Europa Capital and Ediston Real Estate sold two 1980s office buildings in Bath to Carlton (North Wales) for £26.5 million

Europa Capital and Ediston Real Estate sold two 1980s office buildings in Bath to Carlton (North Wales) for £26.5 million

 

Edinburgh, Scotland, 2018-Feb-22 — /EPR Retail News/ — Europa Capital and Ediston Real Estate have sold two 1980s office buildings in Bath to UK family property group Carlton (North Wales) for £26.5 million.

The Pinesgate site currently comprises detached buildings Pinesgate East and Pinesgate West.

Located along the Lower Bristol Road, both properties are currently let to insurance provider Redde until 2025 at £1,583,929 per year.

As well as offering eight years of secure income, the investment comes with the opportunity to obtain vacant possession to redevelop the site.

Planning consent has already been granted for a new, high-specification, Grade-A office comprising 112,246 sq ft over five floors at Pinesgate West.

A new state-of-the-art office is anticipated to be in high demand as there is currently no availability of Grade-A offices within Bath city centre. If developed, Pinesgate West will be the first newly-built office in the city in 26 years.

In addition, planning consent has been secured for a new, state-of-the-art education campus spanning 177,507 sq ft at Pinesgate East.

The campus will comprise college facilities and integral student accommodation for 358 units. Pinesgate East, which makes up approximately 50 per cent of the site, has been pre-let to Kaplan Bath on a new 21-year lease to create Kaplan International College.

Jeremy Hodgson, head of national investments at Allsop, said: “The strong price achieved reflected Europa Capital and Ediston Real Estate’s excellent asset management and vision in obtaining such a major and valuable planning consent for the site. The opportunity now reflects a secure medium-term income stream coupled with an exceptional planning consent and part pre-let.

“Bath boasts a strong local economy and is renowned as both a thriving business hub in the region and a centre for education excellence. As a result, this site benefits from excellent prospects for rental growth and good, long-term tenant demand.”

Allsop represented the vendor, Europa Capital and Ediston Real Estate.

Contact:
0131 225 5599
or email info@ediston.com

Source: Ediston Real Estate

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Ediston Real Estate and Europa Capital sell Heathfield Retail Park in Ayr to MCAP Global Finance (UK) affiliate

Edinburgh, Scotland, 2017-Jul-28 — /EPR Retail News/ — Ediston Real Estate and Europa Capital have sold Heathfield Retail Park in Ayr to an affiliate of MCAP Global Finance (UK), the London based subsidiary of New York based credit manager Marathon Asset Management.

Heathfield Retail Park was purchased in 2011 by Europa Capital and Ediston Real Estate and has subsequently been refurbished and extended to 190,000 sq ft by the partnership.

Major tenants now include Marks and Spencer, Homebase, DFS, Curry’s, PC World, Halfords, Poundworld, KFC and Pizza Hut. An agreement for lease has also been signed with B&M Stores for a unit which is currently being extended.

James Brodie, Director at Europa Capital, said: “Heathfield Retail Park is an excellent example of Europa Capital transforming an asset. Since acquisition there has been a major refurbishment of the frontages and car park, construction of a new 30,000 sq. foot retail terrace which has been leased to Marks & Spencer, B&M Retail and Tapi Carpets & Floors and the addition of new retail units in the car park.

“This sale represents the eleventh disposal from the partnership and underlines Europa Capital’s focus on returning capital to its investors”.

Commenting on the transaction for Ediston Real Estate, Danny O’Neil said: “As a result of proactive asset management Heathfield Retail Park is now South Ayrshire’s pre-eminent retail park and has seen a significant increase in trading performance since acquisition. Nine new tenants have been introduced to the park since 2014 which include major retailers such as DFS, Marks & Spencer, Greggs, Costa Coffee and B&M Stores.”

Further information
Call Ediston Real Estate on:

0131 225 5599

Source: Ediston Real Estate

Ediston Real Estate and Europa Capital announce acquisition of Auldhouse Retail Park, Glasgow from Aviva Investors

Edinburgh, Scotland, 2017-May-31 — /EPR Retail News/ — Ediston Real Estate and Europa Capital have acquired Auldhouse Retail Park, Glasgow from Aviva Investors. Located close to the city centre, the property provides 116,656 sq. feet of retail warehouse accommodation across seven units. This Open Class 1 retail park is fully let to national retailers, including Homebase, Aldi, Pets at Home and Home Bargains.

Alastair Dickie, of Ediston Real Estate, said “This is a superb off market transaction where we worked with the vendor to secure a successful conclusion for both parties.   This is a really well located retail park with excellent opportunities to improve and enhance through extensive refurbishment, redevelopment and intensive asset management”.

