Benson Elliot Capital Management
September 1, 2011 Prime Bricks and Mortar No Longer Looks So Solid Commentary

Viewpoint, Real Estate Capital

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May 5, 2011 Benson Elliot Joins Forces with Banco Sabadell to Unlock Flagship Barcelona Office Investment Firm leads restructuring of €80 million project, expected to be the city’s only major office delivery in 2012/2013.

Benson Elliot, the leading European private equity real estate firm, has completed a milestone debt transaction in the Spanish market, securing a prime office investment in Barcelona for Benson Elliot Real Estate Partners III from Spain’s Banco Sabadell. The transaction was structured and negotiated directly with Banco Sabadell, and involves the forward purchase of Antic Cami de Valencia (Antic Cami), a 3-building, 20,000 sqm office complex in central Barcelona with an end value of c. €80 million.

Banco Sabadell’s real estate subsidiary, Solvia, took control of Antic Cami after the previous owners defaulted on a loan from the bank in 2009. In 2010, Benson Elliot and local partner Urban Input began working with Banco Sabadell and Solvia to restructure the bank’s position and move the project forward. Under the terms agreed with Banco Sabadell, the Benson Elliot-led joint venture will acquire the completed buildings from Solvia in early 2013, with financing for the purchase provided by the bank.

Marc Mogull, Managing Partner at Benson Elliot, commented: “This is a win-win transaction for Benson Elliot and Banco Sabadell, and indeed for the city of Barcelona. We’ve worked well with the Sabadell and Solvia teams to allocate risk and structure solutions, and I’ve no doubt this will become a model for future investments in the Spanish market. Catalonia has been resilient throughout the recent crisis, led by Barcelona’s position as a key European business hub. When markets stabilise Barcelona will face a shortage of truly prime office space – a shortage that Antic Cami de Valencia can at least start to fill.”

Salvador Grane, Chief Executive Officer at Solvia and Assistant General Manager at Banco Sabadell commented: “This is a landmark transaction for us and Benson Elliot has been an indispensable part of this process. The innovative structure of the deal is a great outcome for the bank, as well as for our partners. This is an exciting time for the Barcelona market and this transaction shows that attractive opportunities and successful partnerships will arise from the market’s recent volatility. As one of Spain’s largest banking groups, Banco Sabadell is a leading expert in the country’s real estate sector. Our goal is to maximise returns on our real estate assets and we look forward to exploring other projects with Benson Elliot in the future.”

Antic Cami is located in 22@, central Barcelona’s modern business district, close to the crossing of the area’s two principal thoroughfares (Avenida Diagonal and Avenida Pere IV), and with immediate access to local metro and tram stops. Antic Cami is expected to be the only major new building to be delivered in Barcelona by 2012/2013. It will be the first energy efficient, LEED-certified office building in the market, as well as one of the city’s most design-efficient buildings.

Howard Pierce, Director at Urban Input, commented: “We are pleased to partner with Benson Elliot on this innovative and important project. We are providing space designed around occupiers’ needs first, from large floor plates through to smaller modules. Antic Cami aims to provide a top-quality environment while bringing internationally recognised green building practices to Barcelona.”

 

For further information:

Benson Elliot
Marc Mogull, Partner
Sophia Matveeva, Communications
+44 (0) 20 7808 8900

Financial Dynamics 
Dido Laurimore / Will Henderson
+44 (0) 20 7831 3113
dido.laurimore@fd.com

Urban Input
Howard Pierce, Director
+34 93 342 7670

NOTES TO EDITORS

Benson Elliot

Benson Elliot Capital Management LLP (Benson Elliot) is a leading independent private equity real estate, FSA regulated fund manager with c. €850 million of equity under management. The firm has a pan-European investment platform and has transacted in the UK, France, Germany, Spain, Hungary, Slovakia, and Denmark. Benson Elliot holds a diversified real estate portfolio, currently comprised of office, retail, hotel and residential assets. Its holdings, through affiliates, include the Opéra Italiens in Paris, the 5-star Nikko Hotel in Dusseldorf and the newly built Novotel Edinburgh Park. The Benson Elliot team has experience in delivering superior risk-adjusted returns through active and innovative investment management and has successfully invested through market cycles. Benson Elliot is led by Marc Mogull and Trish Barrigan, who direct a team of senior industry professionals with experience in sourcing, underwriting and managing real estate investments throughout Europe and across all the major property sectors.

