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MOORFIELD EXCEEDS TARGET
oorfield Group, the UK real estate private equity fund manager, has successfully and materially surpassed the £100 million target on the first close of its new Moorfield Real Estate Fund IV (MREFIV).
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MREFIV is Moorfield’s fourth value-add fund which is expected to have an investment focus on Build to Rent (BTR), Student Accommodation and Logistics, alongside opportunistic mixed-use and infrastructure led real estate opportunities. The fund will be seeded with a BTR scheme in Manchester’s Media City (Erie Basin) and an office building in Newcastle’s Cobalt Park. The fund, which has a final target of £350 million, has attracted a strong global investor base from a number of blue-chip European and US pension, endowment and foundation funds.
The two schemes that will seed the fund are in Manchester and Newcastle. Erie Basin in Salford Quays, Manchester is a 220,000 sq.ft 16-storey BTR development, designed by award winning architects Shepherd Robson, consisting of 270 one, two and three-bedroom residential apartments. Cobalt 23 is a 128,500 sq.ft vacant high quality office building on the Cobalt Business Park in Newcastle.
FOURTH LONDON HUB A
msterdam-born creative workspace pioneer Spaces has announced that it will be opening its fourth hub in the capital. Spaces Fitzrovia will occupy The Harley Building, an impressive 36400 sq ft. building designed by award-winning architects Squire and Parsons. Spaces was created to offer
professionals a working environment with a unique entrepreneurial ethos and its centres are designed to meet the varied workplace requirements of today’s businesses. The new Marylebone hub will house a large, open- plan co-working area, along with meeting rooms available to hire and over 100 private offices. A café selling fresh food and barista style coffee will also be available, as well as an exclusive roof terrace boasting 360˚ views of the city. Set near the stylish neighbourhood of
Marylebone, The Harley Building offers one of the area’s most distinctive and impressive business addresses. Occupying a prominent island site on the corner of New Cavendish Street and Hallam Street, it also lies in close proximity to Regent’s Park, Great Portland Street and Oxford Circus Underground stations. The building is just 40 minutes from London City Airport and less than an hour from London Heathrow by car.
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Glenny LLP, has let Dunton Distribution Centre in Basildon, Essex, to P2P Mailing Ltd, an independent distribution provider specialising in e-commerce.
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The 157,000 sq.ft warehouse, which includes 13,215 sq.ft of office space, was let off-market to P2P, who had to promptly relocate their Basildon depot after it was destroyed in a fire earlier in the month. The deal represents the largest warehouse letting in Basildon for over 10 years, but is also symbolic of a wider industry trend identified in Glenny’s Q3 2017 Databook. The research reports that logistics operators are seeking strategically-located sites in the Eastern M25 area in a bid to drive efficiencies as part of the final ‘Last Mile’ leg of the customer supply chain. Jim O’Connell, Divisional Partner in the Business Space Agency team at Glenny, said: “The letting of this substantially-sized warehouse represents a successful outcome for both landlord and occupier. The letting was concluded extremely swiftly, which not only minimised disruption and disturbance, but also ensured the landlord’s void costs were significantly reduced.”
Manager, acting on behalf of M7 Real Estate Investment Partners II (‘M7 REIP II’), has completed the letting of the 31,000 sq.ft building at Central Park, Nottingham to Siemens plc. This is the largest office letting in Nottingham since the first quarter of 2016.
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The building was originally constructed in the early 1990s and was acquired by M7 in 2015 in a poor state of repair and having recently been vacated by the previous tenant before its lease expiry in August 2017.
In advance of the lease expiry, M7 engaged FHP to undertake soft marketing of the property and identified Siemens PLC as a potential tenant that wished to relocate from its existing offices at Lambourne Drive in Wollaton. M7 committed to undertake a fast track £2.5 million refurbishment scheme that was bespoke to Siemens’ requirements and integrated both the landlord’s and tenant’s work to ensure the building was ready for occupation in November 2017. FHP’s Nottingham Office worked with
M7 and Western Allison Wright as Project Managers in agreeing the deal.
BASILDON
JT Securities and Laindon Holdings, advised by property consultancy
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7 Real Estate (“M7”) the pan European Investor and Asset
R NAME CHANGE
edefine International PLC has recently changed its name to:
RDI REIT P.L.C., short for Real Estate Diversified Income REIT. The abbreviated name of the
Company will change to RDI. Mike Watters, CEO of RDI
commented: “Following a decade listed on the UK main market, we look forward to the next decade with a fresh new brand and a re-focus of our strategic priorities to support our intention to become the UK’s leading income focused REIT.
With the new name and brand we aim
to establish a clear, independent identity, whilst maintaining some continuity by keeping reference to our UK RDI ticker. Alongside the new name we are also pleased to announce that we are relocating our London head office to 33 Regent Street, London, SW1Y 4NE on Friday, 8 December 2017.” RDI is a FTSE 250 UK Real Estate
Investment Trust (UK-REIT) committed to becoming the UK’s leading income focused REIT. The Company's income-led business model and strategic priorities are designed to offer shareholders sustainable and growing income returns.
PLATINUM RATING FOR TECHNOLOGY
INFRASTRUCTURE
&G Real Estate has received the Wired Certified Platinum rating for
Developments & Redevelopments at its No. 2 Forbury Place office development in Reading, the first building in Reading to achieve the highest level under the international digital connectivity rating scheme from WiredScore. The 192,000 Grade ‘A’ office asset, the largest on offer in the centre of Reading, has been built to the highest environmental specifications and offers exceptional connectivity facilities. Future occupants will also benefit from the forthcoming completion of Cross Rail and the excellent connectivity with the main transport hubs. The Platinum rating for its technology infrastructure rewards M&G Real Estate’s focused investment to ensure the building’s future-proof foundations. Only 41 buildings in the UK are Wired Certified Platinum, and just 10 per cent of projects worldwide have achieved this rating.
First launched in partnership with the Bloomberg administration in New York City in 2013, WiredScore established in the UK in 2015 with the endorsement of the Mayor of London.
COMMERCIAL PROPERTY MONTHLY 2017
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