Our leadership team

Julian Carey is the CEO of Indurent, a leading developer, owner, and operator of industrial and logistics space across the UK. With over 20 years of experience in real estate and senior leadership, he has played an important role in shaping the UK’s industrial property sector.

He founded C2 Capital in 2017, specialising in multi-let industrial (MLI) properties, which was later acquired by Stenprop. As Managing Director, he helped transition Stenprop into Industrials REIT, becoming CEO in 2023. In 2024, Blackstone integrated Industrials REIT with St. Modwen Logistics to create Indurent, appointing Julian as CEO.

With a c.30 million sq ft portfolio, Julian oversees a business that combines leading sustainability standards with a technology-driven approach that enhances operational efficiency and elevates the customer experience. Under his leadership, Indurent is expanding through acquisitions and development and is set to deliver c.3 million sq ft of new logistics space in 2025.

Tom Olsen is the Chief Financial Officer (CFO) of Indurent, a leading developer, owner, and operator of industrial and logistics space across the UK. With a strong background in finance, operations, and strategic leadership, Tom has been pivotal in driving Indurent’s financial success and growth.

Tom previously served as CFO of St. Modwen and in 2024, following Blackstone’s integration of Industrials REIT with St. Modwen Logistics to form Indurent, he was appointed as CFO of the newly combined business.

Tom has extensive leadership and management experience gained through a diverse professional background, including service as a commissioned army officer on operations and offshore sailing. His career has also spanned the technology, banking, and advisory sectors, in addition to real estate.

As CFO, Tom oversees the Finance, Debt Capital Markets, ESG, Transformation, and Technology teams, ensuring Indurent’s financial health and supporting its ambitious expansion plans.

Miranda Cockburn is Head of Strategy and Reporting at Indurent. In her role, Miranda is responsible for stakeholder reporting and external engagement with the wider market and key industry stakeholders.

Miranda brings over 30 years of experience in the real estate sector, with a strong track record in investment research. She has held senior equity analyst roles at top investment banks, including JP Morgan Cazenove, Credit Suisse, Panmure Gordon and Stifel. Her expertise has been recognised repeatedly – she has topped the Institutional Investor/Extel UK awards and received Starmine’s No. 1 Earnings Estimator and Stockpicker awards.

She began her career at Savills, where she qualified as a chartered surveyor, and holds a BSc in Land Management from the University of Reading.

Sarah Bellilchi is General Counsel at Indurent, and oversees the legal, compliance and HR functions.

Sarah brings in-depth expertise in corporate and debt finance, corporate governance, and legal operations from over 20 years’ practice in both international law firms and in-house. She joined Stenprop in 2015 and led the business through extensive growth and transformation, including the transition to Industrials REIT and the integration with St. Modwen Logistics.

Sarah is a qualified solicitor. Before Indurent, she spent over 10 years in private practice, including over six years at Berwin Leighton Paisner (now Bryan Cave Leighton Paisner), first within their capital markets team and later in their real estate funds team, leading on complex transactions for listed companies and privately owned structures.

Lee Nash is the Head of Development at Indurent, responsible for leading the planning, construction, and leasing of the company’s new-build, Grade A industrial and logistics space across the UK.

Lee joined St. Modwen in 2016, where he held a series of senior finance roles before being appointed Senior Finance Director of Logistics in 2019. He was named Head of Development in 2022 and has played a key role in shaping and delivering Indurent’s development pipeline following the integration of Industrials REIT and St. Modwen Logistics in 2024.

A qualified accountant, Lee began his career with finance roles at Compass PLC and Capita PLC before moving into real estate. He now leads a multi-disciplinary team through every stage of new developments, from planning and land preparation through to construction and leasing, ensuring delivery of high-quality, sustainable assets tailored to customer needs.

James Cooper is Head of Investment Transactions at Indurent, where he leads the team and oversees investment strategy and execution.

He joined St. Modwen in 2022 and played a pivotal role in advancing the company’s investment strategy, cultivating key relationships to drive business growth, and delivering strong financial returns. Following Blackstone’s integration of Industrials REIT with St. Modwen Logistics to form Indurent, James was appointed to lead transactions across the newly combined business. During 2024 on top of expanding the standing investment platform James has led a forward fund strategy to capitalise on distressed third-party developer relationships and yield arbitrage once stabilised.

Over the course of his career, James has gained broad experience across the real estate sector, with a particular focus on light industrial and logistics since the early 2000s. In 2011, he co-led the management buyout of the HSBC Specialist investments platform, resulting in the establishment of InfraRed Capital Partners Limited. James was partner and Head of Investment Origination for the UK and Ireland across 4 Pan European value add funds totalling circa £6 billion of assets.

