Abstract Glasgow sale

In one of the largest investment transactions in Scotland in recent years, a vehicle associated with Starwood Capital Group, a private investment firm, has acquired the entire share capital of Abstract (Glasgow) Limited, the company which developed and owns the St Vincent Plaza office development in Glasgow.  Terms of the transaction were not disclosed.

The 12 storey BREEAM excellent EPC A office building which comprises 172,307 sq ft is multi let to a range of occupiers including KPMG, Whyte and Mackay, Scottish Ministers, Mott Macdonald, Wood Group and Zurich Insurance. 

The building was completed in late 2015 and is located in a prominent position on St Vincent Street opposite the new HQ for Scottish Power. There are strong levels of interest in the two remaining floors.  

Mark Glatman, Chief Executive of Abstract commented: “St Vincent Plaza is the third of our ‘Uncompromising Value’ series of office buildings and it is always satisfying to see the outcome of a good project.  We are delighted that Starwood has recognised the quality of this building and the strong and diverse income stream we have created from the fantastic range of tenants who have been attracted to the property.’’

Christopher McPherson, Development Director added: “We have been working on this project for a number of years and it is great to see the stewardship of the property move to the next stage. The remaining floors in the building are the best new office space left in Glasgow and with no new development likely to come on stream for at least 2 or 3 years we are confident that it will fully let up soon.’’

James Fogarty, Vice President for Starwood Capital Group said “We are excited about the acquisition of St Vincent Plaza which is the first European acquisition for our recently established vehicle focussed on Value Add opportunities. St Vincent Plaza is a well-designed, high quality asset in a strong location with good transportation links – all of which has helped to deliver the very strong tenant roster. Glasgow has very limited Grade A vacancy, almost no new supply, and will continue to be a strong occupational market for the right asset.”

Lambert Smith Hampton and CMS acted as financial advisors to Starwood Capital Group.  Pinsent Masons acted for the shareholders of Abstract (Glasgow) Limited.

For more information contact:-

Mark Glatman – Abstract Securities Limited

mark.glatman@abstractsecurities.com

020 7747 8272

Tom Johnson or Pat Tucker for Starwood Capital Group

tbj@abmac.com/pct@abmac.com

+1 (212) 371-5999

ZURICH CHOOSES ABSTRACT IN GLASGOW

Zurich Insurance is the latest global occupier to commit to Abstract’s St Vincent Plaza office development scheme in Glasgow.

The business is relocating its office from The Eagle Building in Bothwell Street in mid-2018 and will take the entire 7th floor of the development comprising 17,222 sq ft on a new 10 year lease.

St Vincent Plaza is a speculative ‘Grade ‘A’ office development of 172,307 sq ft arranged on lower ground, ground and 10 upper floors. The building occupies a prominent position in Glasgow City Centre and has been designed to support highly efficient day one occupancy levels from 1 person per 6 sq.m.

With a BREEAM ‘Excellent’ and EPC ‘A’ environmental accreditation, the development provides the most cost effective new build city centre office accommodation anywhere in the UK.

Mark Glatman, Chief Executive of Abstract, commented: “We are delighted that Zurich has chosen St Vincent Plaza.  They join KPMG, Whyte and Mackay, Wood Group, Mott Macdonald and the Registers of Scotland to add to an impressive list of occupiers in the building and we are now down to only two floors remaining.  With no new speculative space under construction in the City, the choice for occupiers in the City is becoming very limited.’’

Christopher McPherson, Development Director of Abstract said, ‘’The letting to Zurich takes our total occupancy in Glasgow to 85% and further demonstrates the success of our ‘uncompromising value’ approach to office development which has been very well received by an impressive line-up of major corporate end users in Glasgow and in our other schemes throughout the UK.’’

Joint agents for St Vincent Plaza are CBRE and Ryden.

JLL represented Zurich.

For more information visit www.stvincentplaza.com

Image shows:  St Vincent Plaza

-Ends-

For media information, please contact Pauline Gregory on 07833 490964 / pauline@skylarkpublicrelations.com or Lisa Mennie 07825 225 414 / lisa@skylarkpublicrelations.com

AVIVA INVESTORS’ LIME PROPERTY FUND ACQUIRES £30.06 MILLION OFFICE DEVELOPMENT IN BRISTOL FROM ABSTRACT SECURITIES LIMITED

AVIVA INVESTORS’ LIME PROPERTY FUND ACQUIRES £30.06 MILLION OFFICE DEVELOPMENT IN BRISTOL FROM ABSTRACT SECURITIES LIMITED

Pre-let secured with Babcock Integrated Technology Ltd      

(London) Aviva Investors has acquired the first phase of Abstract Securities’ redevelopment of Bristol Business Park for £30.06 million via the Lime Property Fund. 

The property will be redeveloped into an 85,790 sq ft. modern office building, which has been pre-let in its entirety to Babcock Integrated Technology Ltd (“Babcock”), the UK’s leading engineering support services company, with a guarantee from Babcock International Plc. 

