New property investment company Queensbury Capital is looking to invest £500m of equity in the next three years after securing backing from Palmer Capital.
The company was founded at the end of last year by Joseph Downey, the former investment manager at Sports Direct.
Queensbury’s strategy is to “create value by identifying mismatches in pricing and applying intensive management to the assets [it] acquires”. It will invest across all sectors and all London geographies, but with a focus on three specialities: residential, including build-to-rent and serviced apartments, the repositioning of retail-led assets and offices.
Downey, managing director of Queensbury Capital, said that Palmer Capital becoming a shareholder and investor was a “huge step forward” for the company and would give it the “necessary ammunition to make a real statement in the London market”.
Ray Palmer, chairman of Palmer Capital added: “The combination of Joe’s enthusiasm and deal-finding ability with Palmer Capital’s ability to support him with funding should provide a great future for Queensbury Capital.”
Palmer Capital has £300m available for immediate investment. It now backs nine companies including Wrenbridge Land, Cubex Land and Angle Property.
At the end of 2018, it sold an 80% stake in the business to Canadian asset management firm Fiera Capital.
Originally published by Property Week in March 2019.