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georgeschuylerfinance · 26 days ago

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Rejuvenated European ABS market hopes best is yet to come

Rejuvenated European ABS market hopes best is yet to come

European securitization is hoping for more of the same in 2025, after an extraordinary 2024 in which issuance records have tumbled, spreads have held up despite this supply and collateral performance has beaten forecasts.

“In general, issuance has exceeded our expectations, both in terms of market conditions and overall investor demand for various asset types,” says Barbara Rismondo, associate managing director at Moody’s. “Market conditions have been very positive.”

Moreover, most believe the best is yet to come, with regulators making plenty of supportive noises and pressure from elevated interest rates beginning to ease.

Almost two-thirds of respondents to GlobalCapital’s market survey foresee another year of record issuance in 2025. Just 25% expect spreads to widen and 53% expect more investors to enter the market next year.

Some 66% of respondents are happy with the direction of travel on regulation in the EU and say the same about the UK. However, similar percentages feel that neither jurisdiction is moving fast enough.

What do you think is the most significant cause of increased securitization issuance?

Space to innovate

If good conditions prevail as expected in 2025, there may be room for securitization funded lenders to innovate. As it turned out, 2024 was characterised by a surge in the number of issuers, with standout inaugural deals from solar issuer Enpal and data centre provider Vantage.

Although they were perhaps accompanied by less fanfare, there were also a number UK RMBS debuts.

“The number of active originators using RMBS as a tool is materially different from five or six years ago, and even to two or three years [ago],” says Alastair Bigley, sector lead of European RMBS at S&P. “A number of new entrants have come into the market this year.”

These debuts built on strong overall market conditions, with spreads on buy-to-let and non-conforming paper tightening dramatically, while prime RMBS volumes were higher than in 2023.

“This year has been very different from 2023 [in RMBS], which was probably the low point for the mortgage market,” says Andrew Vickery, partner at Linklaters. “It started in January with the prime lenders straight out of the gates. Specialist lenders soon followed and since then we have seen virtually every segment of the industry accessing the improved liquidity in the markets. With rates tightening and origination levels significantly increasing, we see that trend continuing in 2025.”

Indeed, the UK housing market has started to recover, with Halifax’s House Price Index showing that house prices were back to record highs in October. Bank of England data shows mortgage lending picking up, with volumes in September 2024 up by 49.3% compared with the same month the year before.

“Some newer investors may have entered the market opportunistically, and it is not certain they will stay,” Benhamou says. “Their sustained involvement will likely depend on the growth of the US market. Although that market has expanded, it has yet to reach the scale some [had] anticipated a bit too optimistically. We believe the US market will continue to develop but this will take time and include structural nuances distinct from Europe.”

SRT’s popularity fits into a broader trend of private credit expanding and taking market share as banks face capital constraints. However, SRT and other bank-originated securitizations also represent a way for the two sectors to work together. Market participants predict an expansion of that collaboration next year.

“The market has seen a number of financial institutions partner up with credit funds to launch direct lending funds, which has been an interesting development,” says Harjeet Lall, partner at Pinsent Masons. “My practice covers a wide range of asset classes. I have really seen the full gamut this year from a lot of activity in trade receivables, especially in the first half of the year and then resi mortgages throughout. I am also seeing more appetite for esoteric assets, primarily driven by credit funds.”

Survey respondents were divided on the main cause of rising issuance this year: 23% put it down to capital constraints on banks, but 30% said liquidity pressures as central bank funding rolls off was most significant. Attractive spreads (23%) and improving regulation (13%) were also identified as factors.

There will be more opportunities for credit funds to seize in 2025. Banks are likely to keep shedding assets in their pursuit of improved returns on equity, while the non-bank lending sector will be boosted by likely lower rates, with 59% of survey respondents expecting lending volumes to rise.

Headwinds do remain, however. Macroeconomic uncertainty still hangs over the market, as well as the possibility of inflation returning, though just 5% of survey respondents predicted policy rates would climb above 6% in 2025.

Securitization beat expectations in 2024 to produce a vintage year across asset classes. Today there is every confidence that the good times can keep on rolling.

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georgeschuylerfinance · 26 days ago

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AspinallVerdi adds Starkey

The regeneration consultancy has appointed Daniel Starkey as an associate director at the firm’s head office in Leeds.

