Former Tristan Capital executives Peter Mather and Chris Webb have launched FirethornTrust to invest in UK real estate, with backing from two US family offices.
The new business has been mandated to diversify the expanding investment portfolios of the Stephens and Van Tuyl family offices, investing an initial £200 (€226 mln) in UK property.
'We are excited to be launching FirethornTrust in partnership with our investor group, at such a pivotal and unique time in the UK,' said Webb.
According to the venture, it plans to take advantage of the 'opportunities and market dislocations occurring as a result of the UK’s decision to leave the EU' to create a long-term, diversified portfolio.
'Being able to launch a new UK real estate business with committed family capital is a unique opportunity,' said Mather.
'We seek to be both proactive and reactive to the dynamic nature of the UK market. Most importantly, unlike traditional institutional real estate funds, we have no fixed investment periods, no fixed focus to specific sectors and no strict return parameters, allowing us to maximise return potential across the whole risk/return spectrum.'
The focus will be to add value and create maximum potential returns through active asset management, development, refurbishment, planning enhancement, regeneration and restructuring across multiple sectors. External bank debt will be utilised, targeting leverage of between 50% and 65%.
Mather is the former managing director and head of UK & Ireland transactions at Tristan Capital Partners, and Webb former executive director and head of UK & Ireland asset management at the firm.
The FirethornTrust wider team, including Richard Whitby (CFO), Paul Martin (development director), and Daniel Green (investment) are based in London and have worked together for over six years.
