Lone Star Funds (“Lone Star”) today announced that an affiliate of Lone Star Real Estate Fund VII, L.P. has successfully completed the acquisition of a multi-asset real estate portfolio from St. James’s Place (SJP) and its Property Unit Trust and Life and Pensions Trust. SJP was advised by Invesco Real Estate, the global real estate investment manager, on the sale of the portfolio.
The portfolio comprises 16 high-quality assets across the UK, including multi-let industrial (“MLI”), retail, and office properties. The largest component is the MLI portfolio, which consists of 10 separate property assets predominantly located in Greater London and South East England, and offering access to major transportation and industrial hubs — making them highly attractive for last-mile delivery and regional distribution. The office properties are all situated in London, while the retail assets consist of high-quality retail warehouses with strong tenant bases.
Lone Star will implement an active asset management strategy, investing behind these properties to further build upon their institutional quality.
“The MLI sector is an area that Lone Star has been investing in over the last twelve months with strong conviction. We believe there is significant potential in this part of the market as tailwinds in storage and distribution continue to drive demand for corporate leasing,” said Jérôme Foulon, Global Head of Commercial Real Estate at Lone Star.
“We see tremendous value in this portfolio of high-quality assets,” said Jeremie Goldsztain, Senior Managing Director and Head of Europe Real Estate at Lone Star. “As an investor in holistic, mixed-use portfolios, we believe this opportunity includes great diversification of key retail, office and industrial properties that offer substantial upside given their locations.”
Andy Rofe, Managing Director Europe, Invesco Real Estate commented: “We are immensely proud that SJP entrusted Invesco Real Estate earlier this year to lead the successful sale of their real estate portfolio on the basis of our 30+ years’ experience and deep knowledge of the UK transactions market. To have facilitated the disposal of 16 diverse and high-quality assets from the full portfolio is a fantastic achievement and milestone for our client. Our relationship with SJP further underscores the continued growth of our wealth business and our ability to create and deliver bespoke solutions for the specific needs of the wealth industry. We remain dedicated to delivering value and strategic guidance to our wealth clients in an evolving market landscape.”
Invesco Real Estate was advised by CBRE for this transaction.
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