Starkey joins the expanding firm following more than five years with planning, masterplanning and architecture consultancy business Spawforths, where he became a senior associate, specialising in strategic planning services in the land promotion team.

In this position, Starkey led on site finding, viability matters and advising on the acquisition and sale of development land.

Prior to that the chartered town planner and chartered surveyor was a strategic land manager with Barratt Developments, a planner at Harron Homes and a planning assistant with Craven District Council.

Led by chairman Atam Verdi and managing director Ben Aspinall, the AspinallVerdi team serving Yorkshire from 46 The Calls, has a widening client base including North Yorkshire Council, Kirklees Council, Potter Space, Sky-House, Cheyne Capital and others.

Aspinall said: “We have grown our client base both in Yorkshire and nationally in recent years and Daniel’s strategic appointment will further enhance our ability to provide our valued clients in the public and private sectors with comprehensive and high-quality property advice.”

Founded in 2009, the business now has a workforce of more than 30 at its headquarters in Leeds and offices in Newcastle, Liverpool, Birmingham and London.

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georgeschuylerfinance · 26 days ago

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A £20k second income? Here’s how much someone would need to invest

Having thoughts about generating six-figures worth of second income a year isn’t a fantasy. There are investors out there that have built solid dividend portfolios over time that yield in excess of £20k a year. For an investor starting out that’s trying to reach this goal, here are some key details to help along the way.

Targeting a high yield, managing risk

One way to achieve this goal would be to invest a regular amount each month via an ISA. The benefit of the ISA is that any income received from dividends isn’t taxable. This means that all of the dividends can be reinvested back in stocks. In turn, this should help the portfolio to compound gains at a faster pace.

Please note that tax treatment depends on the individual circumstances of each client and may be subject to change in future. The content in this article is provided for information purposes only. It is not intended to be, neither does it constitute, any form of tax advice. Readers are responsible for carrying out their own due diligence and for obtaining professional advice before making any investment decisions.

An investor can currently put £20k a year in an ISA tax free. This works out at £1,666 a month. I think it makes sense to invest each month. Yet for cash flow reasons it might be easier for someone to invest less frequently, such as once a quarter.

Whatever the frequency, the main strategy idea is built around picking 75% core dividend shares, with 25% in higher risk (but higher-yielding) options. This can help to boost the overall yield of the portfolio significantly, without increasing the overall risk that much. For example, if 75% of the stocks yielded 5% but 25% yielded 10%, my average is a very respectable 6.25%.

A property income share

One high-yield stock option to consider is Real Estate Credit Investments (LSE:RECI). The stock currently has a dividend yield of 9.72%, with the share price down 2% over the past year.

The company invests and manages a portfolio of real estate debt, mostly focused on Europe. The debt’s secured by commercial or residential properties, so the risk level’s lower than if the debt was unsecured.

One of the key aims of the fund is income, with the business paying out a regular quarterly dividend. This has been a stable 3p per share, paid each quarter for many years. Given the nature of operations, I think this is sustainable going forward.

It’s true that a debtor default is a risk. Whenever anyone buys debt, it comes with the risk of the original loan not being fully repaid. Yet given that property is secured against these deals, I feel the risk’s manageable.

The numbers

If someone invested the full ISA allowance each month and built a portfolio with an average yield of 6.25%, things could grow quickly. After 11 years, the portfolio could be worth just under £320k, which would mean in the following year it would provide over £20k in dividend income.

Of course, these are just forecasts. Trying to predict income payments a decade into the future isn’t an exact art by any means! But by making use of high-yield dividend shares and the ISA benefits, an investor can certainly aim high.

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georgeschuylerfinance · 26 days ago

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LHC and Elliott Management snap up Miami hotel

An investment vehicle managed and led by Lifestyle Hospitality Capital (LHC) Group, and backed by funds advised by Elliott Investment Management, has bought The Gates Hotel South Beach for a reported $53 million.

The 235-room hotel will undergo a transformative renovation, following which it will be rebranded as The Dean Hotel – Miami Beach.

The hotel will be operated under the Dean brand, part of the Dean Group which operates other leading lifestyle hotels such as The Clarence, The Mayson and The Leinster.

