Blackstar and Novara form £100m joint venture
Asset management firm Blackstar Real Estate and real estate investor Novara Global Partners have signed an agreement to acquire and manage a £100m real estate portfolio.
The joint venture will target commercial real estate with a focus on shopping malls and town centre assets with development potential across the UK.
Blackstar Real Estate – which was launched in August by asset management heavyweight Sabri Marsaoui – provides asset management and development services to its partners, which include private equity firms, institutional investors, family offices, and local authorities. Blackstar was recently welcomed by the Association of Town & City Management to its network, with the firm providing support on structural changes to town centres.
Novara Global Partners is a real estate investment firm which specialises on the UK and European markets. The firm looks to deliver strong risk-adjusted returns by investing in assets that are well-positioned for current conditions, but also resilient to future market changes, ensuring that investors can achieve sustained performance across multiple sectors.
Sabri Marsaoui said: “Together with Novara, we look forward to delivering our full end-to-end service; seeking out those opportunities that will not only meet our investment criteria, but just as importantly, bring about positive change for those assets and the communities they serve, through our asset management expertise.”
A spokesperson for Novara Global Partners added: “By combining the precision and insight of global financial leaders with the agility of a boutique firm, we offer bespoke solutions designed to achieve sustainable growth, targeting opportunities with an attractive going-in basis, a discount to peak valuation, and a strong cash-on-cash profile.”