Real estate fund manager Redevco has acquired logistics investment and asset manager Roebuck as part of its drive for growth in the logistics sector.
The existing Roebuck team, including co-founders Hugh Macdonald-Brown and Nick Rhodes, will lead Redevco’s logistics strategy within the group, forming a dedicated logistics arm under the Redevco umbrella.
Roebuck has around €1bn in assets under management across the UK and continental Europe.
The manager added that Roebuck’s 15-year track record and occupier-led approach will strengthen its capabilities in the logistics and supply chain sector, complementing its existing focus on retail parks and urban transformation.
Neil Slater, CEO of Redevco, said: “The Roebuck team brings deep knowledge of the sector, a strong team focus and an entrepreneurial mindset, which is a great cultural fit for Redevco.
“Logistics naturally fits our investment universe. It complements our existing strengths in retail parks and urban transformation, providing connected opportunities in the supply chain space and aligning with our long-term vision of building a platform that creates transformative real estate while generating value for clients.”
Slater told IPE Real Assets that the Redevco-Roebuck team exchanged contracts on its first logistics acquisition on the same day it completed the company’s takeover.
He added: “We intend to fund some of Roebuck’s existing pipeline with our balance sheet. And we’d like to work with third party capital, which could be a joint venture. We’ve been very focused on retail space historically and we started going into mixed use and retail parks, upscaling our own assets, but the one thing I think was missing was logistics space.
“The last 10 years has been fantastic for logistics, but looking ahead the rental growth is still there.”
Macdonald-Brown said: “We are really excited to join the Redevco business. There is a clear alignment in cultural values and investment thinking. The transaction allows us to accelerate our growth ambitions while continuing to deliver value for our partners.
“We share a long-term investment mindset and see significant opportunity to scale our logistics capabilities across Europe. We look forward to working together with our new Redevco colleagues.”
This latest move follows a series of strategic initiatives by Redevco, including its entry into selective urban living, greater focus on expanding its retail park presence and executing on real estate debt and special situation opportunities.
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