James Fortescue, Partner at Europa Capital commented, “We are delighted to have invested in another income producing retail investment with our local partner. The recent lettings to Aldi and Pets at Home demonstrate the strength of retail occupier demand in this part of the UK. We look forward to further improving the park through active asset management and targeted capital expenditure.”

About Ediston
Ediston Real Estate is a UK property company based in Edinburgh with assets under management in excess of £650 million.

The company focuses on both investment and development, and has a track record of buying sub-standard, well located properties and transforming them into prime institutional quality investments.

Ediston has been actively investing throughout the UK since 2009/2010, through the Ediston Opportunity Fund and with newly raised funds through the Ediston UK Real Estate Trust, launched in 2012.

About Europa Capital
Europa Capital is a real estate fund manager focused on European markets. We add value utilising a variety of strategies implemented through active asset management, change of use or refurbishment and development in all property classes across Europe.

Since 1995, Europa Capital has collectively raised nine real estate funds and committed to over 105 transactions totalling more than €9.5 billion across 19 European countries.

Europa Capital is a member of Rockefeller Group International (RGI), a subsidiary of Mitsubishi Estate Co., Ltd. RGI is a strategic investor alongside management in Europa Capital’s investment management business.

Further information:
Call: 0131 225 5599

Source: Ediston Real Estate

Ediston Real Estate announces second retail terrace at Gallagher Shopping Park, Port Glasgow

Edinburgh, Scotland, 2017-May-25 — /EPR Retail News/ — Works to construct the second retail terrace at Gallagher Shopping Park, Port Glasgow, achieved Practical Completion in May 2017. This brings a conclusion to construction works totalling in excess of £12m, split between two retail terraces and constructed by Heron Brothers Limited between September 2015 and May 2017.

Terrace A is already occupied by major retailers such as TK Maxx, Aldi, Watt Brothers Ltd and B&M Stores Limited.

Terrace B comprises three units, to be occupied by Marks and Spencer, NEXT and Boots. These retailers are now fitting out and the new stores will be open in Autumn 2017.

Contact:

0131 225 5599
email info@ediston.com

Source:  Ediston Real Estate

Ediston Real Estate and Europa Capital launch pre-letting campaign for office development at Pinesgate, Bath

Edinburgh, Scotland, 2017-Feb-17 — /EPR Retail News/ — Following the successful receipt of planning permission in May 2016, Ediston Real Estate and Europa Capital launched their pre-letting campaign for the proposed Grade A office development at Pinesgate, Bath.

“Strata” comprises 112,000 sq ft net over Ground and 4 upper floors with extensive parking spaces for 110 cars at lower ground floor level. The floorplates of circa 25,000 sq ft is a unique offer into the Bath market where this is a dearth of modern large open plan office accommodation.

“Ediston is a valued client of Santander. We are delighted to be working with this highly experienced and dynamic team of professionals. The business has gone from strength to strength and consistently delivers strong results, operating to the highest of standards.   We look forward to working with Ediston towards its future success.”
NICK PEET, DIVISIONAL HEAD – REAL ESTATE FINANCE, SANTANDER CORPORATE BANKING

“Ediston’s intensive and entrepreneurial approach to Asset Management is helping to deliver good results and enhancing the returns for the Europa/Ediston Joint Venture assets.  We like their approach to the management of real estate projects.”
ROB SIM, PARTNER, HEAD OF NORTHERN EUROPE, EUROPA CAPITAL LLP

“The Ediston team are very active across the whole of the UK and we have worked together on a number of good opportunities over the last 6 years and are delighted to have been involved in the successes they have achieved”
STUART HESLOP, REGIONAL MANAGING DIRECTOR, REAL ESTATE FINANCE, ROYAL BANK OF SCOTLAND

Contact: 
0131 225 5599

Source: Ediston Real Estate

Ediston Real Estate and Europa Capital acquire Guildford office campus for £54 million

Edinburgh, 2016-Jun-14 — /EPR Retail News/ — Ediston Real Estate and Europa Capital acquire Buildings 1000, 2000 and 3000, Cathedral Hill, Guildford for a combined purchase price of £54 million, reflecting a net initial yield of 7.63%.

Buildings 1000 and 2000 were acquired from M&G in December 2015 for £40 million. The remaining office building at Cathedral Hill, Building 3000, was acquired from AXA Investment Managers – Real Assets, acting on behalf of its clients, in May 2016 for around £15 million.

Cathedral Hill comprises 155,000 sq. feet of offices built in 2001. The three buildings are prominently located adjacent to the A3 dual carriageway. The combined property consists of modern office accommodation with 15,000 to 20,000 sq. feet floorplates. The buildings are multi-let to Avaya, Regus, GCL Solicitors and VI (UK) Limited. The combined property has a range of lease expiries from 2016 to 2021.

