Principal Investing

Acquire and manage commercial real estate in the UK through joint venture structures.

We use our deep market intelligence and relationships to source the investment.
We focus on inefficient and asset management intensive properties in the UK.
We undertake rigorous analysis of the sector fundamentals, physical condition of the asset, planning use and capital structure of real estate.
Margin of safety against capital protection is embedded in our underwriting process through scenario planning.

We have full service asset and development management expertise in-house
We focus on fundamentals such as changing occupier needs, enhancement of building management, adding net lettable / saleable space, planning upside and change of use to increase Net Operating Income.
We collaborate with all the key stakeholders to achieve our objectives.
Pro-active risk management minimizes unexpected risks

We have a long standing relationship with global funding partners (debt and equity providers).
We believe that each deal is unique, hence we structure our investments to achieve the maximum return coupled with flexibly in order to tackle any unforeseen market changes.

We seek to exit at the ‘peak return point’ in an investment cycle.
We underwrite deals based on an absolute return strategy and defined hold period.
We invest in sectors and markets that have global investor appeal.

Fetter Yard, London, EC4

Acquired in Dec 2016 in a joint venture with Europa Capital.
101,000 sq. ft Grade A office building in Mid-town, close to Chancery Lane and Farringdon station.
Developed in 1992, the building was comprehensively refurbished and re-positioned in 2021 as best in class ESG-led workspace, achieving BREEAM “Very Good” and EPC B.
Fetter Yard is fully let and occupied by number global businesses from professional services, hospitality and tech on long term leases.

Worship Square, London, EC2

Acquired in October 2017 in a joint venture with Bridges Fund Management.
54,000 sq. ft office building in South Shoreditch, close to Liverpool Street station.
5-acre under-developed corner site developed in late 1980’s and early 1990’s as two interconnected building.
Planning consent was secured in 2019 to develop a single architecturally rich, sustainable and modern new building to appeal to a wide variety of occupiers. The scheme was designed as Net Zero and to achieve BREEAM “Outstanding”, Wellness “Platinum ”etc.
Sold in Q1 2020 to a European developer to achieve superior risk adjusted return for the investors. Site value was one of the highest £PSF achieved in the City of London.

The Mark, London, EC3

Acquired in Q1 2022 in a joint venture with Pineridge Investments.
105,000 sq ft of end of life and undermanaged offices, close to 3 London Underground Stations and 1 Overground Station with excellent connectivity. Overlooking key London landmarks – Tower of London, Towe Bridge etc.,
Planning consent secured in 2023 for a new built 325,000 sq ft (GIA) best in class office building. The scheme is designed to deliver a highly sustainable building, targeting Net Zero carbon, BREEAM “Outstanding” and embedding circular economy principles to recycle materials from existing building where possible.
Construction expected to start in 2025.

Retail Warehouse Portfolio, UK wide

Joint venture formed in 2019 with a large European Fund to create c. £150m portfolio of retail parks.
Strategy to buy undermanaged retail parks in strong trading locations, where value can be created through active asset management, planning and development.
4 retail parks were acquired off-market in 2020-21 with a GAV > £100m.
Portfolio sold in 2024, generating superior risk adjusted return for the investors.

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