Benson Elliot Capital Management
September 5, 2018 EGi, The Lehman Chronicles, James Jakeman: ‘What doesn’t break you makes you stronger’

EGi, Sept 2018

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July 23, 2018 Honor Chapman Memorial Lecture Celebrates its Fifth Anniversary Over 150 people convened at City Hall on Tuesday, 17 July 2018, to hear Dame Vivian Hunt, Managing Partner of McKinsey & Co UK and Ireland, deliver the Fifth Anniversary Honor Chapman Memorial Lecture.

Highlight Reel

The title of this year’s lecture, which pays homage to Honor Chapman CBE, Head of Research at Jones Lang Wootton during the 1990s / 2000s and a guiding light in planning the growth of modern London, was: “How Inclusive Leadership Leads to Inclusive Growth”.

The event was hosted by London & Partners, the official promotional agency for London, under the auspices of the University of Cambridge (Department of Land Economy). Also participating were past lecturers Annie Hampson OBE (Chief Planning Officer at the City of London Corporation), Dame Judith Mayhew (past leader of the City of London Corporation), and Alison Nimmo CBE (Chief Executive of The Crown Estate). The evening’s proceedings were chaired by JLL’s International Director Katie Kopec.

The lecture series was conceived by Marc Mogull, Executive Chairman of Benson Elliot Capital Management and a Senior Fellow in the Land Economy department at the University of Cambridge, alongside two former colleagues of Honor’s: Rosemary Feenan, former Global Head of Research at JLL, and Andrew Gould, former Chief Executive of JLL UK. In addition to the past lecturers, the other members of the organising committee are Katie Kopec and Robert Gordon Clark, Chairman of the London Communications Agency.

In her remarks, Dame Vivian challenged the audience to embrace diversity and inclusion as explicit strategies for driving performance and economic growth – both from the public and private sector perspectives. She remarked: “If, as a city, we remake our organisations to be diverse and inclusive, imagine the value we could realise. Preparing for cultural, technological, and economic change over the coming decades means building and scaling a city to be inclusive.”

Commenting on the evening’s success, Marc Mogull said: “Benson Elliot has been a proud supporter of the Honor Chapman Memorial Lecture since its inception. The lectures have offered guidance from – and highlighted the achievements of – some of the UK’s most accomplished women leaders, and continue to inspire future leaders. Dame Vivian’s comments were a timely reminder of not just the importance, but the power of diversity and inclusion.”

ENDS

For further information:
Benson Elliot
Matilda Williams
+44 (0) 20 7808 8900
Matilda.Williams@bensonelliot.com

FTI Consulting
Dido Laurimore / Claire Turvey / Jeanne Provencher
+44 (0) 20 3727 1000
Dido.laurimore@fticonsulting.com
Claire.turvey@fticonsulting.com
Jeanne.provencher@fticonsulting.com

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June 11, 2018 Benson Elliot secures prime Paris office investment

Benson Elliot, the UK-based private equity real estate fund manager, acting on behalf of its pan- European fund Benson Elliot Real Estate Partners IV L.P. (“BEREP IV” or the “Fund”), has entered into an agreement to forward fund the purchase of Curve, a new office development being constructed in Saint-Denis (Greater Paris). The off-market acquisition from BNP Paribas has been completed in joint venture with Générale Continentale Investissements.

Curve will provide 24,000 sqm of grade A office accommodation arranged over eight floors, with c. 250 sqm of ground floor retail space and 257 parking spaces. The site lies in Saint-Denis, the second largest office market outside of Paris (after La Défense). The area has proven attractiveness and resilience, with a diversified tenant base and >200 large corporates (including Orange, Generali and SNCF). Delivery of the project is planned for early 2020, with the completed project having an expected end value of c. €200 million.

Trish Barrigan, Benson Elliot Managing Partner, said: “This is a quality project in a Paris sub-market experiencing high levels of tenant demand, but confronting a shortage of modern office space. Our project team worked with BNP in the run-up to acquisition to optimise design, specification and efficiency, and improve the building’s overall appeal. We’ve worked with GCI on projects in Paris for more than 20 years, and look forward to adding Curve to our list of joint achievements.”

