RW1, a new investment vehicle launched by Native Land’s founders alongside private Asian investors, has acquired Native Land’s OneThreeSix for c. £60m.
It is the first purchase of a planned £500m commercial property investment strategy focused on forward purchasing assets under construction and directly undertaking value-add opportunities in central London.
Native Land will be identifying, acquiring and managing all assets for RW1, which was launched this month by Montrose Land, the private investment vehicle owned by Native Land founders Alasdair Nicholls and Jonathan Mantovani, with co-investment from a number of Asian high-net-worth family offices.
Finn Carew, Managing Director – Investments at RW1, commented: "OneThreeSix typifies the high-quality contemporary office developments that RW1 is looking to purchase. RW1 plans to build an investment portfolio of new-era workplace buildings, which meet the preferences of today’s occupiers for environmentally sustainable places designed for wellbeing, creativity, innovation, and collaborative working."
Alasdair Nicholls, Partner at RW1 and Chief Executive of Native Land, added: "The launch of RW1 and the appointment of Native Land as its asset manager reflects the strong personal connections we enjoy with co-investment partners from Asia and the trust they place in us to find and deliver first-rate assets. The relationship with RW1 adds a new dimension to Native Land’s business alongside our well-established development partnerships with leading UK and international co-investor partners."
RW1 is actively looking to acquire high-quality office buildings in central and inner London. Acquisitions will include both third-party assets and future Native Land commercial developments. Investments will be either new, best-in-class developments or outdated assets which can be refurbished and repositioned to provide the standards of sustainability, flexibility and workplace wellness which occupiers and institutional investors now demand.
Rw1 secured debt finance for the acquisition from OCBC Bank.