What they said

Keith Evans, Founder & CEO of LHC, said: “We are thrilled to have acquired such a high-profile hotel in the fast-evolving Miami Beach hotel market. The Gates Hotel South Beach offers significant potential for repositioning into one of Miami’s leading lifestyle hotels. This is an exciting first move for the Dean brand as it begins to build its presence across the US, following the recent expansion of the Dean Group into Munich and Berlin.”

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georgeschuylerfinance · 26 days ago

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Rebrand and new faces for Native

UK: Living sector operator Native Residential has been renamed Native Communities, and has undergone an internal restructure.

The company has made several internal promotions and external appointments within its 200 strong team, to support the company’s growth and to widen its expertise in the living and commercial sectors.

Guy Nixon, CEO of Native Communities, said: “Working with our clients under our new Native Communities brand better reflects the diversity of our assets under management and the depth of experience across our teams beyond the living sector, including offices, retail and public realm. We stand out in the market by bringing operations of developments of all asset classes within large scale mixed-use under the same team, enabling reporting and on the ground efficiencies for our clients.”

Native Communities’ internal promotions include Jake Matthews as director of facilities management; Amy Crow as head of building safety; Bex Hetherington Rothwell as head of operations (North); Chloe Parker as head of leasing (South); and Jodie Clark as head of mobilisation and onboarding.

New appointments into the team include David Glass as director of finance – he joins from Global Holdings Management Group; David Tomlinson as head of asset management, joining from Say Property Consulting LLP; Richard Higham as head of digital, joining from CuddleCo; and Rachelle Bownes as general manager of Station Hill, joining from Salesforce Tower, 110 Bishopsgate.

Native Communities operates 7,000 residential units, more than 600,000 square feet of commercial real estate and 6.5 acres of public realm.

With more than 10 years of operating track record, the company currently operates assets on behalf of LaSalle Investment Management, Victoria Square Woking Limited, Invesco, Northwood Investors, City Developments Limited, Cheyne Capital, Lincoln, MGT Investment Management, PATRIZIA, Corebridge Financial, CDL Hospitality Trusts, Europa and British Land, within its portfolio of 33 clients.

In July 2024, Berlin based digital hotel platform NUMA Group acquired Native Places from Native Holdings, which saw Native Communities demerged from its sister company.

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georgeschuylerfinance · 26 days ago

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Quintain has secured a £128.7m green loan to support the construction of a BTR scheme at Wembley Park.

DFT visited the development recently to speak with James Saunders, CEO at Quintain.

The Natixis CIB green loan refinances out Cheyne Capital which supported the developer in the original construction phase of the project.

Called The Robinson, the BTR scheme is arranged over three blocks and comprises 458 homes with 63 of these designated as discounted rent and affordable units.

The apartments range from studios to four-bedrooms, and will be managed by Quintain Living.

As The Robinson is in the top 15% of energy efficient residential assets in the UK, it qualified for Natixis CIB green loan status.

Quintain has been developing Wembley Park for 20 years, completing over 5,000 homes in this time and is working towards creating the largest BTR neighbourhood in the UK.

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georgeschuylerfinance · 1 month ago

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Offices raided as MSC, Moby and GNV face competition probe in Italy

Regulator says restrictions of competition may have taken place after MSC bought into ropax company

newbuildingsGas8 November 2024 11:47 GMT

Container and passenger castoffs dominate recycling sales, with MSC still in the leadContainers22 January 2024 4:28 GMT

Aponte’s MSC fixes $345m loan to help refinancing efforts at shipowner MobyFinance24 November 2023 13:31 GMT

19 November 2024 13:13 GMT Updated 19 November 2024 15:36 GMT

By Gary Dixon

in London

MSC Mediterranean Shipping Co and two Italian ropax companies are facing a competition probe over island routes.

Italian antitrust regulator AGCM said that restrictions of competition may have occurred following the acquisition of 49% of shipowner Moby’s share capital by MSC’s Shipping Agencies Services in 2022.

he other owner involved in the probe is Grandi Navi Veloci (GNV).

The investigation will also determine how the subsequent “large financing” of $256m granted by Shipping Agencies Services to Moby in 2023 may have affected competition.

“The markets concerned, extremely concentrated, are those of maritime transport of goods and passengers on some routes between the continent and the major islands where only Moby and GNV are present, or at most a third operator,” AGCM said.

