Global asset manager BlackRock had established a joint venture with UK REIT Workspace to acquire high income yielding multi-let industrial or office buildings in London and the Southeast. The target lot size range is £5-£20 mln, although larger and smaller deals will be considered. The JV partners will commit up to £100 mln of equity into the joint venture known as the BlackRock Workspace Property Trust (BWPT).

Workspace will be responsible for sourcing and recommending investment opportunities for BWPT. All BWPT owned properties will be managed by Workspace and will be operated under the Workspace logo and brand.

BlackRock UK Property Fund is committing up to £79.9 mln (79.9%) and Workspace up to £20.1mln (20.1%). Once these funds have been committed there is the option for further investment subject to the approval of both partners. The term of the joint venture is five years with an option for two one-year extensions.