georgeschuylerfinance

[georgeschuylerfinance]

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

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.

[georgeschuylerfinance]

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.

[georgeschuylerfinance]

Castleforge secures £115m loan for City office redevelopment

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.”

[georgeschuylerfinance]

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.

[georgeschuylerfinance]

SRT Series: Frank Benhamou, Cheyne Capital 

SRT Series: Frank Benhamou, Cheyne Capital

After teasing it for weeks, the new SRT Series of Another Fine Mezz is here.

European ABS reporter, George Smith sat down with Frank Benhamou, risk transfer portfolio manager Cheyne Capital to kick the series off.

Benhamou spent over 17 years at Barclays, where he was one of the key architects of the bank's SRT platform, making him the perfect person to begin the series. He explains why Cheyne decided earlier this year that the time was right to return to SRT and the challenges that come with building up a portfolio.

Benhamou also looks back on his career in securitization. He reflects on his early career and explains how his experience on the sell-side helps with pursuing one on the buy-side, and why the market is perfect for the "all-rounder".

[georgeschuylerfinance]

 How These Hedge Funds Posted Consistent Returns in the Riskiest Markets

How These Hedge Funds Posted Consistent Returns in the Riskiest Markets

Six of the top 50 most consistently performing global hedge funds invest in volatile emerging markets. It’s a surprising finding from Global Investment Report’s 21st annual survey over the last five years through 2023.

The six funds posted average returns of more than 12.5 percent during that period, according to the report. Four of the six were credit funds.

Emerging markets were especially vulnerable when the Fed pushed up interest rates in 2022. BarclayHedge EM Global Equities Hedge Fund Index lost 17 percent in U.S. dollar terms that year, double the 8.2 percent loss of the average hedge fund across all strategies. But the six EM funds in the Top 50 survey rallied by more than 2 percent in 2022.

These funds’ consistency was also evident in the years before and after rates soared. In 2019, 2020, and 2021, the average return of the six funds was 14.2 percent, 14.9 percent, and 16 percent, respectively. Then in 2023 they rallied an average of 16.6 percent. And through the first half of 2024, EM was the top-performing strategy, up more than 9.5 percent.

(In a webinar on October 15, the author led a discussion with EM managers including Wellington Management, Cheyne Capital, and Sandglass Capital on how they generated consistent returns.

Funds sustained their returns by sidestepping drawdowns. This was accomplished in a number of ways, according to interviews with several of the managers.

Managers said one key driver in debt is the relatively small percent of dedicated funds versus total assets.

EM-dedicated credit hedge funds control about $10 billion out of $3 trillion of existing debt, said Waha EM Credit manager Mohamed El Jamel. Multistrategy funds may trade another $10 or $20 billion.

Accordingly, he sees “more alpha potential in EM credit than in developed markets, which enjoy higher levels of research, far more liquidity, tighter spreads, less dislocation, and lower volatility.”

The second driver is a tight focus on risk management. Because emerging markets are volatile, El Jamal imposes strict position and industry exposure limits and maintains significant diversification that’s informed by historical correlations.

This has kept consecutive monthly drawdowns to just two months. The $700 million fund that’s based in Abu Dhabi, and which is number 37 on the list, has had only one down calendar year in 2014 when Waha lost 40 basis points. Over the 12 years since its launch, according to BarclayHedge, the fund has generated dollar-based annualized returns of 9.7 percent, volatility of 4.5, and trailing 5-year market correlation of 0.23 through 2023. Through the first half of 2024, it’s up more than 10 percent.

Promeritum, a $400 million London-based EM credit fund, said steady performance can be attributed to on-the-ground research. The fund has not had a down year since its launch in January 2015.

Co-managers Pavel Mamai and Anton Zavyalov credited this in part to their extensive network of local personal relationships in each emerging market in which the fund invests. This support helps identify opportunities and risks.

Published data, he said, can only take one so far in discerning trends across local politics, foreign exchange policy, business support and taxation, regulation, and litigation. “Local contacts, explained Mamai, “can help decipher what’s motivating the actions of governments and state-owned companies and then match that against what actually transpires.”

The network also promotes better understanding of what’s driving IMF and World Bank decision-making, whose statements and actions can directly affect a fund’s performance.

