Lone Star has acquired a multi-asset real estate portfolio from St James’s Place (SJP) for an undisclosed price.
The portfolio comprises 16 assets across the UK and includes multi-let industrial (MLI), retail and office properties. The largest component is the MLI portfolio, which comprises 10 assets predominantly located in Greater London and the South East of England.
The office properties are all situated in London and the retail assets consist of retail warehouses with strong tenant bases.
Lone Star said it intended to implement an active asset management strategy across the portfolio to drive greater performance.
Jérôme Foulon, global head of commercial real estate at Lone Star, said: “The MLI sector is an area that Lone Star has been investing in over the last 12 months with strong conviction. We believe there is significant potential in this part of the market as tailwinds in storage and distribution continue to drive demand for corporate leasing.”
Jeremie Goldsztain, senior managing director and head of Europe real estate at Lone Star, added: “We see tremendous value in this portfolio of high-quality assets. As an investor in holistic, mixed-use portfolios, we believe this opportunity includes great diversification of key retail, office and industrial properties that offer substantial upside given their locations.”
Andy Rofe, managing director Europe at Invesco Real Estate, said: “We are immensely proud that SJP entrusted Invesco Real Estate earlier this year to lead the successful sale of their real estate portfolio on the basis of our 30+ years’ experience and deep knowledge of the UK transactions market. To have facilitated the disposal of 16 diverse and high-quality assets from the full portfolio is a fantastic achievement and milestone for our client.
“Our relationship with SJP further underscores the continued growth of our wealth business and our ability to create and deliver bespoke solutions for the specific needs of the wealth industry. We remain dedicated to delivering value and strategic guidance to our wealth clients in an evolving market landscape.”
Lone Star Funds’ affiliate Lone Star Real Estate Fund VII acquired the portfolio from SJP’s Property Unit Trust and Life and Pensions Trust. Invesco advised SJP and Invesco was advised by CBRE.
