Wainbridge raises more capital, buys West London office

The London-focused real estate investment manager has brought the total equity of its value-added Wainbridge Global Opportunities London fund to £64.5m after holding another closing. The firm has also invested £16m in a West London office development.

London-focussed real estate investment manager Wainbridge has raised £14.5 million (€16.6 million; $22.4 million for its Wainbridge Global Opportunities London Limited fund, bringing the value-added fund to £64.5 million in total.

The firm said that including leverage the fund, which can be deployed on a discretionary basis, would provide it with £184 million to invest in properties. Wainbridge’s total capital raising target for the fund is £100 million in equity.

The capital of the fund has been raised from high net worth investors, the majority of which are Russian.

Edouard Fernandez, principal and co-founder of Wainbridge said: “We continue to note significant interest in the fund, demonstrated by the equity raised in what continues to be a tight fund raising market, as well as ongoing discussions with investors.  We expect to announce further successful closes over the coming months.”

It added that a 164,000 square foot West London office called FC200 had been bought from an “off-shore” investor for £16 million on behalf of the vehicle.

The property, which was initially developed by a joint venture between Guinness and property company London & Regional, would now be developed by Wainbridge and is expected to be completed in the summer of 2012.

Wainbridge said its investment in FC200 embodied its strategy of snapping up properties that offered “value-add” opportunities, particularly in the office and mixed-use sectors and predominantly in Greater London.