European asset manager Stainton International's new real estate joint venture has acquired its first asset at a 10.5% yield.
European asset manager Stainton International's new real estate joint venture has acquired its first asset at a 10.5% yield.
London-based Stainton and an international alternative asset manager based in the US have established the £150 mln (€175 mln) vehicle.
The joint venture, which is ungeared, will seek opportunistic property acquisitions and portfolios of £10 mln to £100 mln. It will focus on the UK, but will also consider deals in western Europe.
Stainton announced on Friday that within 10 working days the joint venture had exchanged contracts to buy a 21,300 m2 distribution facility in the southeast of the UK for £17 mln (€20 mln), reflecting an initial yield of 10.5%.
PropertyEU has learned that the asset is let to Procter & Gamble on Gillette Way in Reading. The vendor was Ignis Asset Management.
Hugo Jackson, CEO of Stainton, which has co-invested in the joint venture, said: 'We feel it is an opportune time to be investing in the UK property market.
'We would like to invest the initial £150 mln within 15 months. As our first purchase showed, we offer vendors certainty and speed'.
Stainton International was established in 1998 by Hugo Jackson, the former head of the London office of Greenwich Group, and prior to that European Property Manager for SPP/LET Europe, based in Brussels. Since its inception, Stainton International has invested £250 mln in real estate assets with partners such as Lehman Brothers, HBOS and Highcross. In the last 20 years Jackson has asset managed more than 120 properties in nine western European countries.
