TRACK RECORD
Millwood Capital was established in October 2018. For the previous 8 years, Adam was Head of Annuity Transactions at L&G, and over the last 13 years he has specialised in the long income/annuity investment market. This has created a significant track record, accounting for over £5.0 billion of annuity style investments, in over 80 deals, 50 of which were development fundings and 28 were structured as income strips.
Whilst recent deals have centred on residential regeneration to address the housing crisis, the transactions have covered all the major sectors in addition to the standard alternative sectors, residential, student accommodation, hotels, carparks and pubs, but also included some niche sectors like energy from waste, schools, dockside facilities, data centres, rail sidings and hospitals. In aggregate these transactions covered over 4.4m sq.ft. of offices, 7.4m sq.ft. of warehousing, 300,000 sq.ft. of retail, over 1,400 hotel rooms, 4,760 residential units, and c. 6,350 student rooms.
Adam has an unrivalled track record for funding new Government offices, being responsible for delivering 10 of the initial 13 regional offices for HMRC with L&G, as well as 4 further Government developments which were structured on index linked leases. Millwood has been involved with the development funding or sale of 5 further Government let office buildings in all accounting for c.£1.82 billion in value.
The key to completing this volume of transactions had been creating deals from inception as these type of investments are not routinely produced by the property market. Many of the developments have involved working in partnership with local authorities and government departments - often linked with significant regeneration projects.
RECENT TRANSACTIONS
PREVIOUS EXPERIENCE
Prior to L&G, Adam worked in a broad range of companies, starting at Healey & Baker in the late 1980’s where there was a strong retail and investment bias, before moving to Botswana to set up an office for Knight Frank in Francistown. This covered all commercial and residential sectors. The experience of establishing and running a small business was invaluable especially in a climate unused to paying for property services.
Returning to the UK in 1995 Adam worked in a small private property company concentrating on town centre retail development before joining Mercury Asset Management (later MLIM & Blackrock), where he became the Investment Officer for the UK Property Unit Trust. The 8 years at MAM/MLIM covered a broad range of development and investment including establishing operational joint ventures in serviced offices, multi-let industrials and also buying a marina company.
In 2004 Adam joined two long-standing friends who had set up Amerdale, a private property development and investment company concentrating on the M62 corridor in the north of England. Amerdale established a property portfolio of approximately £100m, covering all sectors, as well as running two strategic joint venture investments in Germany and China. Amerdale was sold to Kilmartin Property Group in August 2007, and Adam remained as Investment Director responsible for the London office, before leaving in late 2008.
Over the next 3 years Adam worked with Talisman Capital (set up by the Amerdale directors) and then Stonehage Property Partners before joining LGIM.