The office building will be built to a BREEAM ‘Excellent’ specification and is scheduled for delivery in May 2019. The property will provide a prominent gateway office building on Bristol Business Park, Bristol’s premiere of out-of-town Business Park, which is in close proximity to the University of the West of England and the Ministry of Defence’s principal UK procurement centre at Abbey Wood.

Babcock has agreed a 15-year full-repairing lease at a commencing rent of approximately £1.6 million per annum, subject to five yearly rent reviews linked to RPI, collared and capped at two per cent and four per cent per annum. 

Lime Property Fund is a secure income long lease property fund managed by Aviva Investors. The fund targets property investments let to strong tenants on leases with inflation-linked or fixed-rental uplifts and lease terms of 15 years plus.

Kris McPhail, Assistant Fund Manager, Aviva Investors, said: 

“We are very pleased to be working with Abstract on this opportunity. Abstract has a long track record of delivering high-quality office accommodation for corporates. This transaction provides our institutional clients with an inflation-linked cashflow from a strong tenant and a property that is well located and strategically important to the tenant. These are exactly the type of investments we are actively targeting for the Lime Property Fund.”

Mark Glatman, Chief Executive of the Abstract Group, said:

“This transaction is great testimony to the commitment of all parties.  Our Architects, Keppie Design, have done an excellent job on the planning and South Gloucestershire Council have been extremely supportive of this proposed development.  This building in        Bristol represents the third office building Abstract has undertaken for Babcock over the last 3 years and the efficiencies of procurement and consistency of design have enabled Babcock to benefit from an extremely low rent level for this new building.  The process of forward funding was only initiated at the beginning of August and Aviva concluded their commitment within a month of agreeing Heads of Terms.”

Lambert Smith Hampton represented Abstract on the investment sale and DTRE represented Aviva Investors.

Addleshaw Goddard advised Aviva and Pinsent Masons acted for Abstract Securities.

ENDS

For more information contact: 

Giles Barrie, FTI Consulting
AvivaInvestorsRealEstate@fticonsulting.com
+44 (0)20 3727 1042

Victoria Howley
Aviva Investors Media Relations
+44 (0)20 7809 8971

 Steve Ainger
Aviva Investors Media Relations
+44 (0)20 7809 8452

Laura Cocker
Aviva Investors Media Relations
+ 44 (0)20 7809 6252

Mark Glatman,
Abstract Securities
Mark.glatman@abstractsecurities.com
+44 (0) 20 747 8272

Aviva Investors Global Services Limited
St Helen's, 1 Undershaft, London, EC3P 3DQ
Phone      +44 (0)20 7809 6000
Fax            +44 (0)20 7489 7940
Web          www.avivainvestors.com
Email        info@avivainvestors.com

Issued by Aviva Investors Global Services Limited, registered in England No. 1151805. 
Registered Office:  St Helen's, 1 Undershaft, London, EC3P 3DQ.  Authorised and regulated by the Financial Conduct Authority and a member of the Investment Association.
Telephone calls may be recorded for training and monitoring purposes.
RA17/1300/31012018

Construction under way on The Florence Building - fully available to let

ABSTRACT HELPS PUT BASINGSTOKE ON THE JANE AUSTEN MAP

Abstract Securities is developing “The Florence Building” in Basing View, Basingstoke a brand new 60,535 sq. ft. land mark speculative office development providing uncompromising value, the first in 15 years in the Town Centre. The building is fully available and completion is due on 23rd July 2018.    The company is a sponsor of Basingstoke’s Sitting With Jane arts initiative that has put the Town on the Jane Austen tourism map. Sitting with Jane is a public art trail made up of 24 ‘BookBenches’ in and around Basingstoke, each uniquely designed and painted by a professional artist with their personal interpretation of a Jane Austen theme.

Mark Glatman Chief Executive of Abstract Securities, said: 

“As a new investor in the Town, we are delighted to sponsor ‘Sitting with Jane’, that celebrates the legacy of Jane Austen and puts Basingstoke on the Jane Austen tourism map.  Our business will bring new employment growth to Basingstoke and alongside Sitting with Jane, will play a role in sustaining the well-being of the community. 

“We chose ‘Hearts’ by the Hampshire artist Deven Bhurke, because it is inspired by Jane Austen’s most iconic book Pride & Prejudice. It interprets Hugh Thomson’s peacock edition cover beautifully and brings the book’s characters to life in a memorable way. Deven’s abstract design also resonates with our company name - Abstract - and our ethos, to think differently.  With the BookBench arts trail finished, ‘Hearts’ will be auctioned in the Sitting With Jane BookBench Auction on 15 September 2017 to raise funds for The Ark Cancer Centre Charity. The project is a wonderful opportunity for Abstract Securities to connect with people in Basingstoke and to be part of a heritage project.”

Image shows ‘Hearts’ by the Hampshire artist Deven Bhurke. It was chosen by Abstract because it is inspired by Jane Austen’s most iconic book Pride & Prejudice.

www.sittingwithjane.com