Le mie ricette per la real estate communityValad Europe Enters Into £100 million Joint Venture with South African Investor, Grindrod, for New Separate Account Mandate
Valad Europe, the multi-let real estate investment manager, has entered into a joint venture agreement with Grindrod Financial Services (“Grindrod”), for a new separate account mandate to build a portfolio of UK industrial real estate assets with an initial target gross asset value of £100 million. Grindrod is a major South-African listed company.
The joint venture will be seeded with £50 million of equity, contributed from a combination of individual private equity investors, South African institutions, Grindrod Financial Services and Valad Europe, which will be used to acquire strategic assets across the UK in lot sizes of between £5 million and £10 million.
David Kirkby, Valad Europe’s Head of Funds Management, commented: “We are delighted to be partnering with Grindrod Financial Services on our latest joint venture and to further diversify our investor base into the growing South African market. This further highlights the growing appetite among our investing partners who are looking for opportunities to invest equity in the UK commercial real estate market, in particular where current pricing levels offer significant potential upside and good income generation. We look forward to finding suitable deals which meet our joint venture’s investment criteria and our own skill set and platform.”
David Polkinghorne, Managing Director of Grindrod Financial Services, commented: “Through our joint venture with Valad Europe, we are looking to provide our investors with the right balance between risk and return and have decided that the UK light industrial sector currently meets this profile. We are confident that with their extensive platform and team, Valad Europe will bring attractive real estate deals that meet our investment strategy.”
Valad Europe manages €4.3 billion of assets across Europe with approximately £600 million of investment assets and £400 million of development projects in the UK, comprising 240 properties and 1,400 tenants, managed by local teams in London, Leeds and Edinburgh. This forms part of Valad Europe’s wider platform of 22 local offices in 12 countries across Europe.
Source : Company