New UK industrial firm launches maiden fund
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.”
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