Three industrial experts have teamed up to form Staybrook Capital, a new operating platform for real estate investment across the UK and Europe.
Former CBRE managing director of UK regions Adrian McStay, Patrizia head of logistics and alternatives Rob Brook, and M7 Real Estate COO Teresa Dyer have launched the business to invest in UK and Western European logistics. They will target mid-box and urban logistics assets in the UK, Germany, Benelux, France, Northern Italy and Spain with an initial investment target of €200m (£168m). Some €100m of potential investments have already been identified.
The team will also seek to invest in special situations, with a particular focus on well-located UK offices, which it believes are now oversold and present a clear opportunity to deliver value-add investment returns through repositioning and sustainability improvements.
Chief executive McStay said: “While our initial focus will be on building a first-class portfolio of logistics and industrial assets, we also believe that the UK office sector, while not without its challenges, will be rich with potential options as the importance of the physical workspace has now been firmly re-established and where we can combine our deep knowledge of local markets and stock selection skills to identify and reposition the future winners.”
Chief investment officer Brook added: “I have made significant investments in the European logistics market over a number of years, but the current backdrop of strong tailwinds and robust fundamentals offers a highly compelling point in the cycle to invest in the mid-box and urban subsectors of the market.”
Dyer, who takes the role of chief operating officer and head of investor relations at the new firm, said that with a business unencumbered by any legacy assets, she was looking forward to building “a strong European platform which will deliver an agile and aligned service to our clients and investors”.
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