A key aspect of current research in transition metal oxides pertains to the ‘multi functionality’ that some of these systems exhibit. In addition to being a playground for discerning the complex interplay of charge, spin and orbital degrees of freedom, these systems hold promise for being the building blocks of the next generation of electronic devices. An important avenue of research is the investigation of systems in which the magnetic and polar orders co-exist; and these orders, both individually and in combination, can be manipulated by the use of external stimuli. Here, we propose the synthesis of two families of transition metal oxides, with the aim for searching for systems with potential magnetoelectric applications. Single crystal growth of these applications would be undertaken to enable sensitive measurements in the spin and charge sectors. These systems would then be investigated using a battery of physical property measurement probes including linear and non-linear magnetization, magnetotransport, and measurements of the dielectric and magnetoelectric susceptibilities. A key aspect would be the use of ‘state of the art’ X-ray and neutron scattering in the presence of combined magnetic and electric fields, to unravel the microscopic origins of the observed phenomenon. The research envisaged is multidisciplinary in nature and holds promise, not only in adding considerably to the current wisdom in this field, but also in enhancing European competence in this technologically important research activity. This proposal on multifunctional materials with tailored properties fits well into one of the main research initiatives of the EU declared in the seventh framework programme, namely ‘Nano-sciences, Nano-technologies, materials and new production technologies’.