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News in Brief

Designed by RMJM Serbia, ‘Terminal C’ opened its doors to the public on January 17th. Goran Nikolic and Jelena Krstovic Nikolic, RMJM Serbia’s Director and Lead Architect respectively, were presented with an Award of Appreciation for their work.

The terminal was designed to display Russian history and culture through avant-garde techniques, to offer the passengers the best first experience of Moscow

Richard Gibbard, Of Counsel, Financial Markets and Products, Fieldfisher reports that Mid-January 2020 saw the Bank of England and the Financial Conduct Authority (FCA) make a joint statement encouraging the loan market's transition away from LIBOR before the end of 2021.

What was new in this particular statement was the unflinching demand that market participants cease writing new sterling LIBOR loans by September 2020. It appears regulators are losing patience with loan market participants seemingly dragging their feet over transitioning away from LIBOR.

So what should market participants be doing on or before the end of Q3 2020 with a view to being able to write sterling loans based on non-LIBOR rates? 1) Identify the options for using alternative (non-LIBOR) rates for loans. 2) Develop models and systems for both evaluating non-LIBOR pricing and servicing non-LIBOR loans. 3) Identify and resolve any documentation hurdles to issuing non- LIBOR loans and ensure documents are fit for purpose.

Market participants must be prepared to justify any action – or inaction – during this period to the regulators and avoid discussing pricing matters with competitors or participants, as such activity could be seen as price fixing or manipulation.

Design and fit out company, Select Interiors has created a vibrant new office space for global, technical and engineering recruitment giant, Brunel in the heart of Manchester City Centre.

The Spring Gardens location provides over 2000 sq ft of Grade A commercial space which Select has treated as a canvas on which to introduce themes of Manchester culture and architecture, to maintain focus on the host city.

In addition Select Interiors have designed and refurbished premises in Manchester City Centre for one of the North West’s leading indpendent estate agent’s, Jordan Fishwick.

The project, sympathetically refurbished to acknowledge the site’s historic features at this premier location on Deansgate, was


completed in just under four weeks, allowing the estate agent to open for business at the earliest opportunity.

A new website aimed at helping companies find office space by independent workspace providers has launched. Spacepool is an intuitive search platform where businesses can search for and agree contracts on flexible workspaces, with extensive filter options such as location, price, availability and type, with photos and detailed listing information.

Eugene Tavyev, founder and CEO of Spacepool, comments: “Recognising the gap in the office search market, we have taken the time to understand what businesses want and have designed a simple, user- centric experience.”

One of the UK’s most popular clothing retailers has chosen a Lotus Group site in Northern Ireland as the location of its first ever Irish outlet.

Crew Clothing opened its 1,000 square foot unit at The Boulevard on the 21st November. This Ireland-first store will be its 14th outlet site.

The Boulevard has seen a 15% rise in footfall year-to-date and a 24% increase in sales across the same period.

Developer and investor Kingsbridge Estates has completed the £8.8million sale of an 82,000 sq ft warehouse unit at Chichester Food Park, West Sussex.

The sale comes after Kingsbridge, which manages the park on behalf of a consortium, extended the property and negotiated a new 20-year lease with the tenant. Kingsbridge Estates has a growing portfolio of industrial developments and holds office and retail assets.

Yorkshire-based Caddick Group is to build a £50m GDV distribution centre near Wakefield for global real estate investment manager AEW.

AEW will buy the site from Caddick Group and fund the development for its recently launched €290m develop-to-core UK logistics venture with Allianz. Caddick Construction has been appointed as the main contractor to deliver the 512,000 sq. ft. facility, now named Wakefield 515, located at Junction 33 on the M62 motorway, Wakefield. Work will begin early in 2020.

DHL has broken ground on a new 50,000sqm warehouse, intended to accommodate COMAH products for retail and consumer businesses. As part of DHL’s commitment to reduce logistics-related emissions to net-zero by 2050, the development features energy-

saving innovations far exceeding regulations for a building of its type.

Jim Hartshorne, MD Retail & Consumer said: “The site will provide some of the best facilities in the UK for the storage and transportation of COMAH products, whilst providing new and existing customers with the space to grow their businesses in the future.”

Specialist real estate lawyers at Walker Morris have advised Unite Students, the UK's leading owner, manager and developer of student accommodation, on the acquisition of its 913 bed student accommodation development site in London.

The site is located in Middlesex Street, London E1 and the new building is planned to be completed for the 2021/22 academic year. Nick Cannon and Andrew Maclean, both in the Real Estate Team at Walker Morris, advised Unite Students.

Executive search and advisory boutique Sousou Partners has appointed Adam Harris to join the Infrastructure and Energy practice. Adam was previously Head of Asset Management, Alternatives and Private Equity at Stonehaven International.

“We’re delighted to have brought Adam on board,” said Ghada Sousou, CEO of Sousou Partners.

“We’re excited about further strengthening our infrastructure and energy practice, especially given the growing importance of these sectors to clients. With his client- side experience, Adam will be immediately accretive to the business."

Cervidae together with Active Value Capital have acquired an Industrial estate in Hitchin for c£11.5m; their first Joint Venture purchase.

The Estate comprises 188,000sqf of industrial, warehouse and business accommodation across 18 buildings and benefits from high levels of occupancy, providing affordable rental tones when compared with the wider location.

With this purchase, Cervidae continue to expand on their strategy to identify real estate opportunities with a focus on value in strong locations which are underpinned by local market dynamics.

RPMI Railpen has recently announced the UK’s largest sports retailer, Sports Direct, luxury mecca FLANNELS, and USC have selected Cascades Shopping Centre in Portsmouth for 50,000 sq ft of trading space due to open in spring 2020, diversifying the shopping centre’s increasingly attractive retail offering.


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