London’s 90 North Enters North American Market with $750M to Invest

By Barbra Murray, Contributing Editor

Daniel Cooper, 90 North

London-based 90 North Real Estate Partners comes across the pond to the U.S. to make its entrée into the North American market. The international real estate investment management and advisor has set up shop in Chicago with plans to invest $750 million over the next 18 to 24 months.

The timing of 90 North’s expansion is spot on. “There is considerable appetite by international investors in U.S. real estate,” Daniel Cooper, partner & head of North America with 90 North, told Commercial Property Executive. “It is seen as a safe haven, one that has great potential to increase as the U.S. economy continues to grow and expand.”

90 North traditionally pursues assets ranging in value from $40 million to $100 million and the firm will follow the same monetary guideline in the U.S., seeking out opportunities in various markets–although not necessarily the top markets–across the country, in a variety of sectors. The firm will likely center its investment efforts on office, industrial, healthcare and student housing assets. And of course, the apartment sector will not be ignored, but here, competing investors needn’t worry about 90 North vying for premier rental properties.

“We are not focused on existing product but rather on development,” Cooper said. “We have had several meetings with a successful residential developer and are in discussions on a couple sites for 2015.”

However, 90 North is not the traditional investor coming to America with sights set on coveted office buildings or successful industrial business parks. The three-year-old firm centers its activities on socially responsible real estate investments ranging from Shariah-compliant investments to environmentally-friendly properties. Simply put, potential purchases should provide superior returns while, as per the company’s description, “not negatively impacting on society.”  While such assets as office towers with restaurants serving alcohol may be out of the running, 90 North does not view this criterion as a hindrance by any means.  “Our experience in the U.K. and across Europe shows us that opportunities for socially responsible investments are plentiful, in strategic office, industrial/logistics, healthcare and other properties,” Cooper said.

Cooper, a top-notch real estate industry expert with a quarter-century of experience in the business, is well-armed to spearhead the firm’s establishment of a strong North American presence; and yes, that will include Canada. Former posts include managing director of fund management for the $1.8 billion HSBC Amanah Global Properties Income Fund, one of the world’s largest Shariah-compliant real estate funds, and director of portfolio management for the $1.1 billion Principal America Office Trust portfolio of trophy properties in the U.S.

And with Cooper at the helm, 90 North has hit the ground running. “We expect to be announcing some acquisitions very shortly,” he concluded.