“These are markets characterised by significant barriers to entry.”

The regulator is working with the special antitrust unit of the Guardia di Finanza, Italy’s financial police.

Inspections by officials from both organisations were carried out at offices of Moby, GNV, Onorato Armatori and Marinvest.

Moby runs ropaxes linking Italy’s mainland to tourist islands such as Sardinia and Corsica.

GNV said it provided maximum cooperation during the inspections.

Paying off debt

MSC has been contacted for comment.

The giant shipowning group loaned money to Moby to pay off banks and bondholders.

This was aimed at ending a restructuring that had been going on for years at Onorato family-owned Moby.

A total of €85m was due to go to the administrators of ferry operator Tirrenia, which Moby bought out of insolvency in 2011.

Moby also needed to pay off holders of €300m in notes.

The company filed for a court-supervised restructuring in Milan in 2020.

The tribunal agreed to a restructuring plan earlier in 2023 in which bond funds such as RBC BlueBay Asset Management and Cheyne Capital Management would pump money into Moby in return for shares in a new company that was to own the fleet.

But Moby said this capital structure would not have been sustainable due to the changed macroeconomic environment.

MSC expands into healthcare as part of $4.5bn takeover bid for MediclinicRead more

Instead, it suggested an alternative plan to repay bondholders up to 65.5% of their debt.

The company came under pressure from the Covid pandemic, as well as tougher competition and weak freight traffic volumes in the past few years.

The restructuring plan also envisaged the sale of several non-core ships to enable the recovery of about 80% of payments to Tirrenia.(Copyright)

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georgeschuylerfinance · 1 month ago

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Le ralentissement de PlanetArt altère la dynamique de Claranova avant la mise en oeuvre d'une nouvelle feuille de route stratégique

Restaurant review: Despite a few service hiccups, Press Up’s new Pan-Asian spot shows plenty of promise

Our food critic predicts interesting things to come at this fun new city-centre restaurant

Whatever your feelings about the Irish hospitality group Press Up, which has recently been taken over by its major lender Cheyne Capital — and people do tend to fall into either the ‘love it’ or ‘loathe it’ camp — the news that Cheyne plans to focus on improving the food offering across its restaurants is welcome. Despite the photo opportunities presented by their shiny interiors, the eating at Press Up’s venues has rarely been memorable.

Kaldero, located in what was Wagamama on South King Street, is the first opening under the new regime. I hadn’t eaten in Wagamama for many years and don’t remember much about it, but it’s safe to say the premises has been transformed under the direction of architects O’Donnell O’Neill, also responsible for Mama Yo and Doolally, into a glamorous space with flattering lighting and comfy seating.

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georgeschuylerfinance · 1 month ago

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Restaurant review: Despite a few service hiccups, Press Up’s new Pan-Asian spot shows plenty of promise

Our food critic predicts interesting things to come at this fun new city-centre restaurant

Whatever your feelings about the Irish hospitality group Press Up, which has recently been taken over by its major lender Cheyne Capital — and people do tend to fall into either the ‘love it’ or ‘loathe it’ camp — the news that Cheyne plans to focus on improving the food offering across its restaurants is welcome. Despite the photo opportunities presented by their shiny interiors, the eating at Press Up’s venues has rarely been memorable.

Kaldero, located in what was Wagamama on South King Street, is the first opening under the new regime. I hadn’t eaten in Wagamama for many years and don’t remember much about it, but it’s safe to say the premises has been transformed under the direction of architects O’Donnell O’Neill, also responsible for Mama Yo and Doolally, into a glamorous space with flattering lighting and comfy seating.

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georgeschuylerfinance · 1 month ago

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Private Credit Market Surpasses $3trn AUM

Industry-led research indicates that the global private credit market has surpassed US$3trn AUM with optimism about further growth prospects in core US, European and Asian markets.

Corporate lending remains dominant with 60% of the overall AUM, while asset-backed, real estate, and infrastructure debt now account for 40% of the market.

Economic stress on borrowers due to higher rates is reflected through an increase in adjustments to loan terms and valuations.

Portfolio difficulties are likely near their peak and not distributed uniformly across the industry.

