News BMO REP Leases Chelmsford Office Space P3 Appoints Kate Saddler
P-THREE, the real estate consultancy that partners with
investors, developers and occupiers, has
appointed Kate as
a Director. Kate joins to grow P-THREE’s best-in-class service for its restaurant and leisure clients across the business.
Thomas Rose, Co-founder of
P-THREE, said: “Having all worked previously with Kate for ten years, we
know exactly what she can bring to the team. Kate has excellent skills at building long-term trusted relationships and providing strategic counsel, which is exactly what P-THREE stands for.”
Liverpool One Welcomes New F&B Venues
Grosvenor Britain & Ireland has announced the launch of two new independent dining concepts at Liverpool ONE. The openings coincide with an upswing in the destination’s restaurant footfall and sales since the reopening of indoor hospitality, following several weeks of strong alfresco dining performance across the destination.
Alison Clegg, Managing Director, Asset Management at Grosvenor Britain & Ireland commented: “Liverpool ONE’s restaurants, cafes and bars have sprung back to life over the last few weeks with the alfresco offering across the destination, and it is fantastic to see another boost for the sector as indoor restrictions ease. We will continue to support our community of operators and are confident these good results will continue throughout the summer months and beyond.”
SEGRO Publishes its Green Finance Framework
SEGRO plc (“SEGRO” or “the Group”) has published its Green Finance Framework (“the Framework”),
building on the Responsible
SEGRO strategy launched in February 2021. The Framework applies to SEGRO, its subsidiaries.
The Responsible SEGRO strategy has three central commitments: • Championing low-carbon growth • Investing
in environments • Nurturing talent
The Green Finance Framework identifies projects which can be financed through green bonds, loans and other debt products. The projects, known as Eligible Green Projects, must support our Responsible SEGRO commitments as well as the Group’s business strategy. These include the development and acquisition of buildings with high quality environmental certifications, refurbishments
of existing buildings which
improve their energy efficiency and discrete projects which encourage clean transportation, generate renewable energy, reduce pollution and which have a positive influence on local biodiversity.
DNV independently assessed the Framework to ensure its alignment with relevant principles published by the International Capital Markets Association (ICMA) and the Loan Markets Association (LMA). The Framework and DNV’s second party opinion are available at
www.segro.com and at
www.selp.lu
10 our local communities and
The 115,000 sq ft warehouse is let to Reynolds, a national foodservice business, on a new 23 year lease with the benefit of CPI+1 linked rent reviews of between 2-4%. The building is located in a highly established logistics area of Enfield adjacent to the M25, less than a five minute drive from Junction 25. It occupies a 5.6 acre site and has a site cover of 41%, which is low for a London location.
The property generates a rent of £1.6 million per annum which is just under 10% below market rent. There are no lease incentives as part of the sale and leaseback and the contractual rent reviews will increase the purchase net initial yield from 3.5% to an expected 4.0% after five years.
The purchase price is nearly 100% underwritten by the residual value of the land which reflects the very strong geography of the asset. Following the acquisition, LondonMetric’s urban logistics portfolio’s weighting towards London and the South East has increased to over 50%.
Andrew Jones, Chief Executive of LondonMetric, commented: “We are pleased to be able to redeploy recent sales receipts into such a high quality, well located asset offering the certainty of excellent income growth with the comfort of a high intrinsic site value.”
Visit
www.londonmetric.com COMMERCIAL PROPERTY MONTHLY 2021
innovative Sadler
BMO Real Estate Partners (BMO REP) has, on behalf of IPT Property Holdings Ltd, completed three leases totalling 26,642 sq ft of Grade A office space at County House in Chelmsford. The new lettings take the property’s occupancy to 75% in just a few weeks after completing a comprehensive refurbishment project.
Joint letting agents Hanover Green and Savills are now marketing the only remaining floor at the property, comprising 9,676 sq ft of ground floor space, which can be split into 3,600 and 5,750 sq ft areas if required.
Simon McIntosh, Property Asset Manager at BMO REP said: “County House has been refurbished to the highest standards, with ESG considerations and learnings from the pandemic at the heart of the project.”
Atrato Group Builds Team
Atrato Group, the alternative asset management and advisory group specialising in asset backed income strategies, announces the appointment of Gurpreet Gujral as Managing Director, Renewable Energy and Francisca Wiggins as Director, Renewable Energy.
With the appointment of Gurpreet and Francisca, Atrato Group will support SUPR’s tenants in achieving their ESG objectives and drive the expansion of SUPR’s renewable energy investment initiatives.
While their principal focus will be the SUPR portfolio, the team will also consider solar PV opportunities for the Atrato Group balance sheet where the opportunity is not appropriate for SUPR. Ben Green, Principal, at Atrato Group, commented: “Gurpreet and Francisca both bring significant experience in renewables, which will be vital as we look to expand our activity in the green energy space.”
Visit
www.atratopartners.com Londonmetric Property Sale
LondonMetric Property Plc (“LondonMetric”) announces the acquisition of a well located urban logistics warehouse in Waltham Cross for £43.8 million through a sale and lease back transaction.
PATRIZIA Makes New Hires
• Alastair Allan joins as Senior Associate and Tommy Village joins as an Analyst in the UK & Ireland Real Estate Development (RED) team.
• Appointments further strengthen the RED team’s expertise in selecting development projects with strong potential and completing them to a world-class standard.
These new hires will help build on the RED team’s strong track record of recognising and capitalising on high potential pan-European development opportunities and delivering development projects to world-class standards.
Commenting on the appointments, Daniel Williams, said “Both Alastair and Tommy bring a wealth of knowledge to the UK & Ireland
Real Estate Development team
and their experience in the development management space will help the team build on its strong record of delivering projects that not only drive strong returns but also create outstanding places to live, work and spend leisure time. With EUR 2 billion of completed developments by the RED team to date, we are in a great position to capitalise on the exciting opportunities presented by the current real estate development environment in the UK, and Alastair and Tommy’s appointments will help us meet our growth ambitions.”
Visit
www.patrizia.ag or contact
communications@patrizia.ag
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