Brockton Capital, the UK fund manager founded by David Marks and Jason Blank in 2005, has been sold to Israel’s Alony Hetz Properties.
Alony Hetz is buying Brockton Capital LLP and investing £340 mln of equity into a new real estate investment company called Brockton Everlast, alongside the Brockton senior partners.
Brockton Everlast will be managed by Marks, Blank and the Brockton management team for at least eight years.
Alony Hetz is controlled by Nathan Hetz and David Wertheim and has been a long-standing backer of Brockton, investing in the company’s founding and in each of its three existing closed-end opportunity funds.
The Israeli group will be the controlling shareholder in Brockton Everlast, seeding the company with £40 mln of equity immediately the deal closes, up to £150 mln from September 2018 and another £150 mln next year.
The managers of Brockton will invest £13 mln immediately and a further £30 mln. The new investment vehicle will begin investing later this year, with a focus on greater London.
A team at Mishcon de Reya led by Richard Tyler advised Alony Hetz Properties.
The last few weeks have seen a string of announcements about independent fund managers in the sector selling to larger companies. Patrizia acquired Triuva rapidly followed by Rockspring and Principal Global bought Internos Global Investors.
Earlier this week Macquarie Infrastructure and Real Assets bought Munich’s GLL. Sources believe there is at least one more pan-European private equity business sale which is imminent.
Pictured: David Marks
