U+I Group have linked with Colony NorthStar to create a specialist, joint venture platform to invest in commercial office markets, with part of The Old Vinyl Factory as one of its first projects.
The partners will each own 50% of the joint venture which will aim to add value to “underperforming office buildings through improved planning, development, refurbishment and asset management”. The partners new platform is expected to deploy approximately €300 million over the next investment period.
U+I has made an initial capital contribution of €14 million and seeded the joint venture with two assets, one of which is The Record Store, at The Old Vinyl Factory in Hayes.
The Record Store will be repositioned to create 60,000 sq. ft. of creative office space as part of U+I’s wider transformation of the 17-acre site.
Matthew Weiner, Chief Executive of U+I, said: “We’re delighted to be partnering again with Colony NorthStar. The specialist platform will target opportunities to develop high quality office space where there are limited options for new build. There is currently a shortage of offices across U+I’s core locations which provide the right space or environment to satisfy the needs of today’s modern enterprises. Office refurbishment is one of U+I’s core skills, this platform will allow us to deliver workplaces tailored for the 21st century and create value through our expertise in planning, development, refurbishment and asset management.”