"We are delighted to be working with C2 Capital on such a dynamic and innovative investment venture."
C2 Capital LLP has successfully closed their second Limited Partnership fund, raising £13.45m from new and existing investors.
C2 Capital LLP will underwrite UK commercial real estate sales, a distinctive and innovative investment strategy with mutual benefits for both investors and sellers. Underwriting first evolved in the auction market and involves guaranteeing the of sale of a property or portfolio of assets, in advance of going to market. Whilst providing sellers with certainty over the timing and minimum pricing of their sale, it also enables them to share in any overage secured if the property can be sold for a higher price in the interim, with no additional risk. C2 Capital are specifically targeting portfolios where the sum of the parts is greater than the whole, where they can increase potential sales revenues without increasing the risk to the seller of abortive or delayed transactions.
The underwriting strategy was successfully implemented in C2 Capital’s first Partnership, which was launched in 2010 raising £5.6m and completed underwriting transactions totalling £13.5m during its investment phase. C2 Capital Two LP aims to underwrite transactions of £5m-£50m+, if necessary on a joint venture basis with institutional investment partners.
C2 Capital LLP is a joint-venture founded in 2009 by Julian Carey and Laura Montgomery. Julian previously worked at Jones Lang LaSalle, initially in the Auction and Private Investment Team before moving to LaSalle Investment Management in 2005 to work on their leveraged opportunity funds. Laura worked in the Real Estate Finance department of Berwin Leighton Paisner LLP, before becoming managing director of the Ellis Campbell Group, a 130 year old family owned residential and commercial property investment office. They were joined in 2011 by Max Slade, a solicitor who previously worked at Ashurst LLP.
Speaking about the second Partnership, which launched in April, Julian Carey commented:
“We are very pleased to have received such a positive response to our Information Memorandum given the understandably cautious mood of investors in the current market. The funds raised shall enable us to build on the momentum from the first Partnership and continue to develop underwriting into a mainstream investment tool which is widely available to sellers of real estate.”
Dominic Reilly, Director in the Corporate Finance team at Jones Lang LaSalle commented:
“We are delighted to be working with C2 Capital on such a dynamic and innovative investment venture, and hope that its success will encourage others to see this as a viable disposal method and investment option for their assets. We also look forward to advising C2 Capital on their regulatory and fund management platform as they continue to grow through launching new investment partnerships and separate account mandates.”
C2 Capital Two LP was promoted by Jones Lang LaSalle Corporate Finance who will also be the FSA regulated Operator.