The Week's London Deal Sheet
This week, Bisnow launches the London Deal Sheet, a weekly compilation of Greater London’s biggest leases, sales, financing deals, construction updates and personnel moves. Have news you’d like to submit? Email [email protected].
Far East Consortium has completed the acquisition of the Vauxhall Square site in South London, as originally reported by Bisnow in March. The deal signifies a loss for the previous owner, Chinese property giant R&F.
The developer paid £158M for the site in 2017 and had valued it for as much as £165M as recently as 2020. The sale marks a £69M loss in just five years.
R&F said it was selling the scheme to reduce its debt and enable it to deploy the money elsewhere in its business. React News said that the sale, which stands at around £96M, was completed on April 4.
SALES
The Goldman Sachs-backed later living provider Riverstone has acquired a 2.5-acre site on Bishops Avenue in Hampstead. The purchase is the third residence acquired by Riverstone, which provides accommodation for over 65-year-olds, with the firm planning to develop a 230K SF scheme on the site. The first residents are expected to move into The Bishops Avenue Riverstone in 2025.
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Hong Kong’s Manhattan Garments Group has shelled out £191M for the 130.5K SF 5 Fleet Place in the City of London, IPE Real Assets reports. The Asian real estate firm has bought the development from Abu Dhabi Investment Authority, which has held the site since 2016.
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Tristan Capital Partners has bought the majority stake in Raag Hotels for £420M. With the acquisition, the firm will take ownership of Point A Hotels group. The Point A portfolio comprises 1,520 rooms in 10 hotels, with 80% of its value in London. The sale will see the Wellcome Trust exit the business.
LEASES
Despite the growth of home working, one of the UK’s major financial consultants is staying firmly put in its offices. Deloitte has renewed its lease with Landsec for its entire 485K SF of office space in two buildings until 2036.
New lease terms have been agreed on both core London locations, with Deloitte stating the space will be revamped to highlight collaboration, connection and wellbeing.
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UK electrical retailer Currys looks set to vacate its current head office at Acton Park in West London in favour of relocating to WeWork offices. According to Retail Gazette, the firm will allow its 1,400 staff to work from 50 locations across the UK and has taken space for 400 staff in Waterloo.
FINANCING
South of the Thames OakNorth Bank has completed a £32.6M loan with Dandi Group to develop a major new co-living scheme in Battersea. The six-storey resi scheme will feature 159 co-living bedrooms and will see the demolition of a 16K SF vacant building that is currently on the site.
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MGT has finalised a £100M financing deal with Deutsche Bank for 92 apartments at the Battersea Power Station, according to Property Week.
PERSONNEL
Colliers has strengthened its top team by poaching a duo from fellow consultant Knight Frank. Tim Mantle will join as director and Christian Capocci as associate director at Colliers, with roles within the London Capital Markets team.
They are expected to work on acquisitions and disposals for domestic and international clients in the private and public sectors.
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BNP Paribas Real Estate has appointed Andrea Williams Wedberg as sales director in its West Office Agency Team. The firm said the appointment signals a "change in BNPPRE’s approach."