The 44th-ranked fund generated average annual returns of 8.4 percent through 2023, with an annual standard deviation that was a smidge over 4, and correlation to the S&P 500 of 0.18 over the past five years. Promeritum is on pace to generate comparable returns this year.

Managers said another driver of consistent performance was a well-honed macro sense. Commodity prices, interest rates, and global shipping prices and availability are significant drivers of the economic health of emerging markets—which are determined by factors well beyond their borders. During the pandemic when ports were backed-up, for example, emerging markets suffered when their products couldn’t reach the U.S.

Geopolitical conflicts, also out of their control, take a big toll on these markets. Russia’s invasion of Ukraine triggered food shortages across Africa. The wars in the Middle East increased global oil prices and added uncertainty to elections around the world.

War has a tragic human toll and puts investor capital at risk. Most PMs who owned Russian assets wrote down the entire value of their investments not long after the invasion of Ukraine began in 2022.

The rapid normalization of macro and economic policy and improving relationships with external creditors across a range of distressed sovereigns and corporate issues are driving credit opportunities across much of the market right now, explained Genna Lozovsky co-founder and CIO of Sandglass Capital.

The 33rd-ranked Sandglass, which is based in London, is a special situations fund that focuses on credit. The fund is up 24 percent through the first two-thirds of 2024. That’s triple the $400 million fund’s annualized returns since its inception more than a decade ago. Maintaining a bit of equity exposure, Sandglass’ volatility runs higher than some other EM credit funds (10.7) as does its market correlation, which stood at 0.57 at the end of 2023.

Asset managers and banks have a positive outlook for the space. J.P. Morgan wrote in August that “earnings growth for EM in 2024 and 2025 is nearly 17 percent and 15 percent respectively, compared to less than 11 percent and 14 percent in the United States.” The bank said valuation spreads between developed markets and EM are more than 30 percent compared to a historical average of 24 percent.

Lazard Asset Management believes this gap, “may narrow” because of stronger earnings growth and other attractive metrics in emerging markets. But it cautions that despite China’s new robust economic policy announcement, the country’s slowing growth could still weigh on these markets.

Given Sandglass’ outperformance this year, Lozovsky has been harvesting profits and reinvesting in new opportunities, which he said may not appreciate as rapidly as some previous positions.

“We’re seeing improving macro conditions across a range of emerging and frontier markets as interest rates continue to fall which is supporting growth,” says Lozovsky, “Accordingly, increased investor sentiment has reduced the spreads in distressed opportunities.” And while he believes the investment impact of two major wars have so far been manageable, he acknowledges that can change.

[georgeschuylerfinance]

The UK Hospitality Industry: The Lay of the Land • Hotel Designs

The UK Hospitality Industry: The Lay of the Land • Hotel Designs

During this episode of DESIGN POD, sponsored by Schlüter-Systems Ltd, Harry Harris, Managing Director at SUSD, talks to Sophie Harper about the changes he’s seen in the hospitality industry over the years and gives us his opinion on the investment market and disruptors affecting the current hospitality landscape in the , UK…

An architect by training and an entrepreneur in spirit, Harry Harris is a developer and advisor to investors active in the hospitality, co-living/coworking, senior living and residential sectors in London and further afield.

Harry had tremendous success as the developer of The Curtain Hotel in London’s Shoreditch. A new-build hotel, it was conceived as a response to contemporary lifestyles. The Curtain comprised hotel, restaurants, members club, coworking spaces and a rooftop bar and pool together with a strong focus on live performance and music curated to attract the neighbourhood artists and creatives. In 2018, just 18 months after The Curtain launched, Harry successfully sold the hotel to the Reuben Brothers and the hotel was rebranded as Mondrian Shoreditch, and this summer rebranded again with new operators to become the first Virgin Hotels London.

More recently, Harry and his team at SUSD worked on the acclaimed The BoTree in Marylebone and is currently working with Cale Street Partners on the redevelopment of The Park Tower Hotel, Knightsbridge. He has completed several co-living ventures with Cheyne Capital/The Collective and the latest development, in Maida Vale, is now on-site. In Fulham, another project completed by the SUSD team, luxury retirement apartments Riverstone Living, a Cheyne Capital/Goldman Sachs backed scheme, is receiving its first residents, and Harry and team have most recently been appointed on the Lazari Investments backed mixed-use redevelopment of Fenwicks of Bond Street.

