Family office backed real estate investors.

2014 Investing since

£100m+ transacted to date

24% average realised IRR

Figures relate to realised investments made by FCRE and Firefly Capital. IRRs and equity multiples are gross, asset-level returns before tax and costs. “Transacted” refers to aggregate gross acquisition and disposal value. Past performance is not a reliable indicator of future results.

Who we are

Value add investors across the UK.

Firefly Capital Real Estate LLP (‘FCRE’) was established in 2025 as a fully integrated property investment platform. FCRE was borne out of a 10-year track record investing in UK commercial real estate on behalf of a family office.

We are led by David Bearman, Kai Chu and Tom Hood, supported by our senior advisors. We invest across the UK. We identify income generating investments where active asset management can produce attractive total returns.

Our focus is office, leisure, retail and industrial assets but we will look at other asset classes if deal metrics meet our criteria.

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Firefly Capital Real Estate

The people in the room.

FCRE is partner led. Every transaction is originated, underwritten and asset-managed by our team internally.

The team has transacted across offices, mixed-use, retail, industrial and residential property, and is supported by our expert senior advisors.

Principals

Lord Massey

Chairman

Forty years in real estate investment and development. Non-Executive Chairman of Canaccord Genuity's European wealth management and investment banking businesses.

Stephen has 40 years' experience in real estate investment and development. Up until December 2024 he served as CEO of the Conservative Party. Stephen is the Non-Executive Chairman of Canaccord Genuity's Wealth Management and Investment Banking businesses in Europe. He was previously the Executive Chairman of Eden Financial Limited, which was acquired by Canaccord in October 2012. Prior to co-founding Eden in 2003, he served as CEO of Prudential-Bache International, a global financial services firm serving institutional and private clients throughout Europe, Latin America and Asia.

David Bearman

Co-founder, Firefly Capital & Managing Partner, FCRE

Twenty-five years as a corporate lawyer, investment banker and financial services CEO. Has transacted £100m+ of real estate across sectors.

David has 25 years' experience as a corporate lawyer, investment banker, and CEO of a financial services business. He has transacted £100m+ of real estate investments across sectors, with an extensive track record in structuring, financing and deal execution. Recent disposals reflect IRRs of between 16% and 40%, and equity multiples of 1.65x to 2.20x.

Figures relate to realised investments made by FCRE and Firefly Capital. IRRs and equity multiples are gross, asset-level returns before tax and costs. “Transacted” refers to aggregate gross acquisition and disposal value. Past performance is not a reliable indicator of future results.

Kai Chu

Partner

Previously CBRE, Investec Bank and Catalyst Capital. £250m of transactions in the past five years.

Kai started his career in 2011 at CBRE and has since worked at Investec Bank and Catalyst Capital. He previously managed Investec's investment portfolio, focusing on value-add and opportunistic deals, and has an extensive track record in direct investment and joint venture transactions. He has completed £250m of transactions in the past five years.

Tom Hood MRICS

Partner

Chartered Surveyor with 17 years' UK real estate experience. Formerly Head of Investment at Palace Capital Plc.

Tom is a Chartered Surveyor with over 17 years' UK real estate experience. Prior to joining FCRE, Tom was Head of Investment and a member of the Executive Committee at Palace Capital Plc, transacting over £160m in three years across a diverse UK portfolio. Before that he was a Director in the UK Investment and Asset Management team at Mansford, responsible for the full asset life cycle with involvement in transactions totalling in excess of £600m. Tom previously held roles at GVA and BNP Paribas in their Central London investment teams. He has an MSc in Real Estate from the University of Reading and an LLB from Durham University.

Amber Tatum

Senior Executive Assistant

Five years supporting principals and families across private offices and property development firms.

Amber brings over 5 years of extensive experience in high-level executive support, having assisted principals and families within private offices and property development firms. Her background also includes parliamentary work supporting Gillian Keegan MP. Amber assists with all real estate operations and manages internal and external stakeholder communications.

Independent counsel

Our senior advisors

Our independent advisors bring financial, government and policy insight, and a track record of building businesses rather than simply investing in them.

Andrew Hood

Non-Executive Director of Firefly Capital

Until July 2024, Andrew served as senior special adviser on policy to the Rt Hon Michael Gove MP, working in both the Cabinet Office and the Department for Levelling Up, Housing and Communities. He previously held the role of lead non-executive board member at the Department for International Trade. With 20 years of private sector experience, Andrew has worked in or advised companies across real estate, construction, banking, insurance, asset management, broadcasting and technology, in North America, the Middle East and Asia.

