In January 2015 C2 Capital joined forces with Morgan Stanley Real Estate Investing to launch an industrial property investment fund industrials.co.uk. With funding from Clients of C2 Capital and MSREF VIII, it is the latest in a series of global opportunity funds run by Morgan Stanley Real Estate Investing.
The intention of Industrials.co.uk is to accumulate £500m of good quality multi-let industrial assets throughout the UK in locations of strong tenant demand and limited availability. Once assets have been acquired they are managed intensively, with a strong focus on customer service, maintenance and efficiency to help improve rents and occupancy and secure sustainable income from the tenant base.
Strong Non-Executive Board
Industrials.co.uk benefits from a strong non-executive board comprising Shamik Narotam and Brian Niles from Morgan Stanley Real Estate Investing, and Roger Carey, Ian Melia and John Keogan who were all formerly Executive Board Members of Industrious.
Roger, John and Ian created Industrious after completing a management buyout of Savile Gordon Estates PLC in 2003. They subsequently built the business to a portfolio of 163 industrial estates and 11.6m sq ft, but selling the Company in 2005 for c. £750m (£650m of which was to Brixton plc). At the time it was the second largest multi-let property company in the UK (after Slough Estates), and was a pioneer in the use of flexible and inclusive rents in the industrial sector.
Between January 2015 and May 2016 C2 Capital’s industrial investment fund acquired 23 industrials estates worth c. £100m for Industrials.co.uk. These were largely secured in off-market transactions, and all comprise high quality, purpose built estates in densely populated areas ranging from Dover in the south to Edinburgh in Scotland. The Joint Venture continues to look for further opportunities to acquire multi-let industrial assets of £2m+ around the UK.