Benson Elliot was founded in 2005 to realise a vision for successful real estate investing in a changing market environment and has, from the start, worked with leading institutional investors. The firm launched its inaugural investment vehicle, Benson Elliot Real Estate Partners II, L.P., in April 2006, closing in August 2006 with commitments of more than €335 million. In 2009, Benson Elliot closed its second oversubscribed fund, Benson Elliot Real Estate Partners III, L.P., with commitments of over €500 million. Subsequently, Benson Elliot was awarded the 2009 European Fundraising of the Year prize by Private Equity Real Estate.

Benson Elliot Real Estate Partners II, L.P and Benson Elliot Real Estate Partners III, L.P. are not accepting new commitments from investors.

Urban Input

Urban Input, part of the Bream Real Estate Group, was set up in 2004 by three partners with extensive experience in the real estate sector in Spain and currently manages a number of projects for both national and international investors. Urban Input is a real estate asset management company which works in partnership with its clients through repositioning, improving contracts and income flows, development and refurbishment. Urban Input focuses on management intensive projects in all sectors, with special emphasis on office, industrial and residential properties. The company is based in Barcelona but provides national coverage and reaches all of Spain’s principal markets.

To date Urban Input has carried out over €520 million of transactions, and provided consultancy advice to corporate occupiers, public authorities and investors. This track record has resulted in a diverse range of investors taking the company on to help them manage their assets.

Banco Sabadell

Banco de Sabadell SA is a Spain-based financial institution primarily engaged in the banking sector. The Bank is a parent of Grupo Banco Sabadell, a group which comprises a number of entities also active in the banking sector, such as Banco Sabadell Atlantico SA, Banco Herrero SA, Solbank SBD SA, Banco ActivoBank SA, Banco Urquijo SA and TansAtlantic Bank Inc; as well as other subsidiaries and affiliates which are involved in various areas of the financial sector, including insurance, asset management and international trading, among others. The Bank operates a network of foreign branches and representative offices established in North, Central and South America, the Caribbean, Europe, North Africa, the Middle East and Asia.

 

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April 8, 2011 Benson Elliot Arranges £12.4 Million Financing at CBXII in Milton Keynes Funding follows letting to Global Radio, taking occupancy to 100% in less than a year.

Benson Elliot Capital Management (”Benson Elliot”), the leading private equity real estate firm, has successfully leased up the entire CBXII building in Milton Keynes. On the strength of this letting success Benson Elliot has secured a new five-year, £12.4 million financing facility with Santander. The letting milestone was achieved within one year of the property being acquired by Benson Elliot Real Estate Partners II L.P., in spite of the challenging market environment.

Benson Elliot secured a ten year lease for more than 7,000 sq ft to Global Radio Limited, the UK’s leading radio company and operator of well known brands including Capital FM, Heart, and Classic FM. Additional letting activity undertaken by Benson Elliot and asset manager XLB Property since acquisition includes all previously vacant retail units, and a new 23,000 sq ft lease to Regus UK.

CBXII is a modern, mixed-use city centre development comprising c. 150,000 sq ft (14,000 sq m) of office and retail space, split over three buildings on Midsummer Boulevard: Midsummer East, Midsummer West and Midsummer Court. In addition to Global Radio and Regus, office tenants include Argos and the Homes and Communities Agency. Benson Elliot acquired CBXII in March 2010.

Phil Irons, Partner and Head of UK Investment at Benson Elliot, commented: “When we acquired CBXII, we saw that there was significant potential to drive value through a proactive asset management programme. We haven’t been slow to grasp the nettle. The impressive results we have achieved, and the support we have secured from Santander, are a testament to the efforts of the Benson Elliot and XLB teams, and a reflection of our determination to maximise value for our investors.”