Core financial stability metrics such as leverage and liquidity mismatches remain stable.

New industry research from the Alternative Credit Council (ACC), the private credit affiliate of the Alternative Investment Management Association (AIMA), finds that the global private credit market has reached US$3trn assets under management (AUM).

The 10th edition of Financing the Economy, published in partnership with EY, finds that corporate lending remains central to the asset class, accounting for around 60% of total AUM. Investors are also increasingly seeing value in asset-backed lending, real estate debt, and infrastructure debt strategies, which now comprise around 40% of the private credit market.

Private credit lenders invested US$333.4bn of fresh capital in 2023 – a significant increase on the US$203bn deployed in 2022 – with the largest managers responsible for 80% of the capital deployed. Both findings reinforce the trend of larger firms spearheading the sector’s growth and expanding role in global finance despite challenges in the broader economy.

The research finds that increased stress on borrowers during the past two years is being reflected in adjustments to loan terms and valuations reported to investors. There is a high level of transparency for investors regarding the status and performance of loan portfolios.

Financing the Economy 2024 shows a significant rise in loan term adjustments from, on average, 8% of loans in 2023 to a little under 12% in 2024 as lenders manage their loan books. These adjustments remain within forecast scenarios and are consistent with the proactive approach to risk management practised by private credit funds.

ACC data also shows private credit funds use modest leverage, with 51% employing between 0.1x and 1.5x of debt-to-equity leverage ratios, while 31% of funds are unlevered. Comparing this data with prior ACC research confirms that leverage used by private credit funds has remained consistent over the past 10 years.

Around 50% of respondents expect to increase their investment in the US, European and Asian markets over the next three years. Investors’ desire for diversification and ongoing bank retrenchment are cited as key factors supporting the demand for additional investment in corporate lending, ABL, RE debt, and infrastructure debt.

Jiří Król, Global Head of the Alternative Credit Council, said: “Surpassing $3 trillion in assets is a remarkable achievement for the private credit industry, especially in a challenging macro environment. Our research shows that private credit’s stability stems from its strong structural foundations – aligned interests between managers and investors resulting in robust long-term capital backing. The sector enhances financial stability through fund structures that avoid liquidity and maturity mismatches and consistently low levels of leverage. This makes private credit a resilient force in today’s financial landscape.”

Vincent Remy, EY Luxembourg Private Debt Leader, said: “Private credit has been the fastest-growing alternative asset class over the past two decades. The research shows that the sector continues its steady growth despite headwinds. Private debt markets also expand into new geographical markets and into a variety of new debt strategies. Whilst institutional money constitutes the main source of financing, retail and insurance capital have played a more significant role. The rapid growth has gathered increased attention from regulators, yet the sector continues to provide a vital source of alternative financing to the real economy which benefits both borrowers and investors.”

The research draws on data from 53 private credit managers and investors who collectively manage an estimated US$2trn in private credit assets.

The research also features contributions from 26 leading private credit fund managers including: Allianz Global Investors, Ares, Arkkan Capital, BlackRock, Blackstone Credit, Blue Owl Capital, Brinley Partners, The Carlyle Group, Cheyne Capital, CVC Credit Partners, Hayfin, Investment Management Corporation of Ontario, LBBW Asset Management, Man Varagon, MGG Investment Group, MV Credit, NEST, Oaktree, Park Square Capital, Pemberton Asset Management, Tikehau Capital, Apollo Global Management, ICG, Oak Hill Advisors, Orchard Global and Zenzic Capital.

Source: AIMA

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georgeschuylerfinance · 1 month ago

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Place-Based Impact Investing: defining additionality in affordable housing

Nicole von Westenholz, partner at Cheyne Capital, examines the standards an affordable housing investment needs to meet in order to deliver additionality.

It is generally accepted that ‘additionality’ – enabling positive outcomes that would not otherwise have occurred – lies at the heart of impact investing. Within Place-Based Impact Investing (PBII), the creation of additional homes – and, in particular, additional affordable homes – may be cited as a measurement of additionality. But are they always additional?

Any affordable housing that is mandated by planning consent under a Section 106 agreement is not additional as this will be delivered anyway. By extension, buying existing portfolios of Section 106 housing is certainly not additional. Note also that affordable housing mandated under planning regulations is seen by developers as a penalty on their returns and therefore usually built with cheaper materials and to a lower specification than homes made available at market rate.