ENDS

For further information:

Benson Elliot
Trish Barrigan, Managing Partner
Matilda Williams
+44 (0) 20 7808 8900
Matilda.Williams@bensonelliot.com

FTI Consulting
Dido Laurimore / Claire Turvey
+44 (0) 20 3727 1000
Dido.laurimore@fticonsulting.com

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June 11, 2018 Benson Elliot sells Station Hill site in Reading Lincoln MGT, a joint venture between Lincoln Property Company and MGT Investment Management, has acquired Station Hill, a six-and-a-half-acre development site in central Reading from Sackville Developments Reading Ltd (SDRL), a joint venture between Stanhope and Benson Elliot.

The Station Hill site is situated directly in front of the main entrance to Reading Railway Station, which has recently undergone a major redevelopment and enhancement in advance of the opening of Crossrail in 2019. The site, which already has outline planning permission and an agreed Section 106 for a combined office and residential development, is one of the largest development schemes outside of London and has a GDV exceeding £750m.

Lincoln MGT is a strategic joint-venture between the US developer Lincoln Property Company and UK based MGT Investment Management. The joint venture combines the commercial and residential development experience and operating skills of Lincoln Property Company, which is one of the largest full-service real estate companies and the second largest manager of multi-family / PRS units in the United States, with the pan-European investment experience and strategic focus of MGT Investment Management.

Henry Morris, Manging Director at MGT Investment Management said: “We are delighted to have secured this outstanding mixed-use development site, which is the first investment for Lincoln MGT in the UK. The Lincoln MGT partnership brings complementary skill sets to the joint venture with MGT leading on acquisition and investment management, and Lincoln Property Company leading on development, construction, leasing and property management.”

Troy Javaher, Managing Director of the European operations at Lincoln Property Company said: “The site occupies an exceptional location next to Reading station, which has benefitted from a massive infrastructure improvement in recent years with the station’s redevelopment and the expected delivery of Crossrail’s Elizabeth line in December 2019. We understand the strategic importance of this infill development to Reading’s continued economic growth, and we look forward to working with the council, the local community and other stakeholders to bring forward an outstanding mixed-use development.”

David Camp, Chief Executive of Stanhope plc, said: “Sackville Developments Reading Ltd (SDRL) is pleased to confirm that it has sold its interest in the Station Hill development to Lincoln MGT. SDRL has prepared the site for development, including demolition and other works and the creation of a successful temporary events space and the Biscuit Tin coffee shop for the community. We have worked very effectively and closely with Reading Borough Council over many years to ensure that the redevelopment brings forward the maximum benefits of regeneration to the area around the station and we are delighted that it is in safe hands with the new owners to deliver this fantastic scheme for Reading.”

James Jakeman, Partner, Benson Elliot, said: “Benson Elliot and Stanhope have worked closely together over the last number of years to deliver one of the south east’s most strategically important and high profile development opportunities. It has been an exciting undertaking to be involved with, and having accomplished our objectives against the backdrop of a strengthening local market and beneficial large scale infrastructure projects, we are now in a position to hand the site over for its next phase and to crystallise value on behalf of our investors.”

Lincoln MGT was advised by LSH and Knight Frank. The vendor, Sackville Developments Reading Ltd, was represented by CBRE.

-Ends-

For further information:

Benson Elliot
James Jakeman
Matilda Williams
+44 (0) 20 7808 8900
Matilda.Williams@bensonelliot.com

Lincoln NGT
TwoBlue Communications
Iffat Memon / Peter Morley
+44 (0)20 8870 0367
iffat@tbcpr.com / peter@tbcpr.com

FTI Consulting
Dido Laurimore / Claire Turvey
+44 (0) 20 3727 1000
Dido.laurimore@fticonsulting.com / Claire.turvey@fticonsulting.com

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June 1, 2018 Benson Elliot sells Slough Retail Park for £63 million Orchard Street Investment Management (‘Orchard Street’), the specialist commercial property investment manager, has acquired Slough Retail Park in Slough, Berkshire from Benson Elliot, the UK-based pan-European private equity real estate fund manager, for a price in the region of £63 million. The acquisition was made on behalf of St. James’s Place UK Plc.

