John Beckwith's new industrial and logistics fund set for float

Property investment veteran Sir John Beckwith is set to float his new to launch a new industrial and logistics property company, Pacific Industrial & Logistics, onto AIM next week after a £10m fundraising.

The company, which will be headed by industry heavyweight Richard Moffitt, is being ushered to the markets by broker and nominated adviser FinnCap.

Pacific Industrial & Logistics will invest in modern UK industrial or logistics properties that represent an average lot value across the portfolio at acquisition of less than £10m.

In addition, the company said it will seek to invest in properties that have the opportunity for rental growth and out-performance, strong tenant financial covenant, lease terms focusing on duration and rental growth, and positive geographical characteristics, including age and repair, location, building quality, site cover, transportation links, workforce availability and internal operational efficiencies.

The company, where early backers include Rathbones and Investec, may invest up to 10% of its net asset value in properties requiring re-development and said it will eschew speculative investments.

Serial entrepreneur Beckwith, uncle of socialite Tamara, has founded investment companies including London & Edinburgh Trust; Rutland Trust, which later became New Star Private Equity Investment Trust, River and Mercantile, which floated in 2014; as well as his Pacific Investments vehicle.