This Week's London Deal Sheet
The Deal Sheet is 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 mark.faithfull@bisnow.com.
Telford Homes has received a revised resolution to grant planning consent for the 4.82-acre Sainsbury’s site in Ilford.
The planning committee voted unanimously in favour of the proposals that would see more than 1,000 new homes built, which will be a combination of build-to-rent, affordable housing and purpose-built student accommodation. It will be set within a new landscaped public realm, with a new public park, flexible commercial spaces and a new Sainsbury’s store.
Following the original resolution in December 2022, the scheme has been adjusted to respond to emerging revised fire safety guidance, including five of the proposed seven buildings being redesigned with a secondary means of escape.
DEALS
Global investment firm KKR has acquired two build-to-rent multifamily buildings from Quintain at Wembley Park for £250M.
Alameda and Beton, completed in 2019 and 2020, respectively, consist of 490 BTR units across two buildings and about 40K SF of retail and leisure space. The buildings hold BREEAM Excellent and WiredScore Platinum ratings.
KKR is making the investment through its European Core+ Real Estate strategy, which invests in substantially stabilised assets with medium-term value growth potential.
As part of the investment, KKR has appointed Quintain to manage the residential and retail elements of both buildings through its Quintain Living platform.
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UK real estate fund manager Moorfield Group has entered its fourth development agreement with Glenbrook on behalf of its Moorfield Real Estate Fund V, forward-funding a 440-home multifamily build-to-rent development in Trafford, Manchester.
Moorfield, which acquired the site with full planning consent, and Glenbrook will deliver the 440 BTR units at Lumina Village where an additional 199 units are being delivered by Glenbrook on behalf of Clarion Housing Group as shared-ownership and affordable housing tenures.
Lumina Village forms part of the Civic Quarter Master Plan where Trafford’s 55-acre Civic Quarter is being regenerated to provide up to 4,000 new homes, public realm, green space and over 500K SF of new office and commercial stock. Plans include the redevelopment of circa 20 brownfield hectares.
Set to complete in 2026, Moorfield’s £120M gross development value scheme will be arranged across four buildings and a central podium with residential accommodation including apartments and townhouses.
LEASES
Landsec has let the final available floor of its Grade A office space at Lucent, its scheme directly behind the Piccadilly Lights.
Hedge fund manager Verition Fund Management will occupy the third floor of Lucent, consolidating the offices of its UK arm into a new London headquarters.
Lucent combines offices with new retail, hospitality and residential spaces across 144K SF and features 20 outdoor terraces, plus Myo Piccadilly, the latest addition to Landsec’s flexible office portfolio. Fit-out is underway following sites at Liverpool Street and Victoria Street.
Lucent was designed by architect Fletcher Priest, and construction was led by Wates. The agents for the scheme are CBRE and Cushman & Wakefield.
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The offices at 8 Bishopsgate have added AEW, BancTrust & Company and Helios Towers to its roster of occupiers. The latest deals bring the building, which is owned by Mitsubishi Estate London and developed by Stanhope, to over 80% let or under offer.
AEW, a global real estate investment manager, has signed a 10-year lease for the 42nd floor, taking up 8,500 SF. Emerging markets investment banking group BancTrust took the 36th level on a 10-year lease, occupying over 8K SF.
Telecom tower infrastructure company Helios Towers will move into the building later this year, taking 12K SF on the 21st floor in a 10-year lease.
DEVELOPMENT
Countryside Partnerships, part of the Vistry Group, has been selected by the Greater London Authority and the Mayor’s Office for Policing and Crime as the preferred developer to deliver 739 new mixed-tenure homes in Colindale, Barnet, as part of a £276M gross development value scheme.
The 427 affordable homes consisting of affordable rent, social rent and shared-ownership properties will represent 60% of the new development. It will also include 144 build-to-rent homes and 168 homes for private sale, subject to planning approval.
A proportion of the affordable shared-ownership homes will be offered to the city of Westminster as part of a wider planning portfolio agreement that commits to achieving 50% overall affordable housing across three sites owned by MOPAC.
Work is anticipated to start on the site in summer 2025 and is scheduled for completion in 2030. Colindale is the 34th major development being progressed by Vistry in London.
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The London Borough of Sutton has confirmed the selection of insurer Aviva and developer Socius as partners to advance the development of a district for cancer research and treatment at the London Cancer Hub in Sutton, London.
The investment includes the long lease sale for development by Aviva and Socius of a 5-hectare site adjacent to the Royal Marsden hospital and Institute for Cancer Research. The partnership will deliver 1M SF of research, treatment and innovation spaces, alongside residential accommodation and amenities for local people and visitors.
The site, known as the London Cancer Hub, is already ranked No. 1 in Europe for cancer research and treatment, according to Sutton Council. In addition to the Institute for Cancer Research and Royal Marsden NHS Foundation Trust, it is home to the cancer care support provider Maggie’s, the Harris Academy and the Council’s own Innovation Gateway.
Aviva and Socius have commenced community and stakeholder engagement with a view to submitting a planning application in late 2024.
FINANCE
Logicor, an owner, manager and developer of European logistics real estate, has placed €650M of notes under the group’s EMTN programme.
The unsecured notes have a term of 4.5 years and a coupon of 4.63%. The notes are rated BBB by S&P Global Ratings. Proceeds from the notes will be used for general corporate purposes, including the refinancing of existing debt.
Logicor is one of the largest owners and operators of modern logistics and distribution properties in Europe. As of 30 June, it owned and managed a portfolio of 594 properties.
PEOPLE
Battersea Power Station Development CEO Simon Murphy is to step down from his role in March 2024 after 11 years on the 42-acre regeneration project.
Appointed chief financial officer in 2012 by the Malaysian consortium upon its acquisition of the development, Murphy was promoted to deputy CEO in 2014 and subsequently appointed CEO in April 2018.
The area has been transformed during his tenure, with more than 140 shops, bars and restaurants, over 2,500 residents and office space including Apple’s new 500K SF London campus, all serviced by an extension to the London Underground Northern Line.
