Sixth Street and Copley Point Capital have launched a new joint venture targeting industrial and logistics assets in supply-constrained markets across the UK.
The JV has signed agreements on an initial £180m of transactions and intend to grow the platform further through both single-asset and portfolio acquisitions across the UK.
Michael Heal, founder of Copley Point, said: “We are excited to announce a significant expansion of our Block Industrial programme alongside Sixth Street. Their scale, reputation, and deep real estate sector knowledge will complement our specialised experience and proven ability to create value at the asset level.
“The new venture is an endorsement of the business my team and I have built in the past five years. Sixth Street brings significant access to capital and is flexible to duration, which we believe is a major differentiator as we appraise opportunities with our counterparties.”
Giulio Passanisi, managing director and head of European real estate at Sixth Street, added: “Mike and the Copley Point team have a strong reputation in the UK market and we look forward to working together as we grow this platform. The industrial real estate sector in the UK remains supply constrained, even as it continues to benefit from strong underlying secular trends driven by increasing e-commerce penetration and on-shoring of national supply chains, and we look forward to evaluating opportunities to offer our scale, expertise, and flexibility to address those capital needs.”
BCLP, PwC, Jones Hargreaves and SLR advised the joint venture on its initial transactions. Ropes & Gray advised Sixth Street on the establishment of the JV and CBRE advised Copley Point on identifying capital partners and the formation of the JV. Gowling acted as Copley Point’s legal adviser.