 

For further information:

Benson Elliot Capital Management LLC
Phil Irons, Partner
Sophia Matveeva, Communications
+44 (0) 20 7808 8900

Financial Dynamics 
Dido Laurimore / Stephanie Highett / Will Henderson
+44 (0) 20 7831 3113
dido.laurimore@fd.com

NOTES TO EDITORS

Benson Elliot Capital Management LLP (Benson Elliot) is a leading independent private equity real estate FSA regulated fund manager with over €700 million of assets and €850 million of equity under management. The firm has a pan-European investment approach and has transacted in the UK, Germany, France, Hungary, Slovakia, Spain, and Denmark. Benson Elliot holds a diversified real estate portfolio, currently comprised of office, retail, hotel and residential assets. Its holdings, through affiliates, include the Opéra Italiens in Paris, the 5-star Nikko Hotel in Dusseldorf and the newly built Novotel Edinburgh Park. The Benson Elliot team has experience in delivering superior risk-adjusted returns through active and innovative investment management and has successfully invested through market cycles. Benson Elliot is led by Marc Mogull and Trish Barrigan, who direct a team of senior industry professionals with experience in sourcing, underwriting and managing real estate investments throughout Europe and across all the major property sectors.

Benson Elliot was founded in 2005 to realise a vision for successful real estate investing in a changing market environment and has, from the start, worked with leading institutional investors. The firm launched its inaugural investment vehicle, Benson Elliot Real Estate Partners II, L.P., in April 2006, closing in August 2006 with commitments of more than €335 million. In 2009, Benson Elliot closed its second oversubscribed fund, Benson Elliot Real Estate Partners III, L.P., with commitments of over €500 million. Subsequently, Benson Elliot was awarded the 2009 European Fundraising of the Year prize by Private Equity Real Estate.

Benson Elliot Real Estate Partners II, L.P and Benson Elliot Real Estate Partners III, L.P. are not accepting new commitments from investors.

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March 25, 2011 Benson Elliot Signs New Nine Year Lease with Editis at the Olympique Building, Paris Latest leases take building to full long-term occupancy.

Benson Elliot Capital Management (“Benson Elliot”), the leading private equity real estate firm, and Générale Continentale Investissements (“GCI”) announce a new letting at the Olympique building, located in the 13th arrondissement, Paris. The new letting has taken the building to full occupation.

Editis, one of France’s leading publishing companies, has taken a nine year lease at the building, where it has been a tenant since 2004. The new letting increases the amount of space that Editis and its affiliates occupy to an area of around 8,000 sqm, which amounts to 80% of the building’s total capacity, as well as extending the length of the lease.

The Olympique building is a prime office building located at 9/35 avenue Pierre de Coubertin and benefits from excellent access to public transport. Offering a 10,647 sqm lettable area over ground and six upper floors, the building also has 88 parking spaces and an inter-company restaurant.

Benson Elliot and GCI acquired the property through a joint venture vehicle in 2007 as part of a portfolio acquisition.

During the last quarter of 2010, the joint venture also agreed new leases with France Telecom (776 sqm) and Socotec (300 sqm).

Remi Monglon, Head of Investment in France at Benson Elliot, commented: “These new leases are a testament to the resilience of demand for space at the Olympique building and demonstrate our capacity to secure long term tenant agreements in a competitive market.”

Sharon Raingold, Managing Director at GCI, commented: “The Olympique building is now fully let to very high quality tenants on comparatively long leases for the French market. As a result of these transactions, the asset is delivering secure long term cash flow which will increase the liquidity of the asset.”

Lawington Avocats advised the joint venture on the Editis letting. BNP Paribas Real Estate advised the joint venture on the France Telecom transaction.