Slough Retail Park is the dominant furniture park in the local area, totalling 152,467 sq ft of accommodation across eight retail warehouse units with 546 on-site car parking spaces. The park is fully-occupied by high-quality tenants including DFS, The Range, Sofology, Wren Kitchens and Smyths Toys, providing a total rental income of £3,603,195 per annum, reflecting an average rent of £23.63 per sq ft. The asset has a WAULT of 6.4 years and occupies a substantial site totalling 9.7 acres (3.9 ha).

Asset management initiatives undertaken by Benson Elliot since their acquisition in 2016 following the EU referendum include growing the income by re-basing the rental tone across the park and implementing a modest capex programme to upgrade the park’s signage and create new façades across the existing units.

The retail park benefits from a prominent position adjacent to the A4 (Bath Road), 1.3 miles west of Slough town centre, within 1.2 miles of the M4 motorway and 7 miles of Heathrow Airport, drawing on a wide and affluent catchment. Slough is set to benefit from the arrival of Crossrail (The Elizabeth Line) in 2019, which will provide access to London’s West End in 30 minutes. In addition, Slough’s town centre is in the process of undergoing a major regeneration, with a £900m residential-led redevelopment of the Queensmere Observatory shopping centre and a £450m edge-of-town new commercial and residential district.

Barney Rowe, Partner at Orchard Street, commented: “Slough has the fastest-growing population in the UK, an increasingly affluent South East catchment, connectivity to Crossrail from 2019, and major regeneration projects underway, all of which stand to benefit Slough Retail Park. The park is well-located and serves as the local area’s principal furniture destination, presenting a compelling investment proposition”.

James Jakeman, Partner at Benson Elliot, commented: “During our period of ownership we have been able to deliver significant income and value improvement from an institutional asset that already boasted strong fundamentals. Following an off-market approach from Orchard Street, we decided to crystallise the value created through our pro-active management.”

Orchard Street was advised by Morgan Williams, whilst Benson Elliot was supported by Cube Real Estate.

-Ends-

For further information:

Benson Elliot
James Jakeman
Matilda Williams
+44 (0) 20 7808 8900
Matilda.Williams@bensonelliot.com

Orchard Street
John Humberstone
Orchard Street Investment Management
020 7494 8860
jhumberstone@orchard-street.co.uk

FTI Consulting
Dido Laurimore/Ellie Sweeney
020 3727 1000
osim@fticonsulting.com

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April 6, 2018 Benson Elliot completes early exit in Madrid Sale of grade A office asset capitalises on strong Spanish investment market

Benson Elliot, the UK-based private equity real estate fund manager, on behalf of its pan- European fund Benson Elliot Real Estate Partners III L.P. (“BEREP III” or the “Fund”), has completed the sale of a c. 6,000 sqm office asset in Madrid to a Spanish family office, achieving a c. 25% IRR.

The grade A, modern office building, which is located on Calle Valle de la Fuenfria in the Mirasierra area of northern Madrid, was acquired by Benson Elliot in 2015. At the time, the property was 77% let to two tenants. Benson Elliot subsequently implemented a capex programme to improve the building’s occupier appeal and, ultimately, its income profile.

Benson Elliot completed a lease with an international school operator, and extended leases with two existing tenants, increasing the in-place NOI by c. 20% and the building’s WAULT to 4.7 years. The disposal was completed 12 months ahead of plan, crystallising the value created and capitalising on a strong Spanish investment market.

Trish Barrigan, Benson Elliot Managing Partner, said: “This sale is a strong example of our ability to source high quality but undermanaged properties, and conceive and deliver value-add programmes in a cost efficient and timely manner. Benson Elliot was an early entrant into the Spanish market, and this exit enables us to crystallise significant value for our investors.”