Hear Harry talk about his experience and projects, and the challenges the industry has had to overcome, as well as finding out what he thinks about the security of the current market.

[georgeschuylerfinance]

Wagamama to open new Irish outlets following closure of restaurants operated by Press Up

The Wagamama restaurant chain is expected to open new outlets in Ireland, following the closure of three franchises in Dublin yesterday that were operated by the Press Up group.

Branches on South King Street in the city centre, as well as in shopping centres in Blanchardstown and Dundrum closed after unsuccessful talks between Wagamama’s headquarters and receivers appointed to part of the Press Up group.

Sources with knowledge of Wagamama’s plans say the British chain is preparing to open new Irish outlets that it will run directly, and this will include a bigger restaurant in Dundrum.

[georgeschuylerfinance]

Using Place-Based Impact Investing as an approach to attract external investment

Local authorities can unlock many benefits by adopting a Place-Based Impact Investing (PBII) approach, as Laura Bridges, director at 31ten Consulting, and Mark Hall, senior programme manager at the Impact Investing Institute, explain.

As the new government prepares its first budget amid significant public finance shortfalls, the public sector remains under pressure to deliver more with less. This challenge is coupled with a renewed focus on driving local economic growth and the potential for fiscal devolution within local government.

To navigate these pressures, innovative investment approaches are emerging like Place-Based Impact Investing (PBII), helping to attract external investment and shape markets to deliver strategic priorities, place-making, and long-term financial sustainability.

Responding to the market: market failure vs market shaping

Market intervention presents tangible opportunities for the public sector to play a strategic role in the economic development of its communities, although balancing market efficiency with avoiding stifling innovation and competition is key.

Traditionally, public sector interventions have focused on addressing market failures where the private sector fails to meet market demand, such as access to finance for underrepresented groups. Historically, government intervention has involved one-way grants or contract payments without expectations of financial returns, which is increasingly unsustainable.

Instead of responding to failures, a market shaping approach recognises that markets can be intentionally influenced and prioritised to achieve specific social, economic, and environmental goals. This approach allows the public sector to strategically steer investment towards opportunities that align with its strategic priorities, fostering resilient and inclusive economies.

31ten took this targeted approach in supporting Camden Council to tackle inequality and strengthen its communities through preparing a business case for the funding, design and structure of a Community Wealth Fund. The £30m Community Wealth Fund is a social impact investment fund to grow a more inclusive economy in the borough, provide different types of investment to local businesses, organisations and people to develop their ideas and grow their impact in Camden, and support those who have struggled to access finance through existing routes.

[georgeschuylerfinance]

Mason & Fifth to launch Taxi House in Westbourne Park (GB)

Mason & Fifth has announced the launch of its third and largest site yet, Taxi House, on the Grand Union Canal in Westbourne Park.

Owned by alternative investment manager Cheyne Capital, Taxi House is a mixed-use redevelopment of the former London Taxi Drivers’ Association headquarters. It is the first redevelopment of its kind to achieve a BREEAM Outstanding certification with over 90% of blue and green roofs, meticulous material selection and efficient plant design. As well as its sustainability credentials, the redevelopment has extensive amenity offerings and is located in close proximity to public amenities in the popular West London area.

Works on the site began in 2022 and are due to be completed in June 2025, at which time it will open under the name Mason & Fifth, Westbourne Park. Bookings will be open for long- and short-term stays from January 2025 with a waitlist open from September 2024. The development has been designed by architects Allford Hall Monaghan Morris (AHMM) and interior designers Tigg & Coll, alongside the Mason & Fifth in-house design team and Interior Address.

Mason & Fifth, Westbourne Park will consist of 332 private studios, each furnished with its own kitchen and en-suite bathroom. The property will offer 'Out & About' studios without kitchens for those planning on spending more time out than in. Residents and guests will have access to on-site amenities, including a canal-side dining concept, a wellness studio, and a panoramic 10th-floor lounge and terrace with a cinema and listening lounge. Additionally, there will be artist studio spaces for local artists and a pop-up retail space for well-known and emerging brands, as well as local creatives.

