Solicitor and chartered accountant David Lockhart dies

Mr Lockhart led Scottish company Halladale to the stock market before selling it and setting up real estate investment trust NewRiver REIT.

He established Halladale in Glasgow in 1991 and floated it on the Alternative Investment Market 10 years later.

The company was acquired by Australia-based Stockland Corporation for £171 million in 2007, Daily Business Group reports.

He co-founded NewRiver with his son Allan Lockhart and Mark Davies in 2009 and was chief executive of the company until 2018. It too was floated on the AIM and it currently has a portfolio valued at £1.2bn.

New River invested in several shopping centres in Scotland including New Kirkgate in Leith, the Paisley Piazza; The Avenue, Newton Mearns; Burns Mall, Kilmarnock and La Porte Precinct in Grangemouth.

Baroness Ford, non-executive chairman of NewRiver, said: “We are deeply saddened by this news, and the thoughts of everyone at NewRiver are with David’s family and friends.

“David was a formidable business leader, with a long and distinguished career that saw him found a string of successful businesses, including NewRiver, which he successfully guided from its £25m initial public offering on the Alternative Investment Market in 2009 to become a FTSE 250 company.”

He added: “As a much-loved member of the NewRiver team, David will be remembered for his warmth and good humour as much as for his wisdom and sharp intellect.

“Having known David for many years, I deeply valued his friendship and wise counsel, and will miss him dearly.”