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
Dido Laurimore / Stephanie Highett / Will Henderson
+44 (0) 20 7831 3113
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.