David Silver, Co-Founder at Mason & Fifth, said: “We are thrilled to have been selected by Cheyne Capital to operate this 'jewel-in-the-crown' project and bring our signature home-away-from-home ethos to Taxi House. It represents a confidence in the brand that we have consciously created, developed and iterated over the last five years. Our centrally located buildings offer complete flexibility and encourage meaningful social connections through intelligent design, all underpinned by our wellness, workspace and F&B proposition to create a complete lifestyle ecosystem and an enhanced living experience. Cheyne Capital’s redevelopment of Taxi House is an outstanding project that has prioritised sustainability and quality, which we are proud to be part of. This will be our third and largest site to date, with schemes in Belsize Park and East London to follow, as we continue to grow our London portfolio and explore opportunities further afield.”

Filippo Alessandria of Cheyne Capital, added: “There continues to be strong demand for high-quality mixed-use schemes with meaningful sustainability credentials and a community-led focus, which are exactly the kind of projects we like to pursue at Cheyne Capital. We are pleased to partner with Mason & Fifth on this flagship asset, which shares our ambition to create a truly diverse space in West London for people to live, work and relax. We are proud to have developed a historic site with industry-leading standards, ensuring it will thrive as a cultural destination that will provide much-needed flexible living solutions to the London market.”

[georgeschuylerfinance]

 Top UK Dividend Shares on FTSE 250 and AIM

Dividend stocks provide opportunities for shareholders to generate a passive income stream through dividend payments. In this article, we highlight five UK shares listed on the FTSE 250 and AIM segments of the LSE that have proven very reliable in delivering regular attractive high dividend yields. The PLCs are Duke Capital, Arbuthnot Banking Group, Diversified Energy Company, Real Estate Credit Investments and Fidelity China Special Situations.

Duke Capital Limited (LON:DUKE) is an AIM-listed provider of hybrid capital solutions for small and medium-sized enterprises (SME) business owners in the United Kingdom, Europe and North America, combining the features of both equity and debt.

In Duke’s recent FY ’24 results, it’s high-yielding dividend stood out. It paid investors 2.8 pence per share, which equates to an impressive 8.6% yield with the share price at 32.5 GBX on 2 April 2024. According to Hardman’s research, this was more than covered by free cashflow of 4.3 p/sh, recuring cashflow of 3.5 p/sh and adjusted EPS of 4.85p (up 55%).

Real Estate Credit Investments Limited (LON:RECI), a stable quarterly paying high dividend UK stock and specialist investor in the United Kingdom and Western European real estate markets with a focus on fundamental credit and value.

RECI paid four interim dividends of 3.0 pence per Ordinary Share (i.e. 12 pence per share in total) for the year ended 31 March 2024. This equates to a high-income yield of 10.4% at 31 March 2024.

Fidelity China Special Situations PLC (LON:FCSS), the UK’s largest China Investment Trust, capitalises on Fidelity’s extensive, locally-based analyst team to find attractive opportunities in a market too big to ignore.

FCSS has increased its dividend in every year since inception with the most recent annual dividend offering a historic yield of 3%. The trust was awarded Kepler’s Income & Growth rating for 2024.

Arbuthnot Banking Group PLC (LON:ARBB), trading as Arbuthnot Latham, provides private and commercial banking products and services in the United Kingdom. Arbuthnot Banking Group paid a total dividend of 46.00p (equating to a yield of 4.6%) for the financial year end 31/12/23. It has a current yield of 5.05% that is well covered by earnings.

iversified Energy Company Plc (LON:DEC) is a consolidator of mature natural gas producing assets in North America. It’s at the forefront of U.S. natural gas producers in its commitment to ESG goals and stewardship of its assets.

Hargreaves Lansdown states DEC’s dividend yield is over 26% based on its last reported annual dividend and its current buy price of 852.50 GBX. Diversified Energy has already declared two dividends of 29.00¢ each for Q1 and Q2 2024 payable in September and December 2024.

[georgeschuylerfinance]

Dunas Capital Real Estate obtiene 45 millones de Cheyne Capital para el proyecto de Chiloeches

Dunas Capital Real Estate obtiene 45 millones de Cheyne Capital para el proyecto de Chiloeches

Dunas Capital Real Estate, el área de gestión de activos inmobiliarios del Grupo Dunas Capital, ha cerrado con éxito un acuerdo de financiación de más de 45 millones de euros con la gestora internacional de fondos de inversión alternativa Cheyne Capital Management (UK) LLP para el desarrollo del proyecto de Chiloeches.

