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 mike.phillips@bisnow.com.
Tristan Capital Partners’ TIPS One Debt Fund has completed an £80M senior loan to refinance 204 rental apartments in the Manhattan Loft Gardens tower in the Olympic Park in Stratford, east London.
Alongside the apartments, the 42-floor tower includes a seven-floor hotel. It is located next to the East Village and Elizabeth Park, an area that has experienced significant residential development in recent years.
“The Manhattan Loft financing is a continuation of the core strategy of TIPS One which is to finance sponsors with a strong demonstrated history of developing and investing in prime assets that drive income and capital growth,” Tristan Head of Debt Investment Dan Pottorff said in a release. “This loan marks our seventh since launching in summer 2021, representing more than €300M lending volume with many more attractive opportunities in the pipeline.”
SALES
Central Group and Signa Holding have completed the acquisition of the luxury retailer Selfridges Group from the Weston family.
Selfridges Group's portfolio — comprising 18 stores under four banners in three countries, including the iconic Selfridges Oxford Street in the heart of London, which occupies an entire city block, Brown Thomas & Arnotts in Ireland, and De Bijenkorf in the Netherlands — will be integrated with Central and Signa’s combined existing portfolio of 22 luxury department stores and two new stores to open soon in Dusseldorf and Vienna.
Both Rinascente in Italy and Illum in Denmark are wholly owned by Central Group. KaDeWe, Oberpollinger and Alsterhaus in Germany and Globus in Switzerland are jointly owned by Central Group and Signa Holding.
The integration will also include Selfridges Group’s e-commerce platforms, which draw more than 30 million online visitors monthly and ship to over 130 countries worldwide.
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Frasers Group, the retailer founded by Mime Ashley, announced it has completed the disposal of a number of freehold and long leasehold retail parks held by its wholly owned subsidiaries to RI UK 1 Limited for a headline price of £205M. RI is a subsidiary of U.S. investor Realty Income, Companies House documents show.
The portfolio of assets is understood to include parks in Wigan, Cheshunt, Thurrock and Cheetham Hill, near Manchester, along with the Berryden Retail Park in Aberdeen, Property Week reported.
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Schroders Capital has completed the sale of two prime urban logistics estates to Prologis UK for £200M.
The two estates, based in Park Royal and Watford, include more than 362K SF of last-mile logistics accommodation, spanning a total of 17 acres. They are 100% leased to occupiers operating in diverse industry sectors such as distribution, construction and pharmaceutical, as well as film and television.
Central Park is located on Central Way in Park Royal, and is an urban logistics park, providing 162K SF of accommodation across 10 warehouse units. It provides a diverse income profile, with an average weighted unexpired lease term of 5.6 years to break and 6.9 years to lease expiries.
Imperial Park is located on Imperial Way in Watford, and it provides 200K SF of industrial and trade counter accommodation across 15 units. It was developed in two phases between 2000-2009, is let to 12 tenants and benefits from an average weighted unexpired lease term of 5.7 years.
LEASES
Three new occupiers have been announced as part of the ongoing transformation of Centre Court Shopping Centre in Wimbledon. Luxury gym and health club Third Space has exchanged contracts with Romulus, the owners of Centre Court Shopping Centre, to build and operate a new 42K SF outpost, which will open in 2023.
Third Space will be joined by The Golf Groove, a high-tech and immersive golf simulation experience that includes an in-house bar. Coworking provider Huddle will also open following its successful launch in Hammersmith in 2018.
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Publishing house The Quarto Group has agreed a 12-year lease at the Triptych Bankside development on London’s Southbank.
The Quarto Group is taking all 9K SF of the second floor. As a result, JTRE London, the developer of the scheme, has let more than 50K SF of commercial space in the building since launch in March. Bh2 and Savills advised JTRE; Kinney Green acted for The Quarto Group.
FINANCE
Pluto Finance has provided a £44.5M loan for The Haydon development, a £95M residential tower of 87 apartments in Aldgate in the heart of the City of London. Due to complete in 2024, it is being developed by Regal London in partnership with 4C Hotel Group.
Designed by ACME Architects, residents will have access to the spa, cinema, gym and a roof terrace with extensive views across London.
PEOPLE
Immobel Capital Partners has appointed Andrew MacDonald as head of finance and joint ventures. He joins a growing senior team assembled since the start of the year and focusing on green strategies.
MacDonald will be responsible for originating, structuring and managing joint venture investments, and debt and corporate finance. He joins from Schroder Real Estate, where he was head of real estate finance and spent 10 years covering debt financing, capital structuring and financial underwriting.
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IMMO, the tech-driven residential investment platform for single-family rental housing, has appointed a chief technology officer following a $75M Series B round.
Himai Mandali, who joins from banking-as-a-service platform Solarisbank, will be responsible for further developing and enhancing IMMO’s in-house technology-driven investment platform.
During his time at Solarisbank, Mandali led and managed globally distributed teams of more than 350 engineers. He was responsible for migrating the bank’s systems, products and databases to the cloud, making Solaris the first to do so in Germany.
Between 2008 and 2019, he spent 12 years at CapitalOne, an American bank, where he most recently held the role of director of software engineering.
