NEW
YORK and LONDON,
May 16,
2024 /PRNewswire/ -- Modal, a London-based investment and management firm
that specializes in the acquisition and management of Industrial
Outdoor Storage ("IOS") assets, and Centerbridge Partners, L.P.
("Centerbridge"), a leading global private investment firm with
deep experience in real estate, today announced the formation of a
joint venture (the "Joint Venture") focused on acquiring IOS
properties across the United
Kingdom ("U.K."), in addition to the Joint Venture's
inaugural acquisition of a 7.4-acre site in Trafford Park,
Manchester.
The Joint Venture will invest in IOS properties that provide
storage space for vehicle parking, containers, trailers,
construction materials, machinery, and other goods. Target markets
for the Joint Venture include infill locations around major cities
and key logistics nodes in the U.K. IOS properties are a
mission-critical component of supply chains, benefiting from
similar demand tailwinds as traditional industrial and logistics
real estate assets. The limited supply of IOS sites has been
further reduced over the past decade due to the development of many
such sites into traditional warehouses or residential properties,
resulting in low vacancy and rising rents.
Centerbridge is making this investment from its second real
estate fund, which has $2.3 billion
in capital commitments.
"By partnering with the Modal team, we will have a powerful
platform from which to capitalize on the attractive fundamentals of
the sector and build a market leading IOS portfolio in the U.K.,"
said Steve Skaar, Senior Managing
Director at Centerbridge.
"IOS assets play a crucial role in supply chains and the broader
logistics ecosystem. We see tailwinds in the sector as growing
tenant demand meets limited supply. We are delighted to partner
with the Modal team, and we look forward to building an
institutional IOS portfolio together," added Nico Papamichael, Managing Director at
Centerbridge.
Nicholas Schiloff, Managing Partner at Modal stated, "We are
thrilled to team up with Centerbridge, whose extensive experience
and proven success in real estate investing, particularly in the
IOS sector, perfectly complement our strategic objectives. As a
dedicated IOS manager, we believe there is an exciting opportunity
to create a portfolio of scale and quality in a sector that
benefits from uniquely strong fundamentals."
Eastdil Secured served as Modal's exclusive financial
advisor.
About Modal
Modal is a London-based
investment manager that specializes in the acquisition and
management of IOS assets across the U.K. and Europe. Founded in 2023 by alumni of
Blackstone and M7, the company is exclusively focused on acquiring
and optimizing outdoor storage facilities strategically located in
close proximity to major transportation hubs and dense metropolitan
areas. Modal aims to build one of the largest pure-play
platforms in IOS, a sector that has seen increased tenant demand,
alongside a significant reduction in overall stock due to
conversion of sites for alternative uses. For more information,
please visit www.ModalProperty.com.
About Centerbridge
Centerbridge Partners, L.P. is a private investment management
firm employing a flexible approach across investment disciplines —
Private Equity, Private Credit and Real Estate — in an effort to
develop the most attractive opportunities for our investors. The
Firm was founded in 2005 and, as of December
31, 2023, has approximately $38
billion in capital under management with offices in
New York and London. Centerbridge is dedicated to
partnering with world-class management teams across targeted
industry sectors and geographies. For more information, please
visit http://www.centerbridge.com|LinkedIn.
Media Contacts:
Modal
info@modalproperty.com
Centerbridge Partners
Jeremy Fielding / Anntal Silver /
Daniel Hoadley
CenterbridgePartners@kekstcnc.co
View original
content:https://www.prnewswire.com/news-releases/modal-and-centerbridge-partners-announce-industrial-outdoor-storage-venture-302146926.html
SOURCE Centerbridge Partners, L.P.