Se trata de un préstamo para financiar la construcción de un edificio logístico de aproximadamente 49.000 m² sobre una parcela de 94.000 m², con capacidad de almacenamiento de productos farmacéuticos. El inmueble de última generación gozará del más moderno sistema de control de temperatura configurando tres cámaras de almacenamiento entre +15ºC y +25ºC, 3 cámaras para almacenamiento entre +2ºC y +8ºC, 1 cámara de frío negativo y una cámara bi-témpera. En total, el activo cuenta con un 69% de espacio de almacenamiento en frío, unos 1.350 m² de oficinas y 124 plazas de estacionamiento, incluyendo cargadores eléctricos.

Ubicado en el Corredor de Henares y con acceso directo a la carretera A-2, el edificio se encuentra en el corazón del centro logístico más importante de España. La ubicación permite acceso inmediato al área metropolitana de Madrid y ostenta una posición privilegiada para la distribución nacional, ya que se encuentra a tan sólo 45 kilómetros de Madrid. 

El desarrollo del proyecto en Chiloeches, que comenzó a finales de 2023, inició su construcción este verano y se espera que esté terminado en el tercer trimestre de 2025.

El compromiso de este proyecto de última generación con la sostenibilidad y la responsabilidad medioambiental queda patente tras haberse iniciado los trabajos para la obtención de la certificación de sostenibilidad BREEAM.

El edificio se encuentra completamente pre-alquilado con un inquilino de primer nivel y un contrato de alquiler a largo plazo.

Miguel López Puche, Head of Dunas Capital Real Estate, destaca: “La industria del almacenamiento y la distribución en frío tiene fundamentales robustos y vive un momento de gran atractivo para los inversores. Este acuerdo de financiación es un impulso fundamental para seguir avanzando en el crecimiento de nuestro negocio inmobiliario”.

Daniel Schuldes y Javier Quintela de Cheyne Capital señalan: “Ésta es nuestra segunda operación de financiación con Dunas Capital Real Estate, tras una experiencia muy positiva en el PTL-Noblejas. Dunas nos sigue demostrando ser un socio de gran fortaleza, confirmando día a día su fiabilidad y ambición. En este sentido, cabe destacar el logro alcanzado en este proyecto, habiendo conseguido pre-alquilar la totalidad de la superficie de la nave logística, con un contrato de larga duración, a uno de los principales operadores logísticos del sector, alcanzado así mismo los más altos estándares de calidad en términos de construcción sostenible mediante la certificación BREEAM Excellent.”

[georgeschuylerfinance]

Dunas Capital secured €45m with Cheyne for logistics scheme (ES)

Dunas Capital Real Estate has successfully closed a financing agreement of over €45m with Cheyne Capital Management (U.K.) LLP (Cheyne Capital), for the development of the Chiloeches project.

The loan will finance the construction of an approximately 49,000m² logistics building on a 94,000m² plot of land, with storage capacity for pharmaceutical products. The state-of-the-art building will have the latest temperature control system, with three storage chambers between +15ºC and +25ºC, three storage chambers between +2ºC and +8ºC, one negative cold chamber and one bi-temperature chamber. In total, the site has 69% of cold storage space, approximately 1,350m² of office space and 124 parking spaces, including electric chargers.

The development in the Corredor de Henares is at the heart of Spain's most important logistics centre and has direct access to the A-2 highway. The location is only 45km from Madrid and has immediate access to the Madrid metropolitan area, making it well-positioned for national distribution.

Construction of the Chiloeches project, which began this summer, is expected to be completed in the third quarter of 2025.

The project has commenced work to obtain a BREEAM Excellent sustainability certification, demonstrating the development’s commitment to sustainability and environmental responsibility.

The building is fully pre-let with a top-tier tenant on a long-term lease.

Miguel Lopez Puche, Head of Dunas Capital Real Estate, said: “The cold storage and distribution industry has robust fundamentals and is currently very attractive to investors. This financing agreement is a key driver for the continued growth of our real estate business.”

