Ribston partners with Northumbria University to provide student scholarships
Ribston along with one other company have partnered with Northumbria University to support their Higher Education Without Barriers campaign and provide ten scholarships. The scholarships will enable undergraduate and postgraduate students from under-represented backgrounds to access and succeed at Northumbria University.
01/12/2023
Bdaily News | 15/11/2023 | Northumbria University
Ribston along with one other company have partnered with Northumbria University to support their Higher Education Without Barriers campaign and provide ten scholarships. The scholarships will enable undergraduate and postgraduate students from under-represented backgrounds to access and succeed at Northumbria University.
James Havery, Director at Ribston Ltd said: “Ribston are pleased to provide financial assistance to students at Northumbria. We are great supporters of those coming into our sector who continue to bring ideas, enthusiasm, and diversity. It’s a great scheme operated by Northumbria and we are very happy to be able to support it.”
Read the full article: Two new businesses announced their support to create ten scholarships at Northumbria University. | Bdaily
Industrial has risen up the investment ranking but it still pays to be picky
Stock selection remains key even though industrial is top of the league table.
James Havery is co-founder of multi-let industrial specialist Ribston. He set the business up with Mark Ovens and Joe Havery in 2016. In considering a recent prospective acquisition we arrived at a novel concept. If every single UK commercial property had a ranking in one comprehensive league table before COVID, had the subject property moved up the league, stayed in the same position or gone down? This does not mean ‘is it worth, or is its value, more, the same, or less than before?’. That is an entirely different question…….
01/04/2023
11 Aug 2020 | by James Havery - Guest Writer
Stock selection remains key even though industrial is top of the league table.
James Havery is co-founder of multi-let industrial specialist Ribston. He set the business up with Mark Ovens and Joe Havery in 2016. In considering a recent prospective acquisition we arrived at a novel concept. If every single UK commercial property had a ranking in one comprehensive league table before COVID, had the subject property moved up the league, stayed in the same position or gone down? This does not mean ‘is it worth, or is its value, more, the same, or less than before?’. That is an entirely different question and separate discussion, but the contemplation provoked good debate.
The property in our case was undeniably promoted in the hypothetical universal league, and materially so. Another industrial property might have moved up the universal rankings to a lesser, or even greater, extent. We landed on the conclusion that probably all industrial property has been rewarded with a higher position than it had before as a function of COVID. However, in our view this does not mean that all industrial properties are a one-way bet nor will they retain their new position in the ‘universal league’.
The ranking hypothesis is an exercise in relativity, and a large or small part of any promotion is also a function of another property’s demotion. For example, as clarity improves around the future role of offices as an investment, in our view driven predominantly by human behaviour eventually presenting itself, then another material re-ranking could take place.
The same could be said for alternatives which, having grown to the extent they are now fully and discretely reported on by MSCI alongside the three traditional sectors, appear to be a little out of favour currently, but may well come back out of the shadows at some stage.
Perhaps this means that some industrial properties, having been swept up the rankings on a sector-wide wave, will ebb back once the world settles down. We will continue to focus on those properties that we believe have the strongest prospects for, in effect, retaining, or further improving, their league position; and our three tests probably fit neatly into that exercise in any event:
1. Is the asset well placed to capture rental growth in a world that is on the up; and
2. Does the asset have sufficient defensive qualities to prove resilient in a world that is not on the up?
3. What are the barriers to a clean, efficient and profitable exit in a full range of future market conditions?
If an asset doesn’t pass these three tests then we don’t want to own it.
Picking winners
We believe we are in the ‘right’ sector. It is evident that an increasing number of investors in the pursuit of resilient income share that view. New entrants continue to arrive in the sector having morphed into industrial specialists. The upshot of this is there are a lot of players on the pitch and competition for stock is high.
Whilst obviously more significant than a simple observation, it does not in itself dramatically concern us. It means we will continue to be as discerning in stock selection as we have been to date. It means we will continue to heavily due diligence assets before arriving at a decision whether or not to pursue. It means we will inevitably continue to dismiss more ideas than we progress, but if something meets our particular requirements we will diligently and aggressively pursue it.
