Carlyle managing director Robert Hodges says CSDG combinesdevelopment-management experience with a strong capital base sothat the group will be able to move quickly to take advantage ofopportunities in the market. Duncan Moss, chairman of Skelton, saysthe joint venture with Carlyle will enable Skelton to participatein larger projects than otherwise would have been possible.

The investment board of the CSDG comprises Hodges and Moss aswell as Carlyle managing director Eric Sasson and Skelton managingdirector Kurt Little. The joint venture fund includes twoproperties Carlyle and Skelton acquired together: one is a58,000-sf office located on Waterloo Road, London, which is to beturned into two hotels, and the other is a freehold 41,000-sfoffice in Hay Hill, Mayfair, which is to be redeveloped to providemore office accommodation while maintaining the existing retailaccommodation.

In addition to the joint venture properties, Carlyle has threedevelopments in the UK: 107 Cheapside, London; a 64-acre brownfieldsite in Cumbernauld, Scotland; and 11/19 Monument Street.