Simon Ross is Head of Portfolio Management at Indurent, where he oversees the Asset Management and Facilities Management functions. With over 15 years of experience in the industrial real estate sector, Simon leads the strategic direction and business planning for a portfolio comprising more than 250 logistics and multi-let industrial assets across the United Kingdom.

A chartered surveyor and member of the Royal Institution of Chartered Surveyors (RICS), Simon brings deep industry expertise and a strong track record of delivering operational excellence and portfolio performance.

Before joining Indurent, Simon spent over nine years at Stenprop and Industrials REIT, where he played a key role in the development of the company’s operating platform, supporting scalable growth and driving operational efficiency.

John Whitley is the Group Sales, Marketing & Customer Experience Director at Indurent. He leads the Sales, Marketing, and Customer Experience functions, with responsibility for formulating and executing lead generation and digital marketing strategies, while overseeing day-to-day sales operations.

With over 20 years of experience across sales, marketing, and customer experience leadership, John has held senior roles at Landmark, Hertz, and Expedia. At Hertz, he led loyalty and CRM strategies across EMEA and APAC, managing a $275 million portfolio and driving measurable growth in customer acquisition and engagement.

John has a strong track record in digital marketing, brand development, and operational leadership, consistently improving conversion rates, elevating brand visibility, and building high-performing teams.

He holds a Master’s degree in Artificial Intelligence from the University of Oxford.

Michael Handley is the Finance Director at Indurent, responsible for overseeing all corporate and property finance functions across the business.

He first joined the business in 2014, then known as Industrials UK, on an outsourced basis, before becoming full-time Finance Director in 2019 under Stenprop. Since then, he has led the implementation of the company’s ERP system (D365 F&O), built in-house finance teams, and played a key role in supporting Indurent’s growth following its acquisition by Blackstone in 2023. During this time, the business has scaled from £700 million to over £5 billion in assets under management.

Before moving into real estate, Michael spent over two decades in senior finance and operations roles within private equity backed manufacturing businesses.

He is a Fellow of the Association of Chartered Certified Accountants (FCCA) and holds an MBA with Distinction from Manchester Business School.

James Snowdon is the Chief Technology Officer at Indurent, and oversees all aspects of technology, data, and digital transformation.

Throughout his career, James has amassed extensive experience in building innovative technology platforms and leading complex transformation programmes. Recently, James spearheaded the integration of Industrials REIT and St Modwen Logistics, a complex programme delivering over 40 technology projects in just six months. Over the years preceding this, James implemented the award-winning technology platforms that support Indurent today, enabling it to rapidly scale.

Before Indurent, James worked in management consulting at RealFoundations. Earlier in his career, he gained valuable experience as a private equity analyst and held notable positions in the public sector, including a role at the Office of US Senator Charles Schumer.

James is a Fellow of the Chartered Management Institute and the RSA, and a Member of the British Computer Society, with executive AI studies at Imperial College London and a BScEcon in International Relations.

Will Lutton is the Deputy Head of Transactions at Indurent. He oversees the acquisition of standing investments across multi-let industrial and single-let assets, working closely with the Blackstone investment team.

Will also leads the team responsible for onboarding and offboarding following acquisitions or disposals and manages the team responsible for all valuations of assets at Indurent.

Before Indurent, Will spent 7 years at Telereal Trillium in Asset Management and Investment. He then joined C2 Capital (subsequently acquired by Stenprop) in 2017 as an Investment Manager. Will continued with Stenprop as Head of Investment as it transitioned into Industrials REIT before being acquired by Blackstone in 2023. Following the integration of Industrials REIT with St. Modwen Logistics to form Indurent, Will was appointed to his current role in the newly combined business.

Will is a qualified chartered surveyor and holds a BSC in Estate Management from Northumbria University.

James Wakelin is the Head of Debt and Sustainability at Indurent. He is responsible for managing the company’s debt programme, setting its sustainability strategy, and overseeing its implementation across the business.

James joined C2 Capital (subsequently acquired by Stenprop) in 2017, working alongside senior leadership to build out the business and platform. He remained with the business through its transition into Industrials REIT and its subsequent acquisition by Blackstone in 2023. Following the integration of Industrials REIT with St. Modwen Logistics to form Indurent, James was appointed to his current role in the newly combined business.

He brings over 20 years of experience in commercial real estate, with a focus on investment and finance. Prior to 2017, James held roles at Invesco, UBS, and KPMG, where he supported a broad range of private and institutional investors deploying capital into UK and European real estate.