In an ongoing confused world (COVID, Recession and Brexit) the future looks good for industrial property in a relative sense. Picking the winners so they perform in an absolute sense will become increasingly acute for investors if the veil, if that is what it is, of what in recent years has largely been assumed by many as offering close to guaranteed performance, is lifted for industrial property.
Builders merchant site acquired in £2.6m deal
A property investment fund which focuses on the industrial sector, has expanded its Leeds portfolio after acquiring a well-known builders merchant site close to Elland Road, in a deal negotiated by Gent Visick’s investment team.
The Ribston Property Unit Trust (RPUT), which is managed by specialist industrial property investor, Ribston, has acquired the site for £2,616,650.
The site, known as Bridge Works, is let to national builders merchant group, Gibbs and Dandy, until 2029.
Occupying a prominent position, with an extensive frontage directly onto Elland Road and bordering Crow Nest Lane, the site……
19/08/2020
The Business Desk - Property - August 19 2020 - writen by Miran Rahman
A property investment fund which focuses on the industrial sector, has expanded its Leeds portfolio after acquiring a well-known builders merchant site close to Elland Road, in a deal negotiated by Gent Visick’s investment team.
The Ribston Property Unit Trust (RPUT), which is managed by specialist industrial property investor, Ribston, has acquired the site for £2,616,650.
The site, known as Bridge Works, is let to national builders merchant group, Gibbs and Dandy, until 2029.
Occupying a prominent position, with an extensive frontage directly onto Elland Road and bordering Crow Nest Lane, the site covers 2.13 acres, with 23,669 sq ft of industrial and trade counter buildings.
Garry Howes, director of investment at Gent Visick, said: “Bridge Works is in a busy area, surrounded by other trade counters and retail warehouses, just 200 metres from the M621, with lots of traffic passing by each day.
“The site has operated as a builders merchant for over 50 years, so it’s more than demonstrated its long-term resilience, which made it an ideal opportunity to introduce to Ribston, and we’re delighted to negotiate another acquisition on the fund’s behalf.”
Joe Havery, from Ribston, said: “This is our second acquisition in Leeds this summer, after we secured two units on Gelderd Road that extend to more than 90,000 sq ft in July, which demonstrates our confidence in both the city and its industrial property market.
“This latest site offers strong fundamentals, with a secure, long-term occupier in place as well as offering the potential to improve its performance in the future, which are both key principles in our investment strategy.”
As well as managing the RPUT, Ribston co-invests alongside institutional investors.
The fund now has industrial assets across England, Scotland and Wales and is regarded as a best in class vehicle having grown on an asset by asset basis through the steady deployment of funds since its launch.
Ribston makes first purchases after restructuring fund
Industrial specialist Ribston has made its first acquisitions on behalf of the Ribston Property Unit Trust since converting the fund to an open-end structure, React News can reveal.
Ribston, which was founded in 2015 by former Ashtenne colleagues James Havery, Mark Ovens and Joe Havery (pictured), has made two acquisitions in city centre locations at a cost of £12.5m with a combined yield of 5.1%.……
17/07/2020
17 July 2020 | by Guy Montague-Jones
Industrial specialist Ribston has made its first acquisitions on behalf of the Ribston Property Unit Trust since converting the fund to an open-end structure, React News can reveal.
Ribston, which was founded in 2015 by former Ashtenne colleagues James Havery, Mark Ovens and Joe Havery (pictured), has made two acquisitions in city centre locations at a cost of £12.5m with a combined yield of 5.1%.
In one deal, the fund manager acquired two units totalling 90,464 sq ft at Gelderd Road, Leeds, from a client of LaSalle Investment Management. The tenant, Clipper Logistics, operates a contract for supermarket chain Morrisons from the buildings.
In the other, the firm acquired 23,362 sq ft in a terrace of seven units at 244-256 Causewayside, Edinburgh, from a private investor. All the units are let.
