LONDON - February 22, 2018 - Palmer Capital Development Fund III - a programmatic venture between CBRE Global Investment Partners (GIP) and Palmer Capital alongside Danescroft are pleased to announce the sale of their 1-acre redevelopment site in the centre of West Drayton.
The former industrial site was unconditionally acquired in January 2016 in a transaction arranged by Danescroft, a development partner of Palmer Capital. Danescroft co-invested in the transaction and were retained as the fund’s asset and development manager.
Danescroft successfully secured planning consent for 87 residential units. The site sits within a prime location adjacent to the Grand Union Canal and immediately opposite the new West Drayton Crossrail Station.
The apartments will be designed to offer attractive water views and high levels of amenity, just two minutes’ walk to the new station with journey times to Central London (Bond Street) of only 23 minutes.
The property has been sold to Shepherd’s Bush Housing Association.
Danescroft Director James Trelfa commented: “The sale concludes a successful business plan for Danescroft & Palmer Capital Development Fund III, on what is a prominent yet challenging site. The site was assembled from four separate parcels each acquired unconditionally over a period of months.
“Having secured vacant possession, we then negotiated a complex planning consent for the scheme which comprises 87 apartments in three attractive residential blocks. The site represents the regeneration of the final piece of undeveloped land adjacent to the West Drayton Elizabeth Line (Crossrail) station. We are actively seeking similarly constrained sites which present the opportunity for considered redevelopment and regeneration.”
Alex Bignell, Region Head of UK, CBRE Global Investment Partners said: “The successful execution of the business plan for the West Drayton site by Danescroft represents another strong result for CBRE GIP’s third programmatic venture with Palmer Capital. Other projects in this fund are also progressing well and we are committing significant capital to the fourth venture in this series.”
Chris Button, Fund Manager & Head of Value Add REIM at Palmer Capital commented:
“This transaction illustrates our track record in acquiring residential change of use of obsolete commercial buildings and our focus on good infrastructure links and strong demographic trends. We have c. £300m to invest in similar projects during 2018.”
Mohit Jain, Director of Finance and Development at Shepherds Bush Housing Association commented: “This site presents a fantastic opportunity for us to provide much needed affordable housing in London. We are working with PDR Construction to deliver these homes as part of a package deal. The thoroughness of the work carried out by the Danescroft team mean that we will very quickly be able to start on site and provide homes to local residents.”
Notes to Editor
About CBRE Global Investment Partners (“GIP”)
CBRE Global Investment Partners (“GIP”) is a division of CBRE Global Investors that delivers investment solutions customised for clients’ individual objectives, using private funds, club deals, secondaries, co-investments and programmatic ventures, partnering with leading operators for each strategy. Investments cover the risk spectrum from core to enhanced and use a variety of investment vehicles based on clients’ preferences.
GIP had equity AUM of $21.3 billion* at December 31, 2017. Clients invest via separate accounts, which have a regional or global remit, and GIP’s pooled funds. Pooled solutions include a global perpetual core fund and regional enhanced return funds.
Notes: CBRE Global Investment Partners Limited is authorised and regulated in the United Kingdom by the Financial Conduct Authority (FCA).
*Assets under management (AUM) includes investments in programs managed by the direct side of the CBRE Global Investors. APAC AUM is included in both Direct and Indirect Real Estate.
About Palmer Capital
Palmer Capital is a UK focused real estate investment management company with >£876m of AUM (as at 30th September 2017). Founded in 1992, the company is privately owned and has c. 25 years of experience in direct real estate.
The business has two distinct divisions – minority share holdings in property asset and development management companies (Asset Management Platform) and the fund management of pooled or segregated property vehicles (Funds Management Platform). These complementary activities provide Palmer Capital with the advantage of being able to source and execute property transactions from the Asset Management Platform and to fund and structure these with the investors whose capital it manages in its Fund Management Platform, or utilising equity from its own balance sheet.
About Danescroft land
Originally established by David Civil in 1997, the Company’s development and investment portfolio has grown substantially since teaming up with the boutique investment manager, Palmer Capital in 1999. The financial and management support of Palmer Capital has enabled Danescroft to undertake larger and more complex projects incorporating both commercial and residential uses.
Focussed on residential and mixed use opportunities in Greater London and the South-East, they have established a considerable track record in acquiring sites unconditionally and negotiating complex planning consents. They have particular expertise in working with landowners, local authorities and stakeholder groups to maximise the development potential and value of a variety of brownfield and greenfield opportunities. Danescroft has an open and straightforward approach to doing business and is proud of its reputation for honesty, professionalism and performance.
ITALY - February 22, 2018 - CBRE Global Investors has completed the acquisition of the company owning the Gran Shopping Mongolfiera Molfetta in Italy, on behalf of the CBRE European Shopping Centre Fund II (ESCF II). The company was acquired from Orion Income Return Partners (a fund sponsored by Orion Capital Managers) and HB Capital.
The shopping centre is located in Molfetta, north of the town of Bari and has a catchment area of over 250,000 inhabitants. Bari is the second most important economic centre of mainland Southern Italy and has a high percentage of young inhabitants.
Opened in 2008, the asset comprises ca. 35,000 sqm, including a mall and hypermarket (which is not part of the transaction) and is fully let to international tenants that include Zara, Stradivarius, Bershka, Pull & Bear, Oysho, MediaWorld and Mc Donald's.
It is the dominant shopping destination within the area and sits within a retail and leisure hub with good accessibility from the route linking Bari to the cities of Barletta and Foggia. It has 2,500 parking spaces and in 2016 attracted 5.3 million visitors.
Alberico Radice Fossati, Head of Transactions Italy, CBRE Global Investors said, “Gran Shopping Mongolfiera Molfetta is a leading shopping destination with high and stable occupancy rates driven by strong tenant demand. We are very pleased to have been able to secure this acquisition for ESCF II.”
Toby Smith, Portfolio Manager for ESCF II Fund commented; “The Fund concentrates on buying assets that are dominant within their catchment area and provide an attractive combination of stable income streams and growth potential; Mongolfiera is an excellent example of this. It is also one of the final acquisitions for the Fund, which is expected to have 12 assets under management in total, with a total Fund GAV of c.€1.3bn when fully invested.”
- ENDS -About CBRE Global InvestorsCBRE Global Investors is a global real asset investment management firm with $103.2 billion in assets under management* as of December 31, 2017. The firm sponsors investment programs across the risk/return spectrum for investors worldwide.CBRE Global Investors is an independently operated affiliate of CBRE Group, Inc. (NYSE:CBG). It harnesses the research, investment sourcing and other resources of the world’s largest commercial real estate services and investment firm (based on 2017 revenue) for the benefit of its investors. CBRE Group, Inc. has more than 80,000 employees (excluding affiliates) and serves real estate investors and occupiers through approximately 450 offices (excluding affiliates) worldwide. For more information about CBRE Global Investors, please visit www.cbreglobalinvestors.com.*Assets under management (AUM) refers to the fair market value of real asset-related investments with respect to which CBRE Global Investors provides, on a global basis, oversight, investment management services and other advice and which generally consist of investments in real assets; equity in funds and joint ventures; securities portfolios; operating companies and real asset-related loans. This AUM is intended principally to reflect the extent of CBRE Global Investors' presence in the global real asset market, and its calculation of AUM may differ from the calculations of other asset managers.
LONDON - February 22, 2018 - CBRE Global Investors has announced a significant new piece of public art will be commissioned as part of the proposed £11 million comprehensive refurbishment of Angel Central in North London.
The Contemporary Art Society has been appointed to source the new artwork and has compiled a handpicked list of critically acclaimed UK artists, from which a select steering group has invited four artists to provide their proposals.
The shortlisted artists specialise in a wide range of mediums, from graphic and two-dimensional works to the more architectural or digital interpretations, and their final submissions will be shown at a public consultation event, taking place from the 9-10 March, to gauge opinion amongst local residents, businesses and other stakeholders.
Working with The Contemporary Art Society Consultancy, CBRE Global Investors and Development Managers, Queensberry are also planning to involve local schools in the process via an education programme designed to highlight how art is produced, from concept to installation.
The final artist will contribute a unique piece celebrating the local area and Angel Central’s new look.
Commenting on the decision to commission a new piece of public art for Angel Central, Laura Wilson-Brown, Head of Asset Management UK at CBRE Global Investors, said: “The new art installation or work will be a central focus for the proposed development and will reflect the contemporary look of a revitalised Angel Central. We are excited to see what the shortlisted artists will submit and how they have interpreted our brief. It is important the new art reflects the local community and is something we can enjoy for many years to come.”
Fabienne Nicholas, Head of Consultancy at the Contemporary Art Society, added: “To be appointed by CBRE Global Investors and Queensberry for Angel Central is a fantastic opportunity to commission a piece of art that reflects the history and community of Angel. The highly acclaimed shortlisted artists will each provide their own unique response to the local area and we are thrilled to have been part of the legacy process for this popular destination.”
The 170,000 sq ft Angel Central benefits from an annual footfall of 10 million visitors and is ranked in the top 10 of London Retail Destinations*. Currently anchored by H&M, Angel Central’s retail line-up includes Muji, Rituals, Monsoon and Oasis, with the latter recently completing a significant refurbishment. In addition, Vue’s ten-screen cinema and the O2 Academy lead the leisure offer, which is complemented by a range of restaurants, such as Gourmet Burger Kitchen and Wagamama.
CBRE, CWM acts on behalf of Angel Central for all the retail leasing and BNP Paribas for F&B leasing enquiries.
*CACI’s Retail Footprint 2016
- ENDS -
About CBRE Global Investors
CBRE Global Investors is a global real asset investment management firm with $103.2 billion in assets under management* as of December 31, 2017. The firm sponsors investment programs across the risk/return spectrum for investors worldwide.
CBRE Global Investors is an independently operated affiliate of CBRE Group, Inc. (NYSE:CBG). It harnesses the research, investment sourcing and other resources of the world’s largest commercial real estate services and investment firm (based on 2017 revenue) for the benefit of its investors. CBRE Group, Inc. has more than 80,000 employees (excluding affiliates) and serves real estate investors and occupiers through approximately 450 offices (excluding affiliates) worldwide. For more information about CBRE Global Investors, please visit www.cbreglobalinvestors.com.
*Assets under management (AUM) refers to the fair market value of real asset-related investments with respect to which CBRE Global Investors provides, on a global basis, oversight, investment management services and other advice and which generally consist of investments in real assets; equity in funds and joint ventures; securities portfolios; operating companies and real asset-related loans. This AUM is intended principally to reflect the extent of CBRE Global Investors' presence in the global real asset market, and its calculation of AUM may differ from the calculations of other asset managers.
Queensberry is a progressive property company, specialising in the development and investment of commercial assets. Our expertise is in mixed-use regeneration schemes in towns and cities across the UK with a focus on retail and leisure destinations. We are currently developing 2 million sq ft across 9 projects and we have over £200 million investments under management. Our places stretch from London to Sheffield and Manchester to Newport. We work with private and public sector partners across our varied, award-winning portfolio.
Founded in 2011 by Paul Sargent, Stuart Harris and Jon Munce, Queensberry has flourished into a force in the market. Boasting a growing team of dynamic individuals, all of whom are experts in their fields, Queensberry is focused on delivering high quality bespoke destinations.
About The Contemporary Arts Society
The Contemporary Art Society Consultancy provides art advisory services to develop contemporary art collections, public art commissions and visionary arts and cultural strategies. The Art Consultancy supports the Contemporary Art Society, a charity that purchases important new works of art to place in public collections across the UK. Identifying the great artists of today is at the heart of our approach, bringing the best in contemporary art to our clients. Current and recent projects include the development of a national public art strategy for Qatar Public Realm, a 12 year public art programme for the University of Cambridge’s North West Cambridge urban expansion, major public art commissions for the Olympic Park in 2012, London School of Economics in 2010 and 2014, and developments including Television Centre, One Blackfriars and Angel Court in London. www.contemporaryartsociety.org/consultancy