ENDS

For further information:

Benson Elliot
Trish Barrigan, Managing Partner
Matilda Williams
+44 (0) 20 7808 8900
Matilda.Williams@bensonelliot.com

FTI Consulting
Dido Laurimore / Claire Turvey
+44 (0) 20 3727 1000
Dido.laurimore@fticonsulting.com Claire.turvey@fticonsulting.com

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March 16, 2018 Manhattan on Thames? That’s Barking

Evening Standard – Revealed: £2bn plan to transform Barking into ‘mini-Manhattan’

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February 19, 2018 Meet The New Leader At A Boutique Investor That Is Becoming A Rare Breed

Meet The New Leader At A Boutique Investor That Is Becoming A Rare Breed

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January 30, 2018 The 51 Most Influential Women In U.K. Real Estate

The 51 Most Influential Women In U.K. Real Estate

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November 24, 2017 Benson Elliot extends Polish activities with €100 million investment in prime regional offices - Acquisitions in Gdańsk, Kraków, Łódź and Poznań follow 2015 purchase of Warsaw’s Sheraton Hotel -

Benson Elliot, the UK-based private equity real estate fund manager, on behalf of its pan- European fund, Benson Elliot Real Estate Partners IV L.P. (“BEREP IV” or the “Fund”) has acquired four grade A office buildings in key Polish regional markets. The properties, secured in separate off-market transactions with four different vendors, follow the Fund’s acquisition of the 350-room Warsaw Sheraton Hotel in October 2015.

The properties have all been recently delivered or refurbished to a high specification, and are situated in central locations in their respective markets. The buildings acquired are:

Opera (Gdańsk): An award-winning, grade A office building completed in 2012 and located in Gdańsk, Poland’s principal seaport. The 8,290 sqm building is arranged over ground and five upper floors. Let to eight tenants, including Raiffeisen Polbank, KPMG, Lloyd’s Register and Metsa Group Services.

Vinci (Kraków): High quality, grade A office building completed in 2010. The 20,400 sqm building is arranged over 13 floors. Let to international corporates including Akamai, Heineken, Genpact and Rolls-Royce.

Forum 76 (Łódź): Another award-winning, grade A office building, located on a prominent plot in the centre of Łódź, Poland’s second largest city. The 7,910 sqm building was completed in 2009 and is arranged over ground and six upper floors. The property is let to BNP Paribas, Bank Zachodni WBK, Airbus, Philips Lighting, Magellan and Deloitte Polska, amongst others.

Okraglak and Kwadraciak (Poznań): Two landmark, architecturally significant office buildings located in the city centre of Poznań. The buildings, totalling 7,900 sqm, are arranged over ground and nine (Okraglak) and five (Kwadraciak) upper floors. Originally completed in 1955 as the Central Department Store (designed by renowned Polish architect Marek Leykam), the buildings were later converted to office use in 2012. The buildings are let to GFT Group, PKO Bank and Bank Zachodni WBK, amongst others.

Joseph DeLeo, Benson Elliot Senior Partner, said: “Poland remains one of Europe’s strongest economies, with GDP growth averaging more than 3% over the past decade. With 75% of trade geared into the EU, the country is a principal beneficiary of Europe’s broader recovery, and continues to be a favoured destination for global outsourcing and shared services. With these four acquisitions we feel we’ve established a solid position for Benson Elliot in strong regional markets, with prime properties offering real value growth potential.”

Benson Elliot were advised by Greenberg Traurig / Hogan Lovells and JLL. Financing was provided by Bank Zachodni WBK and mBank Hipoteczny. Sharow Capital has been appointed as asset manager by Benson Elliot.

ENDS

For further information:

Benson Elliot
Joseph DeLeo, Senior Partner Matilda Williams
+44 (0) 20 7808 8900
Matilda.Williams@bensonelliot.com

FTI Consulting
Dido Laurimore / Claire Turvey
+44 (0) 20 3727 1000
Dido.laurimore@fticonsulting.com Claire.turvey@fticonsulting.com

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