GFH UK subsidiary Roebuck inks Euro 400 m JV with ICG
TDT | Manama
The Daily Tribune – www.newsofbahrain.com
GFH Financial Group yesterday announced that Roebuck Asset Management, its majority-owned UK-based logistics asset manager, and ICG Real Estate, the real estate business of Intermediate Capital Group (ICG), have formed a Joint Venture (JV) to aggregate an urban logistics / last mile portfolio across Spain.
The partnership represents another milestone for GFH as it continues its expansion and the realisation of the Group’s asset management aspirations with a stronger footprint and growing portfolio in Europe.
The strategy, with a target Gross Asset Value (GAV) of Euro 400 million over the next 18 months, will predominantly target index-linked long-income assets in strong micro-locations via direct sale and leaseback opportunities or secondary acquisitions, but will also seek out build-to-suit and forward funding opportunities that fit the thematic investment criteria.
The new JV has already completed the acquisition of three urban logistics assets across Spain. The assets form a seed portfolio of triple-net long income, backed by good covenants, in locations that are critical to their tenant’s needs, providing a robust platform from which to aggregate.
Hugh Macdonald- Brown, Managing Partner of Roebuck, commented, “We are delighted to announce this new partnership, which has already identified a strong pipeline of assets across core Spanish city markets and completed three strategic acquisitions.
“We are actively reviewing new opportunities to follow the first three successful acquisitions we’ve completed and look forward to working with investors, and developers and strengthening our already strong tenant relationships, whilst also building and expanding Roebuck Iberia’s team.”
Roebuck is a pan-European asset management company specialising in European Logistics that has transacted Euro2.5 billion since its formation in 2009.