Contractor Carillion has purchased a majority stake in real estate business Ask.

It is understood the Manchester-based company now aims to create a £500 million pipeline of development schemes across the Northern Powerhouse region.

Ask's Real Estate MD John Hughes and Finance Director Jonathan Cross will retain their executive roles.

They will be joined by MD of Carillion's development business, Simon Eastwood and Carillion's director of strategy and investment, Peter Forsyth.

The deal enhances an existing joint venture (JV) partnership between Carillion, Ask and Tristan Capital Partners, who are delivering a two-stage development at Embankment in Manchester City Centre.


The first phase of works involve developing 101 Embankment, a 10-storey 165,000 sq ft building containing office space, retail and leisure units.

In addition, a 442-space multi-storey car park will be built and is due for completion in July 2016.

The JV will also submit an application for the second phase of the scheme in February 2016.

Carillion chief executive, Richard Howson, said: "Carillion has established an excellent working relationship with ASK over many years and most recently on the Embankment project in Manchester and this investment will enable both businesses to build on that success at a time of exciting opportunities in the north of England."

Ask Real Estate's MD John Hughes added: "The investment and backing by Carillion as a major UK plc in a Manchester property developer is a further boost to the economic growth of the Manchester city region."

(LM)