 

For further information:

Benson Elliot
Remi Monglon, Principal
Sophia Matveeva, Communications
+44 (0) 20 7808 8900

Financial Dynamics 
Dido Laurimore / Will Henderson
+44 (0) 20 7831 3113
dido.laurimore@fd.com

NOTES TO EDITORS

Benson Elliot

Benson Elliot Capital Management LLP (Benson Elliot) is a leading independent private equity real estate FSA regulated fund manager with over €700 million of assets and €850 million of equity under management. The firm has a pan-European investment approach and has transacted in the UK, Germany, France, Hungary, Slovakia, Spain, and Denmark. Benson Elliot holds a diversified real estate portfolio, currently comprised of office, retail, hotel and residential assets. Its holdings, through affiliates, include the Opéra Italiens in Paris, the 5-star Nikko Hotel in Dusseldorf and the newly built Novotel Edinburgh Park. The Benson Elliot team has experience in delivering superior risk-adjusted returns through active and innovative investment management and has successfully invested through market cycles. Benson Elliot is led by Marc Mogull and Trish Barrigan, who direct a team of senior industry professionals with experience in sourcing, underwriting and managing real estate investments throughout Europe and across all the major property sectors.

Benson Elliot was founded in 2005 to realise a vision for successful real estate investing in a changing market environment and has, from the start, worked with leading institutional investors. The firm launched its inaugural investment vehicle, Benson Elliot Real Estate Partners II, L.P., in April 2006, closing in August 2006 with commitments of more than €335 million. In 2009, Benson Elliot closed its second oversubscribed fund, Benson Elliot Real Estate Partners III, L.P., with commitments of over €500 million. Subsequently, Benson Elliot was awarded the 2009 European Fundraising of the Year prize by Private Equity Real Estate.

Benson Elliot Real Estate Partners II, L.P and Benson Elliot Real Estate Partners III, L.P. are not accepting new commitments from investors.

Générale Continentale Investissements

Générale Continentale Investissements (GCI) was created in 1975 by Paul Raingold and has become one of the leaders in commercial real estate investment and development in France. GCI has always chosen top quality partners and has been involved in investments totalling over €2.5 billion and amounting to more than 1 million sqm of top quality office and other commercial property space in the main business districts of Paris, the greater Paris region and other major French cities. In the centre of Paris, these investments have incorporated prime renovation and reconstruction schemes, as well as new developments. Tenants include major national and international companies, and the French Administration.

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March 25, 2011 Générale Continentale Investissements et Benson Elliot Signent un Nouveau Bail de 9 Ans Ferme avec la Société Editis

Communiqué de presse, le 25 mars 2011

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March 25, 2011 Benson Elliot Arranges First Re-financing of a French Securitisation €138 million Paris portfolio funding is a post-crisis milestone.

Benson Elliot Capital Management (“Benson Elliot”), the leading private equity real estate firm, and Générale Continentale Investissements (“GCI”), have successfully completed the refinancing of the 4-building, 36,000 sqm Opéra Portfolio in Paris. The €138 million loan facility was provided by a syndicate of three banks: Helaba (Landesbank Hessen-Thüringen), Aareal and Credit Foncier de France, with Helaba acting as Facility and Security agent. The transaction represents the only refinancing of securitised debt to be completed in France since the crisis began.

The flagship property in the portfolio is the well-known Opéra Italiens building in Paris’ Central Business District. Once the headquarters of French daily Le Monde, the property is today occupied in its entirety by the Ministère de la Justice. The portfolio also includes a property in the 13th district (L’Olympique) and two office buildings in the popular western suburb of Issy Les Moulineaux.

Since acquiring the portfolio in 2007 the partners have increased occupancy from 65% to 99%. Major leases have been extended with the Ministère de la Justice and leading French publisher Editis (who has expanded to c. 8,000 sqm in L’Olympique, on a fixed-term lease expiring in 2020), and new leases have been completed with companies such as Socotec, Oracle and France Telecom. In addition, the partners profitably sold two assets in 2008: Matignon and Belles Feuilles.

Joseph De Leo, Partner & Head of Portfolio Management at Benson Elliot, commented: “This refinancing is a major milestone for the French market and for Benson Elliot. It shows that banks remain enthusiastic about funding quality assets, in major markets, with strong sponsors. Our business plan remains on track and we look forward to working with GCI to create further value in the Opéra Portfolio during the coming years.”

Paul Raingold, President at GCI, commented: “This refinancing demonstrates the strength of the Opéra portfolio, and of our successful partnership with Benson Elliot. These are well located, high standard properties, occupied by high quality, long-term tenants. Paris is one of the strongest property markets in Europe today, both occupationally and in terms of investor demand, and this transaction evidences how successfully the portfolio continues to weather this period of financial market uncertainty.”

