Three leading industry figures have launched new operating platform Staybrook Capital with a view to investing an initial €200m in the UK and European real estate market on behalf of clients.
Adrian McStay, who will act as CEO, Rob Brook, who is CIO, and Teresa Dyer, who is COO and head of investor relations, between them have more than 25 years of industry experience.
McStay is the former managing director of UK regions and the national team at CBRE, which he joined in 2008 when it acquired his asset and investment management business, GSD. Brook was previously head of logistics and alternatives at Patrizia, which he joined when it acquired Tamar Capital Partners in 2010. Prior to that, he was CEO of Kenmore Property Group, and Dyer was formerly a board member and COO of M7 Real Estate, which she co-founded in 2009, having previously been a board member at GPT Halverton and held a senior position at Invesco Real Estate.
Staybrook Capital said it had already identified a circa €100m pipeline of potential investments and planned to develop and manage commercial real estate in two key areas: UK and Western European logistics, where it is targeting mid-box and urban logistics assets in Germany, Benelux, the UK, France, Northern Italy and Spain; and “special situations”, with a particular focus on well-located UK offices that it believes are now oversold and present an opportunity to deliver value-add investment returns through repositioning and sustainability improvements.
McStay said: “It is exciting to create a new business with a group of entrepreneurial colleagues who are hungry to deliver success and in markets which offer compelling investment opportunities. While our initial focus will be on building a first class portfolio of logistics and industrial assets, we also believe that the UK office sector, while not without its challenges, will be rich with potential options as the importance of the physical workspace has now been firmly reestablished and where we can combine our deep knowledge of local markets and stock selection skills to identify and reposition the future winners.”
Brook added: “I have made significant investments in the European logistics market over a number of years, but the current backdrop of strong tail winds and robust fundamentals offers a highly compelling point in the cycle to invest in the mid-box and urban sub sectors of the market.”
Dyer said: “Each of us brings a very specific skill set, deep relationships and a great deal of experience having worked across multiple territories in some of the most challenging and therefore opportunity rich market cycles. Unencumbered by any legacy assets, we are excited to use this experience to build a strong European platform which will deliver an agile and aligned service to our clients and investors.”
