Morgan Stanley Real Estate Investing and C2 Capital have launched a £500m multi‐let industrial landlord platform – Industrials.co.uk.
The joint venture will look to acquire new generation multi‐let regional assets throughout the UK, focusing on locations with strong tenant demand and limited availability.
The parties have entered into a co‐funded JV and have seeded Industrials.co.uk with four multi‐let industrial estates. The intention of the company is to grow into a UK‐wide multi‐let industrial platform, with a focus on acquiring individual estates and portfolios from upwards of £2m.
￼Industrial veteran Roger Carey will become non‐executive board member and co‐investor in the company. After leaving Slough Estates (SEGRO) in 1996, Carey built up Industrious.
Other investors in Industrials.co.uk include Ian Melia and John Keogan, respectively the former finance director and former property director of Industrious.
C2 Capital, a fund management house established by Julian Carey in 2009, will be leading the activities of Industrials.co.uk, initially as an external asset manager, with a view to growing it into a standalone business.
Julian Carey, co‐founder and managing director of C2 Capital, said:
“We have long felt that there is a gap in the market for a multi‐let industrial platform in the UK holding good quality assets and applying the ‘Industrious style’ tenant‐friendly landlord practices.
C2 Capital is well placed to deliver on our strategy of acquiring good quality multi‐let industrial across the UK. Combining this with the expertise and track‐record in multi‐let industrial of the former Industrious team, and Morgan Stanley Real Estate Investing’s ability to fund and grow new investment vehicles, we are looking forward to quickly establishing ourselves as a significant player in the sector.”
Shamik Narotam, head of UK for Morgan Stanley Real Estate Investing added:
“In light of the UK’s improving economic situation, we believe the timing is right for this launch.”