said: "This is a significant achievement for us and is testament to the exceptional team we have built up here at MCR. In the current market, the team has shown immense drive and has demonstrated its ability to turn deals around efficiently and effectively.

"This has been strengthened by a number of mainstream banks and building societies who have continued to support us in our ventures despite difficult but opportunistic market conditions. We will continue to strategically invest and develop across the UK and are looking forward to moving into new premises in Manchester by the end of this year."

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