Barwood and Caisson form JV to buy up MLI assets

 Jun 2021

Barwood Capital and Caisson Investment Management have formed a joint venture with plans to acquire up to £40m of multi-let industrial assets in the UK’s regions following its first close, Property Week can reveal.

The new JV, BCCIM, secured the first close with Merseyside Pension Fund for its Urban Industrial Income Limited Partnership (UII), a seven-year vehicle investing in multi-let industrial and urban logistics assets in regional locations across the UK which will enable it to purchase between £30m and 40m of assets.

BCCIM said it is in detailed discussions with a number of investors for further closes in 2021 to increase the size of the vehicle.

The JV has already made its first acquisition, snapping up Rushock Trading Estate in Droitwich for £12.7m from Hovi. BCCIM was advised by Oliver Thompson at TDB Real Estate and Hovi was represented by BSB.

Danielle Sheppard, senior investment director at Barwood, said: “BCCIM is an exciting new joint venture between two well-known UK property companies with a similar ethos and culture. It brings together the investment management experience and knowledge of Barwood whilst incorporating the specialist asset management expertise of Caisson. We have already worked well together in our Barwood 2017 Fund and look forward to further success in UII.

Industrial property is in both Barwood’s and Caisson’s DNA and UII is a way to bring our expertise to investors looking to invest in the multi-let and urban logistics sub sector giving a strong income and capital return.”

James Ward, asset management director at Caisson added: “This sector has proved its resilience through the 2020 Covid-19 pandemic with strong rent collection and continued occupier and rental growth.  Caisson’s specialist asset management approach of working closely with our occupiers and understanding the market and our proven sourcing and transaction capability combined with our proprietary market data has allowed us to invest UK wide and generate outperformance against the market benchmarks and underlying business plans.”

Original article published in Property Week on 17 June 2021

 

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