Fabrix Capital has acquired six London properties, known as the Soho Portfolio, for just under £20 mln (€22 mln).
Founded in 2016, Fabrix is a pan-European real estate investment management business for family offices. Acting on behalf of one of its family office clients, Fabrix carried out the acquisition as the first step towards building up a 'significant estate' in the Soho district of London.
The acquired portfolio comprises a mix of residential, commercial, and retail space at 20 Great Chapel Street; 26 Frith Street; 30-31 Peter Street; 33A Dean Street; 37-38 Frith Street and 24 Romilly Street.
Fund launch
In addition to the acquisition, Fabrix announced the launch of Fabrix Fund 2. The fund has a target equity raise of £50 mln, with pre-commitments of £15 mln. The fund will deploy equity over a three-year investment period and target an IRR of 8.00% over a seven-year term.
Fabrix Fund 2 will focus on properties in fringe London, with investment sizes ranging from £2.5 mln to £15 mln which the investment manager believes have potential to create value by providing design-led, quality office space at large rental discounts to prime areas. Fabrix's investment team identifies assets that can realise significant value through change-of-use, unrealised rental potential, adding space, and re-letting vacant areas.
Fabrix managing director Clive Nichol said: 'The launch of Fabrix Fund 2 and the acquisition of the Soho Portfolio caps off a successful first year for our team, which included acquisitions that placed £55 mln of equity in 15 properties in London and key regional cities. The fringe areas we have invested into in London are fast turning into new arts and cultural hubs.’
The two announcements follow Fabrix's first year of operations, during which the company completed acquisitions worth £55 mln in equity. Fabrix Fund 1 completed nine acquisitions at a purchase cost of £35 mln with a focus on fringe-London assets connected to the media, arts, and cultural sectors.
Fabrix aims to have £1 bn of assets under management within the next five years. The combined wealth of the investors Fabrix represents exceeds £5 bn.
