Castleforge Promotes Mike Adcock and Neil Smith to Partner as Firm Expands Beyond Office

London-based real estate investment firm Castleforge has promoted Mike Adcock and Neil Smith to Partner, effective Oct. 1, 2026, as the firm broadens its platform beyond its traditional office and flexible-workspace business into hotels, data centers and international capital markets.

Mike Adcock Elevated After Leading Push Into New Asset Classes

Mike Adcock joined Castleforge in 2018 after roles at Blackstone's UK real estate business, Savills and Lambert Smith Hampton. As Head of Investments, he has led the firm's sourcing, underwriting and execution of investments across its strategies. He also spearheaded Castleforge's move into new sectors, including hotels and data centers. Among those efforts was the Redhill Data Centre in London, which Castleforge and Galaxy Data Centers plan to expand into a campus with an announced value of approximately £500 million.

In his new role as Partner, Adcock will continue to lead acquisitions while taking on wider leadership responsibilities across the firm.

"It has been a phenomenal experience to grow alongside Castleforge as we have capitalised on opportunities in an evolving market," Adcock said. "I am excited to keep working with the wider partnership to deliver on our existing strategies and to build on the themes we have the strongest conviction in."

Neil Smith's Promotion Reflects Growing Complexity of Capital Structuring

Neil Smith has served as Chief Financial Officer since 2023, overseeing the firm's finance and accounting functions. Before joining Castleforge, he held senior roles at Bridgepoint and Carlyle. During his tenure, he has managed increasingly complex capital transactions, including the 2025 recapitalization of Castleforge's Clockwise portfolio and the creation of Catenary Capital through a partnership with Foster Capital. Catenary Capital subsequently raised a £100 million separate managed account to invest in Malaysian, U.K. and European real estate.

As Partner, Smith will continue to lead the finance department alongside broader leadership and operational responsibilities.

"Castleforge has built a unique platform focused on creating value through vertically integrated operational real estate investment and flexible financing solutions," Smith said. "I am pleased to help lead the next phase of its growth alongside our colleagues and investors."

Michael Kovacs, Founding Partner at Castleforge, said the promotions reflect the contributions both executives have made to the firm's growth. "Neil and Mike have played a crucial role in building Castleforge into the business it is today," Kovacs said. "Our investors, team and partners understand the contribution the two have made in their time here, and we are all excited to see them step into new roles as we continue to grow."

Castleforge's Expanding Platform and Market Context

The promotions follow a period of expansion for Castleforge. The firm has grown its presence in the Central London office market to more than one million square feet of prime office space, while extending its development, financing and leasing capabilities. The firm describes its strategy as combining investment, development, financing and operating capabilities under a vertically integrated model.

The appointments arrive at a moment when London's office market is recovering unevenly. Central London vacancy stood at approximately 8.4% in the second quarter of 2026, below the five-year average of 10.4%, with availability concentrated in lower-quality buildings while occupier demand has remained tilted toward well-located, high-quality space. City prime rents reached £116.73 per square foot, up 19% year over year. Prime yields were approximately 3.75% in the West End and 5.25% in the City, conditions that favor owners able to refurbish and reposition assets rather than rely on passive rent collection.

Flexible workspace is also a growing factor in Castleforge's strategy. Flexible workspace accounted for roughly 12% of the London office market as of a September 2026 market review, with CBRE forecasting that share could reach 20%—approximately 50 million square feet—by 2030. That trajectory is directly relevant to Castleforge's Clockwise platform and increases the operational demands on both investment and finance leadership.

Broader Investment Climate Supports Selective Expansion

UK office investment transactions reached approximately £7.3 billion in 2025, up roughly 50% from £4.9 billion in 2024, though first-quarter 2026 turnover was reported at £1.4 billion, down 19% from the comparable period a year earlier. The combination of stronger annual volumes and a slower start to 2026 indicates that capital is returning selectively, with investors favoring prime, repositioned or operationally differentiated assets—a profile consistent with Castleforge's stated approach.

The Redhill data center expansion, Catenary Capital's international mandate and the continued growth of the Clockwise flexible-workspace platform each represent a different dimension of the firm's diversification. Promoting the heads of investments and finance to Partner signals that Castleforge is positioning its leadership structure to support both asset-level execution and institutional capital growth across a broader range of strategies.

Sources

Castleforge — Castleforge strengthens leadership team with new Partner appointments