 

For further information:

Benson Elliot
Joseph De Leo, Partner
Sophia Matveeva, Communications
+44 (0) 20 7808 8900

Financial Dynamics 
Dido Laurimore / Will Henderson
+44 (0) 20 7831 3113
dido.laurimore@fd.com

Générale Continentale Investissements
Sharon Raingold, Managing Director
+33 (0)1 56 68 48 00

NOTES TO EDITORS

Benson Elliot

Benson Elliot Capital Management LLP (Benson Elliot) is a leading independent private equity real estate FSA regulated fund manager with over €700 million of assets and €850 million of equity under management. The firm has a pan-European investment approach and has transacted in the UK, Germany, France, Hungary, Slovakia, Spain, and Denmark. Benson Elliot holds a diversified real estate portfolio, currently comprised of office, retail, hotel and residential assets. Its holdings, through affiliates, include the Opéra Italiens in Paris, the 5-star Nikko Hotel in Dusseldorf and the newly built Novotel Edinburgh Park. The Benson Elliot team has experience in delivering superior risk-adjusted returns through active and innovative investment management and has successfully invested through market cycles. Benson Elliot is led by Marc Mogull and Trish Barrigan, who direct a team of senior industry professionals with experience in sourcing, underwriting and managing real estate investments throughout Europe and across all the major property sectors.

Benson Elliot was founded in 2005 to realise a vision for successful real estate investing in a changing market environment and has, from the start, worked with leading institutional investors. The firm launched its inaugural investment vehicle, Benson Elliot Real Estate Partners II, L.P., in April 2006, closing in August 2006 with commitments of more than €335 million. In 2009, Benson Elliot closed its second oversubscribed fund, Benson Elliot Real Estate Partners III, L.P., with commitments of over €500 million. Subsequently, Benson Elliot was awarded the 2009 European Fundraising of the Year prize by Private Equity Real Estate.

Benson Elliot Real Estate Partners II, L.P and Benson Elliot Real Estate Partners III, L.P. are not accepting new commitments from investors.

Générale Continentale Investissements

Générale Continentale Investissements (GCI) was created in 1975 by Paul Raingold and has become one of the leaders in commercial real estate investment and development in France. GCI has always chosen top quality partners and has been involved in investments totalling over €2.5 billion and amounting to more than 1 million sqm of top quality office and other commercial property space in the main business districts of Paris, the greater Paris region and other major French cities. In the centre of Paris, these investments have incorporated prime renovation and reconstruction schemes, as well as new developments. Tenants include major national and international companies, and the French Administration.

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March 25, 2011 Benson Elliot Capital Management et Générale Continentale Investissements Signent le Premier Refinancement d’un Prêt Titrisé en France

Communiqué de presse, le 25 mars 2011

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February 10, 2011 Phil Irons Participates in Panel Discussion of Estates Gazette Sentiment Survey

Phil Irons, Partner and Head of UK Investment at Benson Elliot, took part in an Estates Gazette web panel discussion about the Sentiment Survey by EG and BNP Paribas Real Estate.

The session was chaired by Damian Wild, editor of Estates Gazette. Also on the panel were Mark England, BNP Paribas Real Estate, and Nick Jopling, Grainger.

Description of the Sentiment Survey from www.estatesgazette.com:

Estates Gazette has teamed up with BNP Paribas Real Estate for a series of quarterly sentiment surveys, to examine the attitude and confidence of the property industry across all sectors.

The results of the surveys are analysed in print and in quarterly filmed panel discussions chaired by EG Editor Damian Wild. Previous panellists include Liz Peace of the BPF, ASDA’s Jo Moon, Eurohypo’s Max Sinclair, Derwent London chief executive John Burns and Mark Anderson, Whitbread UK property director.

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January 11, 2011 Benson Elliot and Stanhope Join Forces with Sackville Properties to Take Forward £400 Million Station Hill Re-development in Reading Development and investment team assembled to back one of the South East’s most important regeneration projects.

