Manston are delighted to announce the launch of a new joint-venture partnership – Ivanhoe Partners I LLP.

For the first time in their 50+ year history, Manston will be partnering with external capital to extend our investing clout within the UK Commercial Property sector – in the form of Sam Harrington, Fintan Phelan and Robin Orgill, the founders of TanRo a significant force in main contracting within the Midlands and further afield.

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Manston Investments Managing Director, Tom Boardman-Weston, stated

“I am delighted to be partnering with Sam, Robin and Fintan on this exciting project. We all see significant opportunity in investing in UK commercial property at this time and, like Manston’s existing philosophy – we all take an identical long-term view of performance, alongside having similar approaches to business more generally.

“This new venture will enable Manston to bring its significant experience of acquiring and stewarding commercial property investments to bear over a still larger scale – and the Team are all very excited to be a part of this new step in the Manston journey alongside our new partners.”

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Initially, the LLP’s investment strategy will be as follows:

• Core Sector:
  • Industrial, logistics, warehousing, trade counters
  • As with Manston itself – the partnership will be opportunistic within other sectors – taking a more asset-by-asset approach to considering investments.
  • Not looking for ‘brand new’ build
  • Not looking for significant dev/re-dev – focus on going concerns
  • Moderately management intensive – happy to invest time in asset management, but not looking to acquire lots where average unit-size is significantly less than 10,000 sqft

• Scale:
  • Fund
    • c. £7-8m to invest in Y1
  • Per asset
    • =>£1.5m, =<£3m
    • Assets will be purchased either with cash or pre-secured debt. It is not the intention of the partners to require securitisation of new debt to enable completion.

• Ownership Type:
  • Freehold

• Tenant:
  • Not Vacant Possession, no heavy service charge/non-FRI multi-let

• VAT position:
  • TOGC

• Location:
  • East and West Midlands (comprising: Derbyshire, Leicestershire, Lincolnshire, Northamptonshire, Nottinghamshire, Rutland, Herefordshire, Shropshire, Staffordshire, Warwickshire, Worcestershire, and the West Midlands metropolitan county) and within a 2 hour drive of Ashby-de-la-Zouch.

• EPC:
  • C+

• NIY:
  • 7%+, although reversionary potential will be seriously considered.

Tom Boardman-Weston will be appointed Managing Partner of this new venture alongside his continuing role as Managing Director of Manston Investments, and all pertinent introductions should continue to go via existing Manston channels.