RPUT: Ribston UK Industrial Property Unit Trust
- A new UK industrial focused property fund which will target income and take advantage of the imminent price correction due to play out in the sector.
- The fund is co-invested in and managed by Ribston Ltd, a company set up by recognised sector specialists with a proven track record of investing, managing, enhancing and returning capital to institutional investors.
- The management team’s two previous funds were fully exited within business plan period (5 years) and early (2 years).
- The fund seeks properties that have, or are capable of quickly having, high running yields and do not have barriers to exit.
- The objective is to provide a strong, diversified and resilient income return to investors and also a realised capital return during the target life of the vehicle.
- A disciplined approach to stock selection based on a wealth of relevant experience, strong research and due diligence will lead to the Fund being populated with properties that are well placed to out-perform at both an income and a capital level.
- A portfolio comprised of good quality and thoroughly diligenced assets that allow for entrepreneurial asset management will provide as many routes to exit as possible.
- £75m of equity which will be prudently geared to fund acquisitions of approximately £100m gross.
- Ribston established in December 2015 by three Directors who have worked with each other for over 15 years.
- James Havery – former Director and co-head of the UK operational and management businesses of Hansteen Holdings plc; and prior to that the Senior Regional Director of the Ashtenne Industrial Fund.
- Mark Ovens – former Director and co-head of the UK operational and management businesses of Hansteen Holdings plc; and prior to that Managing Director of the Ashtenne Industrial Fund.
- Joe Havery – formerly of Ashtenne Holdings plc where he was the key asset manager on the t3 Partnership. This was a trade park fund with institutional investors, launched in 2001 and then fully invested before being sold for £96m in November 2005, generating annual returns in excess of 25%. More recently he was the founder and owner manager of an advisory business.
- The three have worked together for many years dating back to their time at Ashtenne. Following the sale of Ashtenne to Warner Estate, Joe worked as a consultant on the sale of a multi-asset portfolio in 2006.
The three started working together again in 2010 following Hansteen’s £80m acquisition of Kilmartin’s assets from Administrators. The acquisition pre-dated the assembly of Hansteen’s regional platform and working alongside James and Mark, Joe took responsibility for asset management of properties throughout the UK which led to widescale individual disposals.
- James Havery and Mark Ovens will be the Keymen in the Ribston UK Industrial Property Unit Trust (RPUT), and all three Directors will work on the vehicle.
- A combined 70 years of experience in the property industry, predominantly in the industrial sector.
- Ribston was established to launch and participate in RPUT.
- The Directors have an established track record of raising, investing and returning equity to institutional investors with real performance.
- Focused and dedicated to RPUT with personal investment aligning themselves with investors.
- AIFMD Registered with the intention to move to Authorised status in 2017.
RPUT Keymen: James Havery and Mark Ovens
– Over 15 years of entrepreneurial co-working
- 1999 – 2001 James (at DTZ) and Mark (at Ashtenne Holdings plc) worked together on various acquisitions and sales of industrial and office property in the North East.
- 2002 – 2008 James joined Mark at Ashtenne in 2002. The following seven years witnessed a vast amount of operational success and cemented a strong working relationship. Highlights include the lease re-structure with the United States Air Force and subsequent sale process of 640 houses adjoining RAF Lakenheath (combined sale receipts of £72m – the largest external sale in Ashtenne Holdings’ history and undertakendirectly without agents).
- 2009 – 2015 With the ambition to launch a UK recovery vehicle, James and Mark initiated their move to Hansteen during 2008, and in 2009 joined to launch and run the UK operational business of Hansteen Holdings plc. They jointly lead the establishment and growth of the highly successful UK division until they stepped aside in October 2015 and left in March 2016.
During their time leading Hansteen’s UK operational business they launched two off-balance sheet co-investing funds, transacted over £1.25bn of property, at both asset and corporate levels; assembled a UK- wide asset management team of 30 people across
six regional offices; and successfully repatriated all £186.4m of drawn equity to the investors of two vehicles together with significant capital profit (£58.2m).
- 2016 – the pair left Hansteen to establish Ribston with Joe Havery and launch the Ribston UK Industrial Property Unit Trust.