Westwind Capital, the new platform of former Harrison Street Europe head, Daniel Gorzawski, has attracted capital from CBRE Investment Management to pursue investments.
In a statement, the company set up in 2022 said its new capital would fund the acquisition of a portfolio of London properties in the living sector.
When it started out, Westwind stated it would pursue ‘needs-based and demographically driven’ real estate in the life sciences and living sectors, including Purpose Built Student Accommodation (PBSA), Build to-Rent (BTR) residential, and micro-living and co-living in major UK and European markets.
CBRE IM is thought to have made a €150 mln investment. Westwind has the option to raise another €100 mln for more living sector investments, though investments would need permission from CBRE IM.
Gorzawski, founding partner, said: ‘Since the formation of Westwind, we have remained patient and disciplined and are now able to execute on investments as attractive pricing emerges in our target sectors.’
‘This portfolio investment is a highly attractive opportunity at a moment when assets have repriced and values for London residential appear to have bottomed out, while fundamentals continue to be strong.’
‘We are delighted to have support from several sophisticated institutional investors that share our view on the opportunity.’
Line Verroken, senior investment director at CBRE IM added: ‘We share the view that the residential sector in the UK appears to be at an inflection point in terms of pricing and is benefiting from strong operating tailwinds.
‘The UK is looking attractive right now and Westwind has a strong market position in the Living sector, as evidenced by the proprietary sourcing and bespoke structuring of this first investment.’
Kilian Toms, MD of Real Estate Partners Strategy, said: ‘We are entering the London residential market at an attractive entry point making this a compelling investment opportunity. We are pleased to be partnering with Westwind Capital who we believe will deliver on the long-term investment returns of our investors.’
Hodes Weill acted as financial advisor and placement agent to Westwind, while Greenberg Traurig was legal adviser.
