NEW CEO AND DIRECTION FOR MRI OP
MRI Overseas Property, DCC International Property
Ending speculation on various trade and investor blogs, the new CEO of MRI Overseas Property, Dominic Pickering, has outlined the company’s plans to focus on construction in 2009.
“We launched 7 or 8 years ago and started constructing at the midway point,” said Pickering. “Most of our profit now comes from construction and the day to day demands, and costs, of marketing are no longer our main focus.”
Pickering told OPP that MRI had gone through a major restructure in the last 3-6 months, closing some of its offices and laying off some staff as the company downsized to adapt to current market conditions. While the board is largely unchanged – Darragh Macanthony is chairman, Paul O’Mahoney is director of construction, and James Forester is marketing director – a significant change is the absence of former CEO Michael Liggan.
“Marketing was always Michael’s forte, so he has set up his own venture,” said Pickering. “This is not an acrimonious departure, and we hope he will send some buyers our way”. This new venture, called DCC International Property, was recently set up by Michael Liggan and is currently promoting projects in Cyprus, Bulgaria, Portugal, Romania, Spain and USA.
Independent venture
Confirming that DCC was “completely independent” of MRI Overseas Property, Liggan told OPP that: “DCC doesn't have an exclusive agreement to market or sell MRI developments and currently doesn't have any other exclusive agreements for the many other developments it will be marketing”.
Clarifying the relationship with MRI and its board, Liggan added: “I have a very close relationship to Darragh MacAnthony; not only was I the CEO for his group of companies for many years but I am also his best friend. Because of this a lot of industry people have assumed that DCC is really MRI in disguise when that simply isn't the case. The truth of the situation is that Darragh wants to focus more of his time on developing and constructing projects around the world and also developing his football club Peterborough United and trying to get them promoted this season and in the next season until they're in the Premiership.
“With Darragh not wanting to focus on taking over yet more of his ‘territories’ for his real estate company there is an opportunity for someone like me to want to do this and I believe the industry needs it. With Darragh planning on downsizing MRI Overseas Property I felt that now is the obvious time to go for it. Yes, we're going through a worldwide credit crunch but times like this are often considered the best time to start a new company and for me that means I have direct access to taking on some of the best staff in the industry and also some of the best offices out there”.
Since DCC is currently promoting MRI projects, and occupying some of the MRI offices that had been closed down, there have been rumours of a rebrand. “It’s not a rebrand,” added Pickering. “We’ve spent 8 years building the MRI brand. We offered DCC the option of taking on the leases of some of our office space in Cyprus and Spain. They took up the offer and have even recruited some of the people we had to let go.”
Outlining plans going forward, Pickering said that it would not be relying on the same traditional marketing methods to sell homes. “As constructors, we still know how to sell,” he said. “But rather than spending thousands on stands at property exhibitions, we will be building a network of agents to partner with. We still have thousands upon thousands of clients on our database who have either purchased or shown interest, so we have various options open to us, but our aim is to build sales networks in the UK, Europe and the US.”
While MRI’s headquarters will remain in Spain, Pickering is based in Orlando in the US and is currently in negotiation with local partners to build this network. He also told OPP that MRI had been actively banking land in Europe and the US over the last year to support its focus on construction.
© www.opp.org.uk
Showing posts with label dominic. Show all posts
Showing posts with label dominic. Show all posts
Friday, January 2, 2009
Friday, December 19, 2008
New MRI CEO looks forward to 2009 with excitement...
20 years in the Real Estate and Finance industry has taught me that it’s all a matter of timing.
2008 was the correction period that was inevitable. That means that 2009 is the year of opportunity.
Over the last few months I have had the pleasure of speaking to, and working with, many of the new ‘movers and shakers’ of the Real Estate industry. They are making the moves right now that will ensure that they will secure their financial future. They are buying at the bottom of the market, knowing that the only way this market can go is up.
