Partners Group Invests in UK Logistics Developer and Asset Manager Citivale

A developer and asset manager specialising in logistics and light industrial assets has secured investment from global private markets firm Partners Group.

Citivale, which was founded in 2010 by James Appleton-Metcalfe, currently manages more than five million sq ft of floor area across multiple assets in the UK. 

The leadership team includes two further partners, Rupert Kay and Rebecca Farnsworth, along with an experienced team of property investment professionals. 

Citivale manages assets on behalf of a broad group of institutional investors and family offices from the UK, Europe and the Middle East.

Partners Group has acquired a strategic minority stake in Citivale Group Holdings Ltd as part of a new strategy to invest in real estate operating companies and their management teams in order to gain exposure to the full value chain across the asset lifecycle.

The group currently has $147bn in assets under management, including $17bn in property. 

Partners Group’s investment in Citivale is expected to further strengthen its existing Greenbox UK logistics joint venture (JV). The Greenbox platform is focused on the development of logistics properties in the UK, with two major projects already underway in Yorkshire (Greenbox Thirsk) and the North East (Greenbox Darlington).

Stephen McCall, global head of platforms & OpCos, Partners Group, said: “The real estate investment landscape is undergoing a period of significant change. This is presenting new opportunities to capitalise on the evolving demands of tenants driven by growth in sectors such as ecommerce. 

“At Partners Group, we are adopting an entrepreneurial mindset to increase the operational intensity of real estate and build a more integrated relationship with our operating partners and platforms in high conviction sectors. We look forward to working with Citivale, which has a strong track record and extensive local knowledge in logistics.”

James Appleton-Metcalfe, founding partner, Citivale, added: “We are delighted to strengthen our existing relationship with Partners Group through this strategic minority investment, which will further allow us to continue building out our team and expand the breadth of our client offering, which has delivered year-on-year AuM growth since inception. 

“The significant correction in the UK logistics market since mid-2022 presents a generational investment opportunity for Citivale to accelerate its growth by sourcing opportunities for both existing and new clients. Partners Group’s investment is an incredible endorsement of our hard-working team and our established investment and development track record.”

As part of the transaction, Partners Group has appointed George Craven to Citivale’s board as a non-executive director. Craven, a member of Partners Group’s network of operating directors, has more than 40 years’ experience in the UK and European real estate industry, having held senior positions in leading private equity groups (Roundhill), advisory firms (Arcadis), and construction companies (Balfour Beatty and John Mowlem), as well as running his own development company for over 15 years.

George Craven added: “I am excited to join Citivale as it looks to continue the strong growth trajectory that it has achieved to-date as a specialist operating partner. In particular, the focus on delivering best-in-class sustainable buildings in the UK market within the Greenbox JV aligns closely with the urgent need to deliver decarbonized real estate.”

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