Ribston director James Havery said the deals followed a restructuring of the RPUT fund in December last year from a closed-ended to an open-end structure. At the same time, unitholders committed further equity to the fund.
“This demonstration of support puts the fund in a great position to consider new opportunities now and into the future,” he said.
Fellow director Joe Havery said the two latest deals demonstrated the firm’s confidence in city centre industrial property.
He added: “Both properties have extremely strong fundamentals, being both very defensive as well as being prime candidates for relative outperformance in better times. These dual characteristics have been at the core of RPUT’s acquisition programme since its launch in December 2016.”
Reith Lambert (Edinburgh) and JLL (Leeds) acted for RPUT on the acquisitions. The private seller of Causewayside was represented by Ryden, and Stonehill Partners acted on behalf of LaSalle Investment Management.
Article (subscription required).
Ribston completes double acquisitions
Ribston Property Unit Trust (RPUT), a fund co-invested in and managed by Ribston, has recently completed two acquisitions located in large UK cities.
244-256 Causewayside, Edinburgh was acquired from a private investor and comprises 23,362 sq ft in a terrace of seven units, all of which are let and income producing.
Two prime units at Gelderd Road, Leeds, were acquired from a client of LaSalle Investment Management. The tenant, Clipper Logistics PLC, operates a contract for supermarket operator Morrisons from the buildings, which extend to 90,464 sq ft.
The two acquisitions were made at a gross cost of £12.25m and combine to provide an initial yield of 5.1%.
Reith Lambert (Edinburgh) and JLL (Leeds) acted for RPUT on the acquisitions. The private seller of Causewayside was represented by Ryden, and Stonehill Partners acted on behalf of LaSalle Investment Management.
Joe Havery, Director commented “These acquisitions demonstrate our confidence in very good quality city centre industrial property. Both properties have extremely strong fundamentals, being both very defensive as well as being prime candidates for relative outperformance in better times. These dual characteristics have been at the core of RPUT’s acquisition programme since its launch in December 2016.”……
16/06/2020
Ribston Property Unit Trust (RPUT), a fund co-invested in and managed by Ribston, has recently completed two acquisitions located in large UK cities.
244-256 Causewayside, Edinburgh was acquired from a private investor and comprises 23,362 sq ft in a terrace of seven units, all of which are let and income producing.
Two prime units at Gelderd Road, Leeds, were acquired from a client of LaSalle Investment Management. The tenant, Clipper Logistics PLC, operates a contract for supermarket operator Morrisons from the buildings, which extend to 90,464 sq ft.
The two acquisitions were made at a gross cost of £12.25m and combine to provide an initial yield of 5.1%.
Reith Lambert (Edinburgh) and JLL (Leeds) acted for RPUT on the acquisitions. The private seller of Causewayside was represented by Ryden, and Stonehill Partners acted on behalf of LaSalle Investment Management.
Joe Havery, Director commented “These acquisitions demonstrate our confidence in very good quality city centre industrial property. Both properties have extremely strong fundamentals, being both very defensive as well as being prime candidates for relative outperformance in better times. These dual characteristics have been at the core of RPUT’s acquisition programme since its launch in December 2016.”
James Havery, Director added “This recent purchase activity, and another we currently have in legals, follows the re-structuring of RPUT in December 2019. The original closed end fund was converted to an Evergreen structure which also saw further equity being committed by Unitholders. This demonstration of support puts the fund in a great position to consider new opportunities now and into the future.”
Also see React News Article (subscription required)
Ribston looks ahead to second fund after successful debut
Multi-let industrial specialist Ribston is gearing up to launch its second fund next year having invested all the equity it raised for its debut fund.
Ribston raised £75m for Ribston UK Industrial Property Unit Trust in December 2016 from clients of Aviva Investors Real Estate Multi Managers, which is being acquired by LaSalle Investment Management, and has since raised £42m for the fund from the same source.
The firm, which was founded by former Ashtenne colleagues James Havery, Mark Ovens and Joe Havery, has invested all the equity in 35 properties across 33 deals mainly in major cities such as Leeds, Birmingham and Bristol……
02/11/2018
Multi-let industrial specialist Ribston is gearing up to launch its second fund next year having invested all the equity it raised for its debut fund.
