A vehicle backed by Grosvenor and private wealth manager Quilvest is to invest 拢120m (鈧�169.2m) in the UK鈥檚 industrial sector.
The two companies, along with IO, a property manager, will use the vehicle to invest in multi-let industrial estates.
The agreement is the first time Quilvest, which manages German family Bemberg鈥檚 investments and has $38bn (鈧�35bn) in assets under management, has invested in the sector.
Guy Zarzavatdjian, chief executive at Quilvest Private Equity, said the vehicle gave the company the chance to build on a 鈥渃ommon understanding鈥� of the opportunity to invest in the UK industrial property sector.
鈥淲e consider this investment as an appropriate response to a rather volatile investment space,鈥� he said.
鈥淚t also is in line with our ambition to continue developing similar unique partnerships across European key markets.鈥�
The vehicle follows the completion of IO鈥檚 first investment programme with Grosvenor, launched as a joint venture in 2013.
IO invested 拢35m in 14 estates for the joint venture.
Angus Scott-Brown, managing director at IO, said: 鈥淲ith the gap between yields and the cost of capital still attractive, it is the limited supply and lack of new development that suggests a strong period of rental value growth.鈥�
