This Week's London Deal Sheet
A weekly compilation of Greater London and beyond's biggest leases, sales, financing deals, construction updates and personnel moves. Have news you’d like to submit? Email tim.clark@bisnow.com.
UK/U.S. joint venture Related Argent has partnered with Fusion for a £210M purpose-built student accommodation scheme at Brent Cross in north London.
The scheme will be Fusion's first development in London and will provide 662 private rooms in what the developers have called a design-led, high-quality environment that offers "a home that enriches and enhances their university experience".
The new building will provide three connected blocks that range from nine to 22 storeys offering a variety of student rooms of different sizes and types.
Designed by Glenn Howells Architects, the scheme is slated to be complete for the 2024/25 academic year and will include a multipurpose tiered event space, coffee shop and zero-waste shop, a social lounge, a cinema room, esports arena and KTV karaoke room, as well as group study lounges and private study rooms.
The scheme forms part of the wider £7B park town development, which is a joint venture between Related Argent and Barnet Council.
CORPORATE
ESG data intelligence platform for the real estate sector Deepki has acquired UK-based competitor Fabriq as part of its international growth strategy. This follows the announcement of €150M of new funding in March.
Founded in 2014, Deepki’s software-as-a-service platform helps investors, owners and managers improve the ESG performance of their real estate assets, and in the process enhance their value.
DEALS
Global sports agency Round World Group has bought a mixed-use building on Wigmore Street in the West End for its own occupation. The deal was funded by a £21M acquisition loan from investment group Topland, which covered 85% of the purchase price.
Round World plans to consolidate its group of companies into a single property at 94 - 96 Wigmore Street. The six-storey building was formerly occupied by the Edinburgh Woollen Mill.
FINANCE
Private investment firm Cain International has provided an £86M development loan to BauMont Real Estate Capital and YardNine for the development of a 95K SF office scheme at 100 Fetter Lane in central London known as ‘Edenica’.
The asset was acquired by BauMont in January 2021 with development partner, YardNine. Located in close proximity to Farringdon, the scheme received planning consent in September 2021 for the delivery of a new 12-storey development, with more than 8K SF of roof gardens, a new pedestrian route and garden square at ground level, alongside more than 230 cycle spaces.
The scheme is due for completion in summer 2024. BauMont was advised by BCLP, and Cain International by Taylor Wessing, Savills and CBRE.
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Henley Investment Management has secured the first investors for its second UK social housing fund. Known as the Secure Income Property Unit Trust II, the fund has a target of £300M of equity by the end of 2022 with Henley aiming to raise £1B over the next three years.
The fund will be used to invest in the UK social housing sector, focussing on homes for vulnerable adults including individuals with learning disabilities. Henley aims to build up to 1,000 social homes.
DEVELOPMENT
The £200M overhaul of the former Debenhams flagship store on Oxford Street has taken a step closer after Lendlease was appointed contractor to the scheme.
According to Building magazine Lendlease beat Skanska to the redevelopment that is being undertaken by 334 Ramsbury Oxford Limited, which is owned by Ramsbury Property. Situated close to Bond Street station, the revamped scheme will include three storeys of retail space with offices on its upper levels.
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Dominvs Group has been given the green light to develop two hotels in Nine Elms that will total more than 800 rooms.
The developer was given planning consent by Wandsworth Council to build the two hotels on the site of a former Victorian pleasure grounds. The twin hotel project has been designed by architects Squire + Partners and is estimated to open in 2024.
Located to the west of the U.S. Embassy the complex will feature two distinct hotels connected by a common basement facility. The north hotel is intended to provide a mid-scale offer and will be 11 storeys with 360 rooms; and the south hotel will be an affordable luxury offering totalling 15 storeys with 477 rooms, as well as a publicly accessible ground floor café and rooftop restaurant and bar with views toward the Thames.
PEOPLE
Investment manager Railpen has hired Maria Averkina as asset and development manager.
Averkina will be responsible for asset management and devising bespoke development strategies across Railpen’s diverse portfolio, delivering Railpen’s strategy of creating clusters of high-quality assets with strong sustainability credentials in locations with the opportunity to drive rental growth.
She joins Railpen following six years at British Land, beginning as an analyst whilst completing her MBA before moving into the development team.
