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Martin Roberts, the Managing Director, is to establish a separate entity - Addington Capital LLP, which will provide asset management services to CIT Group Plc, the Property Advisor to the UK Fund and other CIT projects alongside the existing asset management team. Matthew Allen will join Martin in the new venture.

John Barroll Brown, who has spent the last 5 years based at the Groups Bahamian offices and recently relocated to the UK to refocus the business as the market emerges from recession, commenting on the change said: “ We will continue with current roles in relation to the ongoing management and realisation of existing CIT assets under management, but Martin will also be free to pursue new projects independently of CIT.

Martin will continue to focus, in particular, on the UK Fund and at South Quay with the current CIT asset management team and on asset management services generally. John continued: “ Martin and I have worked together for over 15 years and we both feel that the changes are appropriate to take the business forward and to serve the interests of existing investments whilst opening other opportunities. I look forward to working together with Martin on new projects as he remains a close friend and I wish him every success in his new venture.”

Martin Roberts also commented: “I have worked for over a decade at CIT as an advisor and then as CIT’s Property Director but, as we now emerge from the worst of the economic downturn, I sense that the time has come for me to do something on my own. I am grateful to John for providing a structure that allows me to continue to play an active role in the asset management of the portfolio, in which I retain a substantial financial interest, to manage the fund’s assets and realise these investments as market conditions allow on behalf of CIT’s existing banks and investors.”

The one acre site at 40-49 St Edmunds Terrace was acquired from the receivers, with the simultaneous acquisition of a further 0.5 acre plot on Camden Road to provide off-site affordable housing accommodation.

CIT is leading its design and consultant team, to bring forward a scheme that will deliver a c100,000 sq ft private residential apartment scheme over a projected four year development programme. On Camden Road, the vacant Twyman House office building is designated to provide affordable accommodation comprising flats and some town houses.

John Barroll Brown, Chairman and CEO of The CIT Group of Companies commenting on the acquisition said: “ This prime site in St John’s Wood, in a much sought after exclusive location, represents a significant discount from the market peak. The views from and the scale of the site provide a significant opportunity to deliver a premium scheme. Its acquisition fits directly with our business philosophy of securing niche opportunities where significant added value can be delivered through development and asset management.”

Endeavour House is fully let to EDF Energy Plc. Doxford International Business Park is located in a strategic position on the A19, some 25min from Newcastle city centre.

John Barroll Brown, Chairman and CEO of The CIT Group of Companies commenting on the acquisition said: “This strategically placed investment represents a fantastic opportunity to generate strong current returns, backed by a blue chip covenant.”

CIT Group Plc is an entirely separate private company operating in the UK and European Real Estate Markets and wishes to confirm that it, and its parent, CIT Holdings Limited, based in the Bahamas, have no connection whatsoever with CIT Group Inc in the United States.