Nick Lyle, former head of Blackstone UK's business, and Sean Arnold, who led the European operations of Starwood, are partnering to launch a new private equity firm which will invest in UK and European real estate, according to an article in the Financial Times.
Nick Lyle, former head of Blackstone UK's business, and Sean Arnold, who led the European operations of Starwood, are partnering to launch a new private equity firm which will invest in UK and European real estate, according to an article in the Financial Times.
The company, named Crosstree Real Estate Partners, has already secured a £500 mln (EUR 577 mln) commitment from Ernesto Bertarelli, the Swiss-Italian pharmaceuticals billionaire. The businessman is making the move in an attempt to diversify his family's wealth.
While initially focused on investing on behalf of the Bertarelli family, Crosstree may raise additional third party equity in either a fund or club format in future, the paper added. The firm will initially focus on acquisitions in the UK.