Benson Elliot Capital Management (“Benson Elliot”), the leading private equity real estate firm, and Stanhope plc (“Stanhope”), one of the UK’s most experienced developers, have acquired a majority interest in the company established by Sackville Properties for the landmark Station Hill re-development in Reading. Alongside the £850 million upgrading and enhancement programme at Reading Station, the first phase of which will be completed in 2013, the Station Hill development is the centrepiece of plans to renew the heart of Reading, and reinforce the town as the capital of the Thames Valley.

Sackville Properties, under the leadership of Chairman Sir John Madejski, initiated the Station Hill project, acquiring the main portion of the site from Land Securities in 2005. Sackville extended the site through further land acquisitions before securing a resolution to grant planning consent for a 1.7 million square foot mixed-use project in 2009. More recently, Sackville has been looking for a funding and development partner to secure the resources and experience required to bring forward the re-development of the site.

Stanhope, led by David Camp, is recognised as one of the most experienced developers of large-scale urban projects in the UK, with a track record encompassing landmark projects such as Broadgate and Chiswick Park. Benson Elliot founder Marc Mogull has led the funding of urban regeneration projects across Europe during the past twenty years, and is the UK Chairman of the Urban Land Institute, the pre-eminent global land-use organisation. The Station Hill transaction represents the first investment for the €500 million fund, Benson Elliot Real Estate Partners III.

Sir John Madejski, Chairman of Sackville, said: “I am delighted that the formation of this exciting partnership, and the injection of new capital at a time of financial constraint, will give renewed impetus to the re-development of this key site in the heart of Reading. It has long been my ambition to see the epicentre of Reading brought back to life; it is without doubt the most important development in the South East of England.”

David Camp, Chief Executive Officer at Stanhope, added: “There is a tremendous opportunity here to make a meaningful and important contribution to the resurgence of Reading. The Sackville team has assembled a first class site, and we are looking forward to building on its work to create a new superbly located and connected place in which to live and to work.”

Marc Mogull, Managing Partner at Benson Elliot, commented: “This is a significant urban regeneration scheme, and Benson Elliot is excited to be part of it. I look forward to working closely with Reading Borough Council, Sir John and the talented teams at Stanhope and Sackville to see it realised.”

Cllr Andrew Cumpsty, Leader of Reading Borough Council said: “I am extremely pleased to learn of the announcement of this joint venture. It is an important milestone in this critical development project for the town. Station Hill is a key location in the town centre and its development, along with the investment the Council has secured in the area around the station, will transform one of the major gateways into Reading, providing a real boost to our already powerful local economy and supporting the priority we give to civic aspiration.”

Strutt and Parker acted for Sackville Properties on the transaction whilst Savills acted for Benson Elliot and Stanhope.

 

For further information:

Benson Elliot
Marc Mogull, Managing Partner
Phil Irons, Partner
+44 (0) 20 7808 8900

Financial Dynamics 
Dido Laurimore / Stephanie Highett / Will Henderson
+44 (0) 20 7831 3113
dido.laurimore@fd.com

Stanhope
Charles Briscoe, Director
+44 (0) 20 7170 1700

Sackville
Jon Homan, Director
+44 (0) 118 958 4459

 

About Benson Elliot

Benson Elliot was founded in 2005 to realise a vision for successful real estate investing in a changing market environment. Conceived alongside a group of leading institutional investors, the firm is dedicated to delivering sustainable investment out-performance through market cycles. The firm launched its inaugural investment vehicle, Benson Elliot Real Estate Partners II, L.P., in April 2006, closing in August 2006 with commitments of more than €335 million. Benson Elliot Real Estate Partners III, L.P., closed in 2009 with commitments of over €500 million. All funds managed by Benson Elliot are fully discretionary.

Benson Elliot is led by Marc Mogull and Trish Barrigan. Mr. Mogull established, and for seven years managed, the Doughty Hanson & Co European Real Estate Fund. In this role he was responsible for the acquisition in 2001, and subsequent re-development, of Broad Street Mall in Reading. Ms. Barrigan was previously Managing Director and Head of Global Real Estate Investments for Dubai Investment Group, moving from Goldman Sachs where she spent ten years primarily in principal investing and portfolio management for the Whitehall Funds.

