Blackstone-owned developer St Modwen has appointed former InfraRed Capital partner James Cooper to lead a team focusing on logistics acquisitions, including investments in standing assets and portfolios.
In his new role as head of transactions, Cooper will work closely with Polly Troughton, managing director of St Modwen Logistics, and Blackstone to source and execute acquisitions that complement the business’s development programme. He will also expand the existing transactions team, which consists of five people.
The team will concentrate on buying ready-let urban and big-box logistics opportunities where the business can use its development capabilities to modernise and reposition older buildings, as well as enhance their environmental performance.
The appointment underlines St Modwen’s bid to shift away from being a pure developer. As part of that strategy, it acquired the 165,500 sq ft Westlands industrial estate in Hayes, west London, for £80m from M&G in July.
St Modwen, which was bought by Blackstone last year, said it “has the capacity to deploy significant capital” into its investment strategy in the next few years alongside its existing development pipeline.
Cooper spent 21 years at InfraRed Capital where he led the assembly of several value-add and core-plus funds, latterly as director and head of origination for the UK and Ireland.
He joined HSBC Specialist Investments as investment director for the UK within one of its real estate private equity funds in 2001, before becoming director six years later. He became a partner at InfraRed following a management buyout in 2009.
Cooper said: “This is an exciting time to be joining St Modwen, one of the UK’s fastest-growing logistics platforms. We will look to grow the business through the acquisition of single assets, portfolios and existing platforms, targeting all asset types from big box, through to last-mile urban logistics, recognising the vital role they all play in modern supply chains.
“Our conviction for logistics is underpinned by a number of long-term structural drivers, including the growth of e-commerce, and we are well-placed to capitalise on any short-term market volatility.”
Troughton said Cooper’s arrival highlighted the developer and manager’s “considerable growth plans”.
“Over the past few years, the importance of logistics space as national infrastructure and an economic driver has become better understood and appreciated but there remains an acute shortage of supply in many parts of the UK,” she said.
“Our strategy is to own and manage the space that supports businesses of all shapes and sizes across the country, and I look forward to working with James and the team to further accelerate the growth of our portfolio.”
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