Over the past few years, ownership of the Mactaggart Family & Partners (“MF&P”) business has been passed to the fifth generation of Mactaggarts. The majority of the shareholders are now based in the UK and want to focus the investment activity there, within the historic home base.

With that in mind, we are pleased to announce that MF&P has completed a corporate restructuring of the respective UK and US operating company halves of our business.

Under the transaction terms, MF&P has entered into a ten-year asset management agreement with Tamarack Ventures LLC (“Tamarack”), a new company owned and run by Ivaylo Ninov. Ivaylo, together with all of his MF&P New York office team members, will continue to manage the US portfolio on a day-to-day basis, utilising, as before, the close advice of Philip Mactaggart.

Tamarack will manage your interests, alongside MF&P’s, in the same manner as they are currently, and there will be no change to any of the terms of your investment documentation or partnership agreements, other than the name of the asset management vehicle. All major decisions will remain with MF&P and MF&P’s board (which includes, in addition to Philip, two senior US-based non-executive directors), and MF&P’s own investment in the transactions remains unchanged.

Whilst owned and operated by two separate groups, the relationship between Tamarack and MF&P is in the spirit of a long-term partnership. Indeed, individual Mactaggart family members intend to continue to invest cross-border with each other.

In the future, MF&P will continue to make new real estate investments in the UK, which will be presented to you for consideration. If you wish to contact MF&P, please reach out to Jack Mactaggart and/or William Laxton. For those based in the US, both Jack and William will be in New York in May this year and have planned the trip with time to meet with those of you who wish to do so.

Within the US, Philip and Ivaylo have formed a new venture, Mactaggart & Co. Ltd., which will present you with new investment opportunities, primarily focused on real estate, distressed debt and other alternatives.

We thank you for being our partners and are very grateful for your support in good and bad times. As we lay new foundations and continue to build on old traditions together on either side of the pond, we hope to keep the privilege of having you invest alongside us.

Yours as ever,

Sir John Mactaggart
Philip Mactaggart
Jack Mactaggart
William Laxton
Ivaylo Ninov