Starwood Capital has acquired 10 UK-based urban industrial estates. The seller was an institutional client of Barings. No financial terms were disclosed.
MIAMI and LONDON, Dec. 3, 2019 /PRNewswire/ — Starwood Capital Group (“Starwood Capital”), a global private investment firm focused on real estate and energy investments, announced today that a controlled affiliate had acquired 10 UK urban industrial estates totalling 1.6 million square feet.
The portfolio is centred on major urban conurbations including Oxford, Birmingham and Glasgow and was acquired from an institutional client of Barings. Under the terms of the transaction, Barings will continue to provide asset management services to Starwood Capital in respect of the portfolio.
“We are excited to be entering the UK urban industrial market with this acquisition and believe the portfolio is well placed to capture the growth the sector is exhibiting,” said Matthew Parrott, Vice President at Starwood Capital. “We look forward to partnering with Barings to create additional value in this portfolio and to scaling the opportunity further.”
Rory Allan, Managing Director, Barings, said, “Barings is delighted to be working in partnership with such a high calibre investor as Starwood and is excited about investing together in the dynamic urban industrial market. Having been active in this market for over 15 years we strongly believe in the fundamentals of this strategy at a time where there is a chronic supply shortage and strong demand in and around key cities, and have already identified a deep pipeline of opportunities for the ongoing investment program.”
About Starwood Capital Group
Starwood Capital Group is a private investment firm with a core focus on global real estate, energy infrastructure and oil & gas. The Firm and its affiliates maintain 13 offices in five countries around the world, and currently have approximately 4,000 employees. Since its inception in 1991, Starwood Capital Group has raised $45 billion of equity capital, and currently has in excess of $60 billion of assets under management. The Firm has invested in virtually every category of real estate on a global basis, opportunistically shifting asset classes, geographies and positions in the capital stack as it perceives risk/reward dynamics to be evolving. Over the past 27 years, Starwood Capital Group and its affiliates have successfully executed an investment strategy that involves building enterprises in both the private and public markets. Additional information can be found at starwoodcapital.com.
Barings is a $335+ billion* global financial services firm dedicated to meeting the evolving investment and capital needs of our clients and customers. Through active asset management and direct origination, we provide innovative solutions and access to differentiated opportunities across public and private capital markets. A subsidiary of MassMutual, Barings maintains a strong global presence with business and investment professionals located across North America, Europe and Asia Pacific. Learn more at www.barings.com.
*As of September 30, 2019