Daniel Schuldes in London and Javier Quintela in Madrid of Cheyne Capital said: “We are pleased to expand our partnership with Dunas Capital Real Estate to support the development of the Chiloeches project. This is our second financing transaction with Dunas Capital Real Estate, who has proven to be reliable and ambitious partners, following a very positive experience with PTL-Noblejas. Significant achievements have already been made with this project, including securing a pre-let of the full area of the logistics warehouse on a long-term contract to one of the leading logistics operators in the sector, as well as achieving the highest quality standards in terms of sustainable construction.”

[georgeschuylerfinance]

Brent Cross Town

Brent Cross Town is a vast 180-acre (72.8 hectare) mixed-use park town being developed as part of the Brent Cross Cricklewood regeneration programme to create a new community in Barnet, London, UK.

Brent Cross South Limited Partnership (BXS LP), a joint venture between Barnet Council, the local authority of London and the property developer Related Argent (previously Argent Related), is developing the project with an estimated investment of £8bn ($10.1bn).

The construction at Brent Cross Town began in 2020. The project prioritises the creation of a health-promoting environment and commits to a comprehensive strategy for sustainable living.

Location

Brent Cross Town benefits from a prime location in Zone 3 of London’s transport network, close to the M1 motorway and within an hour’s travel from five London airports.

The town will be served by Brent Cross West station and Brent Cross Underground station on the Edgware branch of the Northern Line. Pedestrian and cycling routes are also available throughout Brent Cross Town.

Brent Cross Town details

Brent Cross Town, formerly known as Brent Cross South, is being developed as part of the 141-hectare (370 acres) Brent Cross Cricklewood Regeneration masterplan, which also includes Brent Cross North. Brent Cross North focuses on redeveloping the existing Brent Cross Shopping Centre and its surroundings.

Brent Cross Town will create a new, vibrant community with residential, commercial and recreational spaces. It will feature 50 acres of green areas with parks and playing fields such as Claremont Park and Exploratory Park, 6,700 new homes and a new town centre with more than 50 venues for shopping, dining and entertainment.

It will introduce 150,000ft² (13,935m²) of indoor sports amenities and three million ft² of office space to accommodate more than 25,000 people. Additionally, it will feature eight public squares, community facilities and improved pathways for walking and cycling.

The plan also includes provisions for student housing, the renovation of three local schools and the development of a new school.

Brent Cross Town hosts a temporary 8,000ft², three-storey building Visitor Pavilion, which opened in December 2021. The unique timber structure provides visitors with a glimpse into the living spaces. It will be disassembled once the project is completed.

Brent Cross Town residential buildings details

Brent Cross Town will feature a variety of residential properties, including The Ashbee and The Delamarre, which will offer a selection of studio to three-bedroom homes, ranging from 487ft² to 1,096ft², with views of Claremont Park.

The Ashbee and The Delamarre parkside apartments will together offer 277 new homes with high-quality finishes such as stone countertops, connected living with excellent Wi-Fi and mobile signals, intelligent storage and the latest technology, such as energy-efficient LEDs, underfloor heating and instant boiling water taps. The interior designs of The Ashbee and The Delamarre were influenced by the Arts & Crafts Movement and Victorian mansion blocks respectively.

Several sites within Brent Cross Town have been allocated for residential purposes. Plot 11 will accommodate 352 homes, offering a mix of duplexes and apartments, enhanced by retail outlets and restaurants at street level.

Plots 12 and 202 aim to provide a total of 290 residences, ranging from studio to four-bedroom homes. Plot 12 will consist of two structures arranged in an L shape, and Plot 202 with a U shape, each incorporating a small park with a play area for children.

Plot 13 will house six apartment complexes, inclusive of a community hub, a nursery and 365 homes.

Adjacent to Claremont Park, Plot 14 will deliver 281 residential units, from studios to three-bedroom apartments, alongside ground-floor maisonettes. Plot 15, which also overlooks Claremont Park, is set to comprise approximately 280 homes within four structures.

To the north of the forthcoming high street, Plot 25 consists of three interconnected blocks, providing 660 student bedrooms with commercial units on the ground level.

800 properties will be developed for purchase and lease, including 249 Build-to-Rent (BtR) homes. The construction of BtR homes commenced in October 2022, with availability expected in the summer of 2025.

