Smedvig's investors cash in

London-based private equity firm Smedvig Capital has announced the sale of Protego Real Estate Investors to US-based Cornerstone Real Estate Advisers, delivering a return of over six times the original investment in just five years. Smedvig, which also has investments in Streetcar and Ocean Outdoor – which operates advertising sites and the IMAX Cinema and Westfield shopping centre – did not disclose any further details of the transaction. Robert Toms, managing director of Smedvig Capital said: “The Protego team has done a fantastic job both building a business from the ground up and leading it successfully and profitably through unprecedented conditions in the real estate market.”