Ribston raised £75m for Ribston UK Industrial Property Unit Trust in December 2016 from clients of Aviva Investors Real Estate Multi Managers, which is being acquired by LaSalle Investment Management, and has since raised £42m for the fund from the same source.
The firm, which was founded by former Ashtenne colleagues James Havery, Mark Ovens and Joe Havery, has invested all the equity in 35 properties across 33 deals mainly in major cities such as Leeds, Birmingham and Bristol.
Most of its acquisitions have been under the £5m mark. Its largest deal was the purchase of Taylor Business Park in Warrington for £19.2m in September.
It is now using a debt facility from Barclays to make further acquisitions and release equity from the portfolio. In total, it has acquired about £140m of property.
James Havery said the loan gave the company the flexibility to continue investing without having to raise fresh equity before Brexit. Ribston is planning to launch a second fund once the UK leaves the EU and will fine-tune the investment strategy depending on market conditions at the time.
In an investor note, Ribston said that launching its fund in the year of the EU referendum had made a profound impact on it’s approach to investment.
The firm said that as a result of it’s careful approach to stock selection, it ended up acquiring properties via single-asset deals rather that portfolio transactions.
The company had honed in on properties that were “capable of making the most of the strong occupational market” and were “well placed to guard against any shift in sentiment or demand from occupiers” it added.
Ribston is sceptical about the view that all industrial property is set to benefit from the rise of ecommerce. “Our view is that not all industrial property will permanently benefit from this trend” it said.
“Some inevitably will but our view is that poor property is poor property and the best prospect for long and sustainable performance is to avoid it."
It added that "unlike a growing number of commentators, we still refer to industrial estates as industrial estates" and that "not all industrial is urban logistics!”
Article (subscription required).
New UK industrial firm launches maiden fund
New firm formed by ex-Ashtenne trio wins support from Aviva for £107m fund.
Ribston, a new investment manager focused on multi-let industrial property, has launched a £107m UK fund.
The firm has raised £75m of equity for Ribston UK Industrial Property Unit Trust, which with gearing will have the firepower to invest up to £107m. The equity was provided by clients of Aviva Investors Real Estate Multi Managers, who were unit holders in two funds launched and managed by Ribston’s management when they were at Hansteen.
James Havery and Mark Ovens (pictured centre and right) l7.”…….
16/12/2016
New firm formed by ex-Ashtenne trio wins support from Aviva for £107m fund.
Ribston, a new investment manager focused on multi-let industrial property, has launched a £107m UK fund.
The firm has raised £75m of equity for Ribston UK Industrial Property Unit Trust, which with gearing will have the firepower to invest up to £107m. The equity was provided by clients of Aviva Investors Real Estate Multi Managers, who were unit holders in two funds launched and managed by Ribston’s management when they were at Hansteen.
James Havery and Mark Ovens (pictured centre and right) left Hansteen last year to form Ribston alongside Joe Havery (also pictured), with whom they had worked at Ashtenne, which like Hansteen was run by Morgan Jones and Ian Watson. The three founders are all directors of the new company.
James Havery said: “In a year punctuated by the Brexit referendum, it is particularly satisfying to launch our maiden fund. We now look forward to exploring opportunities that we believe the economic backdrop will present and deploying funds during 2017.”
The new fund will target annual returns, after fees and expenses, of 10%. It will also look to deliver a capital return during its seven-year life.
Ovens said: “We are extremely pleased to re-establish our relationship with Aviva REMM, which shares our view that the forthcoming year will present interesting opportunities for well-capitalised investors.”
John Gellatly, head of Aviva Investors Global Indirect Real Estate, Europe, added: “Our previous investments with the Ribston management team have proved very successful and so it is natural that we would want to shape a further investment club exclusively for the benefit of our clients with a partner with a strong and proven track record.
“Furthermore, we believe the market timing is propitious; entering a relatively high-yielding sector as cash buyers in 2017.”
Article (subscription required).