Audley Group and Senior Living Investment Partners (SLIP) have planned Brent Cross Town’s inaugural retirement village, which is set to feature 150 homes.

Brent Cross Town office buildings

The first three office buildings at Brent Cross Town were launched in January 2021. The buildings are situated around a new main square, adjacent to the entrance of the new Brent Cross West station.

3 Copper Square, a building for educational and office use, will offer 239,000ft² of office  accommodation across 14 storeys, complemented by retail space at street level. The facility is scheduled to open in the third quarter of 2026.

Sheffield Hallam University is set to initiate its inaugural campus beyond Yorkshire on the 3 Copper Square, taking up approximately an area of 110,000ft² over the lower six storeys of the building. The structure will incorporate a cross-laminated timber and concrete framework, exposing timber soffits.

2 Copper Square, a building exclusively for office use, is poised to become the UK’s most extensive full timber construction, providing 138,000ft² of workspace over nine storeys. It includes a shared rooftop terrace and a ground-floor establishment for food and beverages.

4 Brent Cross Town is a hybrid timber office structure that will extend over 247,500ft² and 13 storeys, accommodating office and retail spaces. The building is distinguished by a remarkable lantern-like feature on the rooftop.

Claremont Park and Exploratory Park details

 Exploratory Park is a 0.8 hectare temporary park on the site of Plot 11, opened in August 2020. It is a recreational space in Brent Cross Town for both children and adults, featuring various indoor sports amenities.

Opened in June 2022, Claremont Park was the first permanent park to be delivered among the seven planned parks in Brent Cross Town. The 4.5-acre park incorporates the existing Claremont Way Open Space.

300 trees have been planted to bolster the local ecology. The park is a focal point for children’s activities, including a basketball hoop, and designated zones for scooting and skating. It has provisions for water features, natural trails and a kiosk. It acts as a communal area for social gatherings and is adorned with a mobile art piece called The Maze.

 Sustainability details

The heat network at Brent Cross Town is anticipated to deliver low-carbon heating and hot water throughout its residential, office, retail and commercial areas. The network features the UK’s most substantial heat pump installation, setting a new benchmark for renewable heat standards in the industry.

The town has achieved a 40% reduction in embodied carbon and will utilise 100% renewable energy sources for all its energy requirements. By 2030, Brent Cross Town targets to achieve a net zero carbon status.

Contractors involved

Galldris Group is executing the groundwork and infrastructure for Brent Cross Town with Allies and Morrison crafting the masterplan. Woods Bagot is handling the interior design for the initial phase of residential buildings.

Gillespies is leading the landscape planning and the public realm masterplan. Vattenfall was commissioned to design the heat network, while Waterman Group is the principal consultant on infrastructure and environmental activities. Munnelly Support Services is providing logistics and security.

Maccreanor Lavington, Whittam Cox Architects and Townshend Landscape Architects are involved in design and architectural work across different plots. JJ Rhatigan, Glenn Howells Architects, Fusion Group, Cheyne Capital and others are also playing key roles in the development of various plots.

HTA Design is the designer of Claremont Park, and DnCO created the design for the exhibition space.

Shedkm Architects is responsible for the design of 3 Copper Square, with BAM acting as the main contractor. Hawkins Brown and Studio Egret West designed the Brent Cross Office buildings 2 and 4, respectively.

Michael Grubb Studio is managing the lighting designs, and Buro Happold is the strategic energy and utilities advisor.

Argent, in collaboration with Invesco Real Estate, will develop 800 properties for purchase and lease within the town.

A few other contractors involved in the project are Bennetts Associates, David Morley Architects, dRMM,  Steer, OFR and Gardiner & Theobald.

[georgeschuylerfinance]

Landlords pursue McKillen companies over rent claims

Paddy McKillen Jnr’s Press Up empire is in the spotlight again after landlords at two of the hospitality group’s Dublin locations launched High Court actions over claims of unpaid rent.

The Business Post reports that the owners of the buildings playing host to two Press Up restaurants – Angelina’s, on Percy Place in Dublin 4, and Mackenzie’s, on Hanover Quay in Dublin 2 – initiated proceedings against The Workman’s Club Limited, one of the main operating companies in the group.

