John Sims and Angus Scott Brown have relaunched Industrial Ownership, or IO, the specialist multilet industrial asset management company that was taken over by Teesland in 2005, with funding from Grosvenor. The new investment vehicle – I.O. Investment LLP – will be run and managed by I.O. Asset Management LLP, with its management co-investing in the vehicle.
IO plans to buy multilet industrial estates and small business parks throughout the UK, with an initial investment programme of £35m, and will target investment lot sizes of £2.5-4.5m.
IO, which was founded by Sims, grew into one of the UK’s leading listed industrial asset management groups. It was taken over by Teesland in 2005 and subsequently bought by Valad. Sims left in 2007.
Scott Brown has previously worked for SEGRO and Rockspring and was a partner at Rutley Capital Partners. Under its new indirect investments strategy, Grosvenor plans to increasingly use third party specialist expertise to gain exposure to sectors and geographies which are not currently accessible through its proprietary and fund management activities. The IO opportunity is the first investment to further this strategy. It adds to Grosvenor’s existing indirect investments in European shopping centre specialist Sonae Sierra and its co-investments in vehicles managed by Grosvenor Fund Management. Speaking on the re-launch of IO, John Sims said:
“Angus and I are delighted to have established this investment vehicle with Grosvenor – we could not wish for better partners to re-establish the io brand.”
Chris Taite, Grosvenor Group Investment Director, said:
“The io investment is a significant first step in realising our indirect investment ambitions. Grosvenor aims for geographic and sector diversification and our exposure to the industrial sector is a notable omission in the UK. John and Angus’ track record of delivery in this area is exceptional and we share their enthusiasm for this new investment vehicle.”