Gilad Hayeem

Founder of Waverly Group

An entrepreneur with a background in business and asset management. For over two decades he has developed and driven early-stage businesses across finance, biotech, technology, real estate and art. He founded Waverly Group in 2010 to channel his experience of building businesses rather than simply investing in them. Previously Managing Partner and CEO of Marble Bar Asset Management, the UK investment fund he co-founded in 2002 and sold in 2008, and former President of Solid Biosciences, which he co-founded in 2013 and which listed on Nasdaq in 2018.

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Where we have invested

Our track record

Realised exits and current investments across London and the UK.

Each point of light is an investment. Gold marks a current holding, grey a realised exit. Select one to read the story.

Current Exited

Acquired 2026

Bedford Riverside

Riverside North, Bedford, MK40 1AS

118,000 sq ft high-yielding dominant leisure investment anchored by Premier Inn and Vue.

Acquired 2024

Park Row

7 Park Row, Leeds, LS1 5DH

50,000 sq ft re-positioned Grade A office building in Leeds city centre.

Acquired 2022

Tabernacle St

65 Tabernacle Street, London, EC2A 4BD

32,000 sq ft Grade A office development in a prime Shoreditch location.

Acquired 2015

Saxon Square

Saxon Square, Christchurch, Dorset, BH23 1QA

93,000 sq ft strong income producing town centre retail scheme and Travelodge Hotel.

Part exited

Cheshire Street

110–126 Cheshire Street, London, E2 6EJ

28,143 sq ft of prime warehouse, retail and residential on a prominent Shoreditch corner, minutes from Shoreditch High Street and Liverpool Street. 110–116 realised in 2022; options for the 118–126 freehold are under evaluation.

Exited

Elms Square

Whitefield, Manchester, M45 7TA

A mixed-use scheme on Manchester's northern edge. 102,488 sq ft across a health club, offices and nine retail units, with 235 parking spaces, minutes from Whitefield Metrolink.

Exited

Kilby House

Liverpool Innovation Park, Liverpool, L7 9NJ

A 34,450 sq ft office and data centre two miles east of the city centre, with 60% of income secured against NHS covenants at a 10% net initial yield. Held for eighteen months.

Exited

Tramworks

Hatherley Mews, London, E17 4QP

A half-acre freehold of eleven mews buildings comprising 22,721 sq ft of office and residential. Located 5 minutes’ walk from Walthamstow Central, with provenance in London’s historic tram network.

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FCRE

News & coverage.

Updates from FCRE, alongside coverage of our deals from elsewhere.

Our own announcements sit below, followed by press mentions and posts from elsewhere.

FCRE

Our news

Appointment 1 September 2026

Thomas Hood joins FCRE as Partner

FCRE has appointed Thomas Hood as Partner, hot on the heels of the firm's acquisition of Bedford Riverside, as the platform builds out its team and deploys capital into value-add real estate across the UK.

The appointment comes at a pivotal moment for FCRE, as the platform builds out its team and deploys capital into strategic, value-add real estate across the UK. FCRE is actively in the market for further acquisitions, and Tom joining as Partner reflects both the increasing scale of the firm's ambitions and its commitment to investing in the people who will drive its next phase of growth.

“We are delighted to welcome Tom into the partnership,” said David Bearman, Managing Partner at FCRE. “Tom's contribution to the firm to date speaks for itself, and this appointment reflects the important role he will play as we accelerate our growth plans. We are actively out in the market looking for further opportunities, and we are building a platform and a team to match our ambition. We look forward to sharing more news as we continue to grow.”

Tom is a Chartered Surveyor with over 17 years' UK real estate experience. Prior to joining FCRE, Tom was Head of Investment and a member of the Executive Committee at Palace Capital Plc, transacting over £160m in the last three years across a diverse UK portfolio. Prior to that, Tom was a Director in the UK Investment and Asset Management team at Mansford, responsible for the full asset life cycle with involvement in transactions totalling in excess of £600m. Tom has also previously held roles at GVA and BNP Paribas in their Central London Investment teams. Tom has an MSc in Real Estate from the University of Reading and an LLB from Durham University.

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