Karlin forms Â£250m joint venture with Magnus
US investment firm Karlin Real Estate has formed a joint venture with Manchester-based asset manager Magnus.
The Los Angeles-based company has recapitalised and, as part of the restructuring, the two companies will combine their assets into a £250m portfolio.
Magnus' existing North West portfolio totals 458,000 sq ft, comprising of 16 multi-let properties in and around Manchester.
Karlin entered the UK market last year and has since built a diversified property portfolio and will contribute 14 assets to the new JV. These buildings total 1.43 million sq ft and are tenanted by the likes of British Airways, Jaguar Land Rover, Sony and Travelex.
Magnus managing director Nick Hynes said: "We are delighted to be working with Karlin who have not only recapitalised the company, but also have entrusted their growing UK and European portfolio of assets to us to manage."
He added the JV now has 30 assets totalling approximately two million sq ft. "This partnership allows us to leverage a significant balance sheet and become more active in the market as we renew the search for investments in the regions," he said.