Bloomberg News

Morgan Stanley Teams Up With U.K. Partner Wainbridge on London Development

March 09, 2012

A Morgan Stanley (MS) unit and Wainbridge Capital Ltd. reached a joint-venture agreement to develop London real estate, the two companies said in a statement today.

The partnership will seek to “unlock significant value through redevelopment, refurbishment and other asset management initiatives” from office buildings in London, according to the statement.

A “fund of funds” managed by Morgan Stanley Alternative Investment Partners will take a 49 percent stake in FC200, a 164,000 square foot office development at Park Royal in west London, as the first joint project. It was bought by Wainbridge’s Global Opportunities London fund in September and both sides will pay an undisclosed amount to complete the building, according to the statement.

“There are still significant investment opportunities in the London office market, and the relationship can enable our investors to benefit from Wainbridge’s expertise,” David Boyle, executive director and portfolio manager at Morgan Stanley AIP Real Estate, said in the statement.

Wainbridge, a property investment manager based in Jersey, Channel Islands, raised capital for its fund from high net-worth investors, the majority of which are Russian, according to the statement.

To contact the reporter on this story: Neil Callanan in London at ncallanan@bloomberg.net.

To contact the editor responsible for this story: Andrew Blackman at ablackman@bloomberg.net.


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