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Tungsten Properties signs transformative £250 million JV funding agreement with BC Partners

The newly formed joint venture company will invest up to £250 million to target single and multi-let industrial opportunities across the UK, which will range from last-mile to big box logistics warehouses with a GDV of greater than £25 million. Tungsten Properties will act as asset and development manager for the joint venture.

With a strong conviction in the underlying occupational fundamentals of the industrial warehousing sector, the joint venture has already identified a strong pipeline to initially seed the partnership.

Jeff Penman, managing director, Tungsten Properties said: “This is a significant step in Tungsten’s expansion strategy to continue to deliver industrial and warehouse space to create growth, jobs and investor returns. This transformational JV agreement with BC Partners will provide reliable capital to continue delivering strategically located, environmentally friendly buildings across the UK.

“While there is volatility in the capital markets, both Tungsten and BC Partners believe that the industrial market’s long-term fundamentals remain strong. With a fighting fund behind us, we look forward to securing further opportunities.”

Laurian Douin, partner, BC Partners said: “The UK industrial and warehouse sector has strong secular fundamentals. Given Tungsten’s strong track record and like-minded approach to development, we are thrilled to partner with them to jointly invest in this asset class. The joint venture intends to deliver well-located, exceptional schemes to meet occupier demand, with a particular focus on schemes’ environmental credentials in-line with BC Partners Real Estate’s commitment to ESG.”

Tungsten Properties will continue to acquire development opportunities below £25 million through its existing revolving credit facility.

Jeremy Toone of Cap Real Estate and Forsters LLP acted on behalf of Tungsten Properties; Fineman Ross and Greenberg Traurig LLP acted for BC Partners.

About Tungsten Properties

Founded in 2005, Tungsten Properties is a privately-owned company, based in Enderby, Leicester, UK with a 10-strong team. Since incorporation, Tungsten Properties has grown from a developer of small industrial units in the East Midlands, to a national developer with a secured industrial development pipeline of more than 4.9 million sq ft, spanning from Merseyside to East Sussex.

Tungsten Properties has developed 190 completed units, totalling more than 2.2 million sq ft, with a gross development value of over £297 million.

Tungsten Properties’ other projects under construction include a 333,000 sq ft pre-let warehouse in Calder Park, Wakefield, Super B, a 230,000 sq ft speculative warehouse in Bradford, and Penta Park, Southampton, a 93,000 sq ft four-unit industrial scheme.

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About BC Partners

BC Partners is a leading investment firm with over €40 billion in assets under management across private equity, private debt, and real estate strategies.

Established in 1986, BC Partners has played an active role for over three decades in developing the European buy-out market.

Today BC Partners’ integrated transatlantic investment teams work from offices in Europe and North America and are aligned across our four core sectors: Healthcare, TMT, Business Services & Industrials, and Consumer. Since its foundation, BC Partners has completed over 120 private equity investments in companies with a total enterprise value of over €160 billion and is currently investing its eleventh private equity buyout fund.

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About BC Partners Real Estate

BC Partners Real Estate is the real estate investment platform of BC Partners which was launched in 2018 by Stéphane Theuriau, Laurian Douin and Thibault Lauprêtre.

Its debut fund – BCPERE I – endowed with €900 million of equity commitments has made 10 investments in France, Germany, Italy and the UK across the office, residential, hospitality, and industrial sectors.

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