CBRE executive Adrian McStay, Patrizia logistics head Rob Brook and M7 COO Teresa Dyer have joined forces to launch a new operating platform for real estate investment across the UK and Europe.
Called Staybrook Capital, the new venture will seek to invest an initial €200 mln into the European real estate market on behalf of clients.
While the team aims to build a long term business operating and investing in European real estate on behalf of capital partners, in the short term it will also seek to capitalise on the opportunities arising from the current market timing.
With an identified €100 mln pipeline of potential investments, Staybrook Capital will invest in, develop and manage commercial real estate leveraging the team’s experience in two key areas. Firstly and primarily UK and Western European logistics targeting mid-box and urban logistics assets in Germany, Benelux, UK, France, Northern Italy and Spain.
The team will also seek to invest in special situations, with a particular focus on well located UK offices which it believes are now oversold and present a clear opportunity to deliver value-add investment returns through repositioning and sustainability improvements.
The firm’s three co-founders are Adrian McStay, CEO, Rob Brook, CIO and Teresa Dyer, COO & Head of Investor Relations each of whom bring over 25 years of experience having worked across multiple cycles and sectors in the UK and Europe and a combined deal value in excess of £15 bn. The founders are committed to co-investing alongside clients to ensure alignment.
McStay is the former managing director of UK Regions and National Team at CBRE which he joined in 2008 when it acquired his asset and investment management business, GSD. Brook was previously head of Logistics and Alternatives at Patrizia, which he joined when it acquired Tamar Capital Partners, the European investment and asset management business he co-founded in 2010. Previous to this he was CEO of Kenmore Property Group where he was instrumental in establishing its European platform. Teresa Dyer was formerly a board member and COO of M7 Real Estate, which she co-founded in 2009, having previously been a board member at GPT Halverton and held a senior position at Invesco Real Estate.
The co-founders bring extensive experience in sourcing, structuring, underwriting, delivering and executing both within the public and private markets, together with a commitment to sustainability and strong corporate governance.
McStay commented: 'It is exciting to create a new business with a group of entrepreneurial colleagues who are hungry to deliver success and in markets which offer compelling investment opportunities. While our initial focus will be on building a first class portfolio of logistics and industrial assets, we also believe that the UK office sector, while not without its challenges, will be rich with potential options as the importance of the physical workspace has now been firmly reestablished and where we can combine our deep knowledge of local markets and stock selection skills to identify and reposition the future winners.'
Brook added: 'I have made significant investments in the European logistics market over a number of years, but the current backdrop of strong tail winds and robust fundamentals offers a highly compelling point in the cycle to invest in the mid-box and urban sub sectors of the market.'
Dyer said: 'Each of us brings a very specific skill set, deep relationships and a great deal of experience having worked across multiple territories in some of the most challenging and therefore opportunity rich market cycles. Unencumbered by any legacy assets, we are excited to use this experience to build a strong European platform which will deliver an agile and aligned service to our clients and investors.'
