C2 Capital Teams Up With Morgan Stanley

Morgan Stanley teams up with former Industrious management and C2 Capital to build a £500m UK logistics platform – industrials.co.uk.

Morgan Stanley Real Estate Investing has teamed up with C2 Capital and the management behind Industrious to build a £500m-strong prime UK multi-let industrial portfolio.

The new partnership – named Industrials.co.uk – have entered into a co-funded joint venture 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 £2m and above.

The venture also marks a re-entry by Roger Carey into the industrial property market as a non-executive board member and co-investor in Industrials.co.uk. After leaving Slough Estates in 1996, Carey subsequently built up Industrious and led a highly successful management buy-out in partnership with Morgan Stanley Real Estate Investing in the mid 2000’s.

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 in due course.

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, specifically by working with our network of regionally based investment advisors,”

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.

“In light of the UK’s improving economic situation, we believe the timing is right for this launch”, added Shamik Narotam, head of UK for Morgan Stanley Real Estate Investing.

“We look forward to working closely with Julian and Roger to create a best-in-class multi-let industrial landlord. We are particularly pleased to link up again with members of the old Industrious team to help deliver this.”

Article by: James Wallace | CoStar
Date:  04th February 2015
View full article at: www.costar.co.uk