Former Patrizia, CBRE and M7 trio unite with €200m+ ambitions
Firm targeting logistics as well as oversold UK offices
Rob Brook, the former head of logistics and alternatives at Patrizia; Adrian McStay, the former managing director of UK regions and national team at CBRE; and Teresa Dyer, one of the co-founders and former board member and chief operating officer of M7 Real Estate, have teamed up to create the business.
McStay is taking the role of chief executive, Brook is chief investment officer and Dyer chief operating officer.
The new venture will aim to invest an initial €200m in building a portfolio of logistics. This will focus on the UK first but also on Germany, Benelux, France, northern Italy and Spain, targeting mid-box and urban logistics assets.
Staybrook will also target special situations investments with a particular focus on well-located UK offices, which it considers to be oversold and “present a clear opportunity to deliver value-add investment returns through repositioning and sustainability improvements”.
The trio, who have identified a pipeline of around €100m of investments, are aiming to build a long-term business operating and investing in European real estate on behalf of capital partners, but also to capitalise on opportunities arising from current compelling market dynamics.
Staybrook is seeking additional capital partners, with the founders committed to co-invest alongside clients to ensure alignment.
Brook, McStay and Dyer have extensive experience in sourcing, structuring, underwriting, delivering and executing both within the public and private markets, together with a track record in sustainability and strong corporate governance. Each has over 25 years’ experience, having worked across multiple cycles in the UK and Europe and transacted more than £15bn of deals between them.
McStay said: “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.”
This article first appeared in Green Street News on 3 October 2024 and was written by Chris Borland and David Hatcher.