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Ex-Rugby players kick off Caledonia-backed venture.

12.02.10
By Laura Chesters

Alex Wildman and Neal Taylor launch Brookshire Capital with £60m to spend in south-east

Former Rugby Estates directors Alex Wildman and Neal Taylor have set up a new company called Brookshire Capital with backing from the Cayzer family-controlled Caledonia Investments.

Brookshire launches with £60m to spend and Taylor and Wildman will look at all sectors with a focus on industrial in Greater London and the south of England.

Caledonia, which is its major shareholder, is one of the largest investment trusts in the UK and has invested in London & Stamford Property, Quintain and Terrace Hill in the property sector.

Taylor and Wildman were main board directors of Rugby for nearly 12 years, where they were responsible for Rugby Capital, the direct investment, development and trading arm. At the end of 2008 Rugby made a decision to focus on its asset management arm and wind down its direct activities.

The pair spent 2009 finding the right equity backer and have just secured Caledonia. Both of them have also invested alongside Caledonia.

“We see the next few years as an exciting time for a new, well-capitalised property group. However, we are cautious investors,” Taylor told Property Week. “Outside central London rental growth is some way off and there is a risk of a retrenchment in yields. Stock selection and asset management strategy remain paramount.”

Wildman added: “We have never been about buying the market, placing a bet on yield compression or accumulating assets for the sake of it.

“But where there is potential to add value, we will invest based on property fundamentals.”

The pair will follow the property company model of buying assets in lot sizes of between £2m and £10m, with the potential to buy bigger, if the right opportunity comes along.

They will not act as fund managers and there will be no senior debt or third-party debt.

Charles Cayzer, an executive director of Caledonia, said: “Caledonia is well known for its long-term support of strong management teams.”

The Cayzer family own a substantial minority holding in Caledonia.

Read more: http://www.propertyweek.com/story.asp?sectioncode=36&storycode=3157943