According to court documents, Ilim Property Fund, an Irish Life-connected investment fund and owner of the Percy Place building, alleges it is owed nearly €119,000 in unpaid rent and other charges as of April 2024. Separately, a company linked to the family office of Amancio Ortega – the Spanish billionaire Zara founder, and owner of the Opus Building on Hanover Quay – is seeking judgment for €203,000 against Workman’s over unpaid rent and other costs.

It comes at a time of upheaval for the group where long-term associates of Paddy McKillen Snr have just been appointed to a number of companies across the group. London-based alternative lender Cheyne Capital is also reportedly poised to take a majority stake in the business.

[georgeschuylerfinance]

Touchstone appointed managing agent for Cheyne Impact Real Estate’s latest scheme in Acton Gardens

Cheyne Impact Real Estate and Touchstone have joined forces to deliver inclusive new homes in wider regeneration project.

Touchstone, the residential property management firm, is pleased to announce that they have been appointed as the managing agent for an exciting new development with a community centric approach in the heart of Acton Gardens, following Cheyne Impact Real Estate’s acquisition of the modern apartments. This acquisition is part of an £800m regeneration of the area, from a joint venture between Ealing Council, Countryside Partnerships and UK housing association L&Q.

Touchstone specialises in managing several asset classes, from single-family homes to Build to Rent across a range of tenures. The third-party managing agents have been able to support Cheyne Impact Real Estate in the delivery of their forward-thinking Build to Rent scheme, Lina, with the ambition that it will act as a force for good within Acton Gardens’ existing community, as well as ensuring the project is commercially viable.

As an integral part of the wider regeneration project in West London, these homes will offer customers beautifully designed, high-quality homes with the benefit of a professionally managed rental offering.

Alongside the open market rent properties, a quota of the new homes will offer discounted rent to key workers, adhering to Cheyne Impact Real Estate’s commitment of creating lasting impact by delivering additionality and inclusivity.  Touchstone will play a major role in line with Cheyne Impact Real Estate’s strategy, providing an expert full operational management solution.

The one-bedroom, two-bedroom and maisonette apartments have been designed with an enhanced customer living experience in mind, and are therefore all equipped with a balcony, underfloor heating, delivered fully furnished, pet friendly, and accompanied by a bespoke customer app that will be used for all customer communications.

[georgeschuylerfinance]

BNY agrees deal to move into Marlet’s Shipping Office building in Dublin

US financial services giant BNY is to move its Dublin staff into a brand new Liffeyside office in Dublin’s south docklands.

The New York-headquartered firm has agreed to take four floors of the ultra modern eight-storey Shipping Office on Sir John Rogerson’s Quay.

The deal, which follows reports that tech giant Apple is also seeking space for hundreds of staff in the city, will be seen as a much-needed vote of confidence in the capital’s recently moribund commercial property sector.

BNY already operates an extensive operation out of two offices on either side of the Liffey, as well as in Cork and Wexford. The deal with Marlet Property Group will see it move all of its Dublin staff into the Shipping Office, where it will have space for up to 800 people.

Staff were informed of the move – expected to happen in mid-2025 – at a meeting on Thursday afternoon by the firm’s Ireland country manager Paul Kilcullen.

“BNY has signed a lease for four floors of The Shipping Office on Sir John Rogerson’s Quay in Dublin,” said Mr Kilcullen, who also serves as BNY’s CEO of Funds Services Ireland, in a statement.

“Ireland is a key location for BNY, and our high-performing teams in Dublin will come together in one office in a prime location at the heart of the city’s international financial services centre.”

Mr Kilcullen said that the deal would provide the firm with “a state-of-the-art environment that will further elevate the experience for our clients and enhance our culture, foster collaboration, and drive innovation. We expect to move into our new space around mid-2025.”

Built by developer Pat Crean’s Marlet Property Group on the site of a former shipping company office, the building in total is 177,000 sqm. Last July Marlet finalised a €102m refinancing facility with Cheyne Capital Real Estate after it completed the building.

BNY is 30 years in Ireland since opening its first office in 1994 and last year launched its Global Digital R&D Hub in Dublin to drive innovation in data analytics as a way to identify trends to advise BNY clients globally. 

The announcement of the Dublin office move comes in the same week that the 240-year-old financial services company launched an updated brand, changing from BNY Mellon to become BNY.