Jersey-based property investor Wainbridge Capital has formed a partnership with a Morgan Stanley real estate fund of funds to co-invest in value-added offices in London.
Jersey-based property investor Wainbridge Capital has formed a partnership with a Morgan Stanley real estate fund of funds to co-invest in value-added offices in London.
The first project for the Wainbridge-Morgan Stanley Alternative Investment Partners (AIP) partnership is FC200, a 15,230 m2 West London office development acquired by Wainbridge’s real estate fund, Wainbridge Global Opportunities London in September 2011. Under the terms of the agreement, AIP will acquire a 49% stake in the project and together the parties will fund the capital expenditure necessary to complete the development.
Bowmer & Kirkland has been appointed to lead the final phase of construction, which is scheduled to commence in mid-March. Andrews Denford & Boyd, CBRE and Savills have been appointed as leasing agents.
Wainbridge and AIP intend to partner in other projects in London to add value through redevelopment, refurbishment, repositioning and other asset management initiatives. Wainbridge Limited, the UK-based property investment advisory firm and asset manager, will be responsible for deal sourcing and executing the various asset management initiatives on behalf of the partnership.