The Benson Elliot team includes senior industry professionals with experience in sourcing, underwriting and managing real estate investments across Europe and across all major property sectors. Benson Elliot’s UK team is led by partner Phil Irons, who was previously Head of Transactions for UK fund manager Schroders. During his tenure at Schroders, Mr. Irons executed c. £1 billion of acquisitions and dispositions in the UK. Previously, Mr. Irons was Head of Acquisitions and Dispositions for the London Stock Exchange-listed property company Benchmark Group.

Highlighting the firm’s successes Private Equity Real Estate named Benson Elliot “European Emerging Firm of the Year” for 2006. In 2008, Private Equity Real Estate named the firm as one of ten emerging managers globally it expects “to shape the private equity world around them.” Benson Elliot was further honoured by its peers with the 2009 European Fundraising of the Year (Private Equity Real Estate).

About Stanhope

Stanhope PLC is a property development company with over 25 years experience. The company is 65% owned by the management of the business many of whom have been together for over 20 years. As developers, development partners and development managers the company has been wholly or jointly responsible for the delivery of over 20 million square feet receiving well over 100 awards for development design and construction excellence.

Stanhope PLC is perhaps best known for its many City of London commercial schemes such as Broadgate and Paternoster Square and arts projects such as The Royal Opera House and Tate Modern. The City continues to be a key market for the company although increasingly it has been associated with regeneration projects throughout the United Kingdom such as Hereford City Centre, Stevenage, Ashford, Croydon and Stevenage.

Joint venture and partnerships are central to Stanhope’s philosophy and over the years they have worked with a number of strong, long term financial partners including, The Crown Estate, Legal and General, Schroders, Aviva and British Land.

At the heart of all of Stanhope’s projects is a belief that by place making and creating new sustainable environments that meet the needs of existing and future occupiers, they create the best possible long term investments and ensure the long term success of the location.

About Sackville Properties

Sackville Property Management Limited is the management company for a group of property investment and development companies, which was formed in November 2006. Other related companies are involved in property investment and development.

The predecessor company, Sackville Properties PLC, was formed in March 2001.

The Chairman and major shareholder is Sir John Madejski OBE DL and the Executive Directors are Michael Bracken and Jon Homan, who have extensive and wide ranging experience in both development and investment and Ian Smith, Finance Director. The other Board members are Nigel Howe, Chief Executive of Reading Football Club and Ian Wood-Smith, Senior Partner in the law firm of Field Seymour Parkes in Reading.

Following the sale to Hilstone, in March 2005, Sackville’s newly formed subsidiary, Sackville Developments (Reading) Limited, purchased a portfolio of properties in central Reading, from Land Securities and subsequently adding to these with further acquisitions. The site, which totals 5.1 acres, includes two office buildings totalling 127,000 sq.ft., thirteen shops, a former Mecca bingo hall, the former Friars Walk Shopping Centre and a multi-storey car park let to NCP. The site has potential for redevelopment as a mixed use scheme and, being sited immediately adjacent to Reading Railway Station, will become a landmark gateway to Reading. A mixed use development totalling approximately 1.72 million sq.ft was granted planning permission in February 2010. This has now been incorporated into a new joint venture with Benson Elliot Capital Management and Stanhope plc.

In December 2005, Sackville Developments acquired a 52 acre site adjacent to Junction 15 of the M40 at Warwick from Severn Trent, for a 750,000 sq.ft. Business Park. Construction of the first phase of office buildings totalling 62,000 sq.ft. has been completed and a further 12,000sq ft has been developed for Geberit Limited This acquisition was funded through a structured finance package with The Royal Bank of Scotland plc.

Sackville also acquired a 12.5 acre site at Egham, Surrey, close to Junction 13 of the M25 and developed a 40,000 sq.ft. Headquarters office building known as Milton Park which they subsequently sold to Belron plc.

In parallel with the development activities, Sackville also operates a property investment group which currently holds a portfolio of 9 properties, both commercial and industrial throughout the UK.

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