Colony NorthStar to launch €300m office platform

U+I, a mixed-use property regeneration specialist, has entered into a partnership with a controlled affiliate of Colony NorthStar to invest in office properties in London, Manchester, England, and Dublin.

The partners will each own 50 percent of the joint venture, adding value to underperforming office buildings through improved planning, development, refurbishment and asset management. Both U+I and Colony NorthStar have made substantial resource and capital commitments to this new platform, which is expected to deploy approximately €300 million (320 million) over the next investment period.

U+I has made an initial capital contribution of €14 million ($15 million) and seeded the joint venture with two assets: The Record Store at The Old Vinyl Factory in London and Donnybrook House in Dublin.

The Record Store is being repositioned to create 60,000 square feet of creative office space on the 17-acre site. Donnybrook House is a 72,000-square-fo