Magnus in US tie-up
MACCLESFIELD-based landlord Magnus has struck a deal with US-based Karlin Real Estate that will see it commit 16 properties to a new joint venture.
Magnus said its properties, which consist of 458,000 sq ft of North West offices, will be combined with Karlin’s UK portfolio of sites in the region and in the Midlands.
The venture follows a recapitalisation of Magnus by Los Angeles-based Karlin which has seen it replace the previous lender.
Magnus’ managing director Nick Hynes said: “We are delighted to be working with Karlin who have not only recapitalised the company, but also have entrusted their growing UK and European portfolio of assets to us to manage. Karlin have investments in Spain and Portugal and are also active in the Dutch, German and Irish property markets.
“We now have over 30 assets totalling approximately 2 million sq ft. This partnership allows us to leverage a significant balance sheet and become more active in the market as we renew the search for investments in the regions. We are looking for value add opportunities that will benefit from active management and fresh capital across the UK market.”