23 Nov 2011
Westbrook and M7 form second industrial JV
23rd November 2011 – Westbrook Partners and M7 Real Estate have formed a second JV to target the secondary industrial market. The new venture, called Eastburn Estates, was created following the success of the pair’s first joint venture, Northcreek Estates, which acquired a substantial industrial portfolio from UBS last year.
The new venture, called Eastburn Estates, made its debut purchases last week when it acquired 14 Estates from six separate vendors, including the Nova portfolio from prime estates and the Shepley Industrial Estate from the Industrial Trust. The recently acquired portfolio is over 1,200,000 sqft and is showing an initial yield of over 12%.
Mark Donnor, Managing Principal of Westbrook in London said “We are delighted to have formed a second JV with M7. We are attracted to the potential returns in the sector and believe that the current economic situation will create opportunities for well funded ventures that have specific asset management capabilities.”
RBS provided debt finance to the new vehicle. Nick Solomon of RBS said “Eastburn is a sector specific vehicle created by two very credible sponsors, who have an excellent track record together. We were pleased to be able to support both Westbrook and M7 and look forward to working with them, as they deliver a range of asset management initiatives across the portfolio”.
The new JV remains acquisitive and is currently negotiating terms on further assets.