We would argue that using Homes England grant funding to subsidise the delivery of housing by the private sector is also not additional as this grant funding has already been earmarked for housing creation and could be used elsewhere if not taken by private sector housing providers.

Tangentially, it should be borne in mind that, in most cases, Homes England grant funding can only be given to a Registered Provider (RP) – which has led to a flurry of new RPs being set up in order to be eligible to receive it. However, when the grant-funded properties come to be sold, they can only be sold to another RP. Given the relatively small pool of other RPs who will be able to buy and the downside scenario risk of a ‘rush for the exit’ in unfavourable market conditions, the exit risk from grant-funded schemes needs to be considered carefully.

By contrast, consider a model where the private sector landlord makes a proportion of its homes available at meaningfully discounted rents on a voluntary basis and still makes a healthy return on its investment. This is pure additionality and leaves government grant available for the creation of further affordable housing elsewhere, especially in places where it would otherwise be unviable.

One such example is Cheyne Impact Real Estate’s award-winning Poplin development in Manchester.

The scheme comprises 144 one-, two- and three-bed homes at the intersection of New Cross, New Islington and the vibrant Northern Quarter. All of the homes are ‘tenure blind’, meaning that they are identical in specification and service levels. However, 51 of the homes (35%, which is above the Local Plan target of 20%) are allocated to local key workers at significantly discounted rents whereby their rental payments account for no more than 30% of their net disposable income. In some cases, these discounts exceed the 20% discount that would be achieved under capital ‘A’ Affordable housing.

Yet, all of these affordable homes are provided by Cheyne on a voluntary basis as there is no planning-stipulated provision for affordable housing within the scheme.

The result for residents is a diverse, cohesive and, above all, inclusive community in a development which is ranked third out of 63 places to live in Manchester on Homeviews with comments such as “You literally become a part of a community that cares for all, environmentally, socially when you become a resident.”

The result for investors is a yield which would not look out of place amongst those of Build-to-Rent (BTR) schemes with 100% market-rate rent. The ability to achieve this lies in the entry level at which you buy into the scheme, a tight control of development costs (helped in Cheyne’s case by an in-house development team) and low tenant turnover thanks not only to the discounted rents but also to capped rental increases for all tenants, regardless of tenure type.

Following the success of Poplin, Cheyne is now taking its thesis to Leeds where it plans to deliver up to 50% affordable housing (of which 20% is mandated and 30% voluntary) across 302 homes in a best-in-class, multi-family scheme called Mabgate Yard. Being a larger scheme, Mabgate Yard will include extensive amenities, such as a cinema and gym. It will target an EPC rating of A and Home Quality Mark of 4.5, making it one of the most sustainable BTR developments in the UK.

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georgeschuylerfinance · 1 month ago

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Fleet Street set for new student accommodation and cultural attractions

The City of London Corporation has approved plans to refurbish the building at 65 Fleet Street into a new mixed-use scheme, that will deliver a wide range of additional benefits for local residents, workers and visitors.

Currently an underused office building, the site will be retrofitted and transformed into a professionally managed, student living accommodation, with over 850 rooms, set near to the London School of Economics and Kings College London. At the ground floor level of the new building, a visitor experience area will be created to support public educational programmes, that will connect Fleet Street’s printing heritage to future generations.

With the support of the City Corporation and in keeping with its ‘Destination City’ policy, the developer team of Dominus and Cheyne Capital have designed the new cultural experience in partnership with the St Bride Foundation, a local institution and the historic home of print and type design on Fleet Street. Soon to be accessible to the public seven days a week, the St Bride Foundation has curated an internationally significant collection of materials, celebrating the history of print, graphic design and typography.

The proposals for the surrounding area include new public access routes and public realm improvements around the local Whitefriars Crypt which is, at present, largely hidden to the public and only accessible via appointment with the building management. It is all that remains of the 13th-century Whitefriars Monastery, once home to the Carmelite Order of the White Friars, who used to own a large stretch of land between Fleet Street and the river Thames.