Yet many of these people are not the established wealthy. Not yet anyway. They are average investors that have been just waiting for the market to correct itself, so that they can take full advantage.
Over the next few months, we will see many of the transactions take place, that we will look back on in 2 or 3 years time and marvel at what amazing bargains were secured.
MRI has restructured itself during the later stages of 2008. I have taken over as CEO and my aim is to ensure that we continue to bring quality investment products to the market.
With that in mind, we are concentrating specifically on the apartments we build via the Construction arm of our company. History has proved time and time again that Real Estate will outstrip any other form of investment if given enough time, as long as you pick a good location and supply a high quality build. MRI has a track-record of providing both. 2008 saw us complete our first Bulgarian project, Aspen Golf, with 4 other projects hot on its heels, all which will complete on schedule and on budget.
We have also begun acquiring land in many other countries, using the very valuable insight we possess as to which markets are likely to show the most significant Capital Appreciation as the market turns positive again. In addition to just developing Real Estate, we are also launching some ground-breaking rental packages which will mean that investors can have peace-of-mind with regard to mortgage payments for as long as 10 years!
Producing more universally acclaimed developments is what we will continue to do throughout my tenure as CEO.
What you will see less of this year is MRI attending Property Exhibitions. We have decided to leave that to the many partners that we deal with throughout the world; independent companies that have the right ethics and attitude, and that we endorse to promote our products.
On a personal note, after many years in this industry with a variety of different companies, I am very excited to be given the opportunity to be at the helm of the industry leader. Particularly as I believe 2009 will be a pivotal year. It will be the year that we look back on as when the recovery happened, and I look forward to dealing with many clients this year who have the foresight to recognize that ‘now’ really is the time to invest in Real Estate for long-term wealth.
Join me and make this a great year for yourself.
Dominic Pickering
Chief Executive Officer
MRI
2008 was the correction period that was inevitable. That means that 2009 is the year of opportunity.
Over the last few months I have had the pleasure of speaking to, and working with, many of the new ‘movers and shakers’ of the Real Estate industry. They are making the moves right now that will ensure that they will secure their financial future. They are buying at the bottom of the market, knowing that the only way this market can go is up.
Yet many of these people are not the established wealthy. Not yet anyway. They are average investors that have been just waiting for the market to correct itself, so that they can take full advantage.
Over the next few months, we will see many of the transactions take place, that we will look back on in 2 or 3 years time and marvel at what amazing bargains were secured.
MRI has restructured itself during the later stages of 2008. I have taken over as CEO and my aim is to ensure that we continue to bring quality investment products to the market.
With that in mind, we are concentrating specifically on the apartments we build via the Construction arm of our company. History has proved time and time again that Real Estate will outstrip any other form of investment if given enough time, as long as you pick a good location and supply a high quality build. MRI has a track-record of providing both. 2008 saw us complete our first Bulgarian project, Aspen Golf, with 4 other projects hot on its heels, all which will complete on schedule and on budget.
We have also begun acquiring land in many other countries, using the very valuable insight we possess as to which markets are likely to show the most significant Capital Appreciation as the market turns positive again. In addition to just developing Real Estate, we are also launching some ground-breaking rental packages which will mean that investors can have peace-of-mind with regard to mortgage payments for as long as 10 years!
Producing more universally acclaimed developments is what we will continue to do throughout my tenure as CEO.
What you will see less of this year is MRI attending Property Exhibitions. We have decided to leave that to the many partners that we deal with throughout the world; independent companies that have the right ethics and attitude, and that we endorse to promote our products.
On a personal note, after many years in this industry with a variety of different companies, I am very excited to be given the opportunity to be at the helm of the industry leader. Particularly as I believe 2009 will be a pivotal year. It will be the year that we look back on as when the recovery happened, and I look forward to dealing with many clients this year who have the foresight to recognize that ‘now’ really is the time to invest in Real Estate for long-term wealth.
Join me and make this a great year for yourself.
Dominic Pickering
Chief Executive Officer
MRI
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