European industrial specialist Valor Real Estate Partners says it continues to find investment opportunities in the UK despite increased market uncertainty stemming from recent political events.
The firm, which was set up in 2016, made the statement as it revealed the acquisition from Prologis of another asset, this time a 140,000 sq ft (13,000 m2) property in Hayes, close to Heathrow airport. The asset is let on a long-term lease to Lufthansa Technik until 2014 with an open market rent review due in 2019. It is thought it acquired the asset for around £27 mln.
This is the third UK acquisition the company has made.
Valor launched in July last year to invest in Western Europe and UK assets and was featured in PropertyEU CapitalWatch's March 2017 issue as an emerging manager to watch.
Founding partner Christian Jamison (pictured) believes opportunities remain given anticipated ownership changes among some large pan Europe logistics owners and trends in e-commerce. Prior to Valor, Jamison founded Delin Capital Asset Management, which built up a €500 mln portfolio. He formed Valor in concert with founding partners of KTR Capital Partners who invested in US logistics and whose business and assets were sold to Prologis in May 2015 for $5.9 bn.
Speaking of the latest UK deal, Jamison said: ' Overall, this deal presented an excellent opportunity to acquire a high-quality asset on a reversionary lease with a stable covenant, in a prime urban location.'
In March, the firm announced two new hires. Matthew Phillips and Henry Kinnersley joined the firm as vice president and analyst from Lazard and Brookfield Asset Management respectively.