NOW READ: Government budget offers ‘light at end of tunnel’, says acting council leader

Following the Planning Applications Sub Committee approval of the 65 Fleet Street proposals, there will be a number of public benefits, including a new pedestrian route through the heart of the historic sight and an enhanced courtyard space, that will enable inclusive access to and improved visibility of the crypt.

Public realm improvements as part of the proposals also extend to the continued refurbishment and extension of London’s oldest Irish drinking establishment, the Grade II listed Tipperary pub and supporting the local area by delivering vibrant active frontages onto Fleet Street and Bouverie Street.

Finally, in keeping with the City of London Corporation’s goal to reach net zero by 2040, 65 Fleet Street will achieve a BREEAM rating of ‘Excellent’, with the development itself seeing the vast majority of its structure reused and retained, whilst becoming far more energy efficient.

Chairman of the City of London Corporation Planning and Transportation Committee, Shravan Joshi, said: “Once completed, the refurbished building at 65 Fleet Street will boast some of the highest sustainability credentials in the City, whilst accommodating the world’s best and brightest students and opening up an inclusive, new cultural space from which everyone can benefit. A planning approach that favours retrofitting not only enables us to attract new demographics to recently restored, characterful buildings, but it also maximises the productivity of the Square Mile’s limited space and does so in a way that retains embodied carbon, improves operational efficiency and celebrates our old buildings.”

For the latest headlines from the City of London and beyond, follow City Matters on Twitter, Instagram and LinkedIn.

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georgeschuylerfinance · 1 month ago

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Real Estate Credit Investments Understanding the Discount, Its Rise, and Future Prospects

Real Estate Credit Investments (LON:RECI) Plc is the topic of conversation when Hardman & Co analyst Mark Thomas joins DirectorsTalk Interviews.

In this interview, Hardman & Co Analyst Mark Thomas provides insights into Real Estate Credit Investments (RECI) Plc, examining recent changes in the company’s discount rate and the factors driving its closure. The discussion addresses the strategies implemented by RECI’s management, including portfolio adjustments and capital allocation measures, which have contributed to a more resilient positioning amidst evolving market conditions. Thomas also shares perspectives on market dynamics that have favoured RECI, the outlook for its continued performance, and potential risks ahead.

RECI is a specialist investor focused on European real estate credit markets, prioritising fundamental credit and value in its investment strategy.

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georgeschuylerfinance · 2 months ago

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Castleforge secured €136.8m loan from Cheyne for UNO (GB)

Castleforge announces that it has successfully secured a c. €136.8m senior loan facility from Cheyne Capital (Cheyne), the global alternative investment manager, and affiliates of Apollo to support its landmark redevelopment of London’s 1 Golden Lane, a prime office scheme in the City of London, expected to be completed in Q1 2026.

Acquired by Castleforge in November 2021, 1 Golden Lane—to be known as ‘UNO’—is situated between the historic Barbican and Golden Lane estates within the Square Mile and will offer around c. 11,148m2 of high-quality, Grade A commercial space within four minutes of the Elizabeth Line at Farringdon Station.

The development is a Grade II listed site and was designed by Sidney Smith, the original architect of Tate Britain. Its heritage features will be retained throughout construction, including the original elements of the façade, which date back to 1896.

Midgard has been appointed as the main contractor to oversee the c. €71.4m construction project. The works will include a pioneering reuse of over 20 tonnes of original steel from the site and will deliver c. 650m2 of terraces, c. 371m2 of communal workspaces and an additional three levels.

Preliminary works, including the reclaiming of existing steel, have already been completed, with the main works having commenced in August 2024.

UNO will retain 95% of the existing building and places sustainability at the core of the development. The development is targeted to achieve BREEAM ‘Outstanding’ and will offer integrated urban greening designed by Chelsea Flower Show Gold Medallist, Andy Sturgeon.

The site’s central London location and outstanding sustainability credentials are consistent with Castleforge’s commitment to delivering Grade-A office space, fit for ambitious occupiers. Castleforge will be launching the marketing suite later in 2024 for potential occupiers to explore leasing opportunities with the site.

Castleforge believes that there is a significant under-supply of this calibre of offices in central London, which it is looking to rectify with this development and its other landmark redevelopment of 75 London Wall, Deutsche Bank’s former London headquarters, acquired in 2023.

Michael Kovacs, Founding Partner of Castleforge, said: “High-profile firms need best-in-class office environments, especially at a time when employees are now either in the office full-time or hybrid working and require exceptional sustainability certifications to keep pace with ESG commitments. UNO will provide office spaces fit for blue chip occupiers looking for a new central London headquarters and highlights our commitment to investing in London’s sustainable office market.”

Andreas Dimitriou at Cheyne Real Estate commented: "The demand for premium office space in central London remains strong, particularly for properties that combine high-quality facilities with expansive green space. Castleforge has a proven track record of executing ambitious, innovative, and sustainability-led developments in the UK and Europe. We are thrilled to be partnering with the team again, alongside Apollo, to create a best-in-class workspace with the highest ESG standards at its core.

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georgeschuylerfinance · 2 months ago

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Funding green light for Midgard’s £60m overhaul of City office

1 Golden Lane scheme in Barbican due to finish by spring 2026 Developer Castleforge has said work deal to refurbish and extend the grade II-listed 1 Golden Lane near the Barbican on the edge of the City can begin in earnest after inking an investment deal to bankroll the job. The scheme, now called Uno, is being backed by a £115m deal from investors Cheyne Capital and Appollo. Main contractor Midgard, owned by JRL, began work on site in August but Castleforge has confirmed that funding for the £60m construction contract is now in place with the job set to finish in the first quarter of 2026. Work will reuse over 20 tonnes of original steel from the site and include 7,000 sq ft of terraces, 4,000 sq ft of communal workspaces and an additional three levels. In all, the scheme will run across 120,000 sq ft of grade A space, Castleforge, which bought the site three years ago, added. The revamp has been designed by Hawkins Brown with project manager and cost consultant Gardiner & Theobald. Others working on this scheme include structures consultant London Structures Lab, M&E consultant Leading Services Design and sustainability and energy consultant Arup. Castleforge, along with and Malaysian construction and property company Gamuda Group, is also behind the revamp of 75 London Wall – the former headquarters of Deutsche Bank. The overhaul is due to be carried out by Multiplex with scaffolding now going up at the site, also known as Winchester House, after the last of Deutsche Bank’s staff moved to their new office at 21 Moorfields earlier this year.

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georgeschuylerfinance · 2 months ago

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Castleforge secures £115m loan for City office redevelopment

Castleforge has secured a £115m senior loan facility from Cheyne Capital and affiliates of Apollo to support its redevelopment of 1 Golden Lane in the City of London.

Castleforge acquired the Grade II listed 1 Golden Lane site, which was designed by Sidney Smith, the original architect of Tate Britain, in November 2021.

The redeveloped office scheme, which will be known as ‘UNO’, will offer around 120,000 sq ft of high-quality, Grade A commercial space within four minutes of the Elizabeth Line at Farringdon Station.

Around 95% of the existing building will be retained, including the original elements of the façade, which date back to 1896.

Midgard has been appointed as the main contractor to oversee the £60m construction project, which is due to complete in Q1 2026.

Michael Kovacs, founding partner of Castleforge, said: “High-profile firms need best-in-class office environments, especially at a time when employees are now either in the office full time or hybrid working and require exceptional sustainability certifications to keep pace with ESG commitments. UNO will provide office spaces fit for blue chip occupiers looking for a new central London headquarters and highlights our commitment to investing in London’s sustainable office market.”

Andreas Dimitriou, from Cheyne Real Estate, added: “The demand for premium office space in central London remains strong, particularly for properties that combine high-quality facilities with expansive green space. Castleforge has a proven track record of executing ambitious, innovative, and sustainability-led developments in the UK and Europe. We are thrilled to be partnering with the team again, alongside Apollo, to create a best-in-class workspace with the highest ESG standards at its core.”

Ben Eppley, partner and head of European RE credit at Apollo, said: “We are pleased to join Cheyne in supporting the team at Castleforge on 1 Golden Lane, a Grade II listed site that will be thoughtfully and sustainably redeveloped to meet continued demand for high quality office space.”

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georgeschuylerfinance · 2 months ago

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Fleet Street PBSA scheme tipped for go-ahead

4 Fleet Street PBSA scheme tipped for go-ahead

Dominus and Cheyne Capital are set to receive planning approval for the redevelopment of 65 Fleet Street, EC4, into a student accommodation scheme.

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