Danny O’Neill, Chief Executive at Ediston Real Estate, commented, “This acquisition is the sixteenth property we have acquired within our joint venture vehicles with Europa and continues the strategy of buying well located assets with value add potential. Having control of the three buildings at Cathedral Hill provides us with various interesting strategies to unlock value and deliver good performance to Europa’s investors.”

James Fortescue, Director at Europa Capital, added, “This latest purchase of Building 3000 consolidates our ownership of Cathedral Hill and gives us additional asset management opportunities to capitalise upon. We now look forward to creating an even more attractive urban office environment for occupiers.”

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Ediston Real Estate and Europa Capital acquire Guildford office campus for £54 million

Ediston Real Estate and Europa Capital acquire Guildford office campus for £54 million

Ediston Real Estate to focus on mid-market homes with the launch of Ediston Homes

Edinburgh, 2015-12-21 — /EPR Retail News/ — Ediston Real Estate has launched a house building company.  Ediston has to date concentrated on commercial property with only fleeting investment into residential, but this will change with the launch of the new company.  Ediston Homes will focus on mid-market homes mainly in central Scotland with some of its projects, such as The Fruitmarket in Edinburgh, being mixed use and developed in conjunction with Ediston Real Estate.  

Ediston Homes is headed-up by Managing Director Peter Brogan, recruited from Muir Homes where he was also MD.  Peter will be responsible for delivering a set of ambitious targets.  The company’s board includes Chairman Harry O’Donnell who was previously Managing Director of Miller Homes, as well as Andy McKinlay Development Director at Ediston Real Estate and Bob Millar formerly of Scottish Homes.

Danny O’Neill, founder and Chief Executive of Ediston Group who will not join the Board said:  “I will remain focussed on growing our REIT which we launched in 2014 and Ediston Homes will operate with the expertise of others in the Ediston group. The Homes team has an opportunity to create a great business in a housing sector which is in need of additional well-funded developers and more importantly much needed delivery of new homes.”

Andy McKinlay, director of Ediston said: “we have looked at investing in the housing sector for a number of years but felt the model was wrong for a business like ours.  However the industry has changed and I am confident the time is right for us to invest and develop directly.

Its first residential development will be at the old Fruitmarket site in Edinburgh and will comprise 34 semi-detached and terraced houses for private sale as well as 80 flats available for rent under Edinburgh City Council’s NHT initiative. The housing for sale will be marketed during next year, with the rented units becoming available from November 2016.

In a separate announcement Ediston has also developed a rental model which will focus on the delivery of social housing for rent, and with Ediston Real Estate’s experience in institutional investment it is aiming to invest around £100m into the social housing and mid-market rental sectors over the next four years.  Ediston’s institutional fund management experience has helped the Homes business to raise the equity and it is now looking for a home in which to deploy the capital.

SOURCE: Ediston Real Estate

Ediston Real Estate, 39 George Street, Edinburgh, EH2 2HN
Tel: 0131 225 5599

Ediston Real Estate and Europa Capital acquire significant office investment in Guildford, England for £40 million

Edinburgh, 2015-12-16 — /EPR Retail News/ — Ediston Real Estate and Europa Capital have acquired a significant office investment at Cathedral Hill, Guildford for a purchase price of approximately £40 million reflecting a net initial yield of 8.05%. 

Buildings 1000 and 2000 Cathedral Hill comprise 120,460 sq. feet of modern office accommodation. Built in 2001, the property is located adjacent to Guildford Business Park and prominently fronts the A3 dual carriageway. The Property is currently let to Avaya on co-terminous leases expiring in August 2016. Sub-tenants within the property include Coutts, RBS and Enstar Group. The property was sold by M&G Real Estate.

Andy McKinlay, Director at Ediston Real Estate added, “The purchase of this South East investment is the fifteenth property we have acquired within our joint venture vehicles with Europa and comes on the back of the success in acquiring, refurbishing and selling similar assets in regional locations over the past five years. We are delighted to have the continued backing of Europa in the execution of our strategy to buy well located assets with value add potential.”

Robert Sim, Partner at Europa Capital commented, “The investment provides an opportunity for Europa to acquire a landmark office building in a well connected and popular office location. Furthermore, there is likely to be an opportunity to improve the accommodation, which should result in the creation of an institutional grade office investment.”

Agents: Capita and Allsop acted for Ediston/Europa. Knight Frank acted for the vendor.

SOURCE: Ediston Real Estate

Ediston Real Estate, 39 George Street, Edinburgh, EH2 2HN
Tel: 0131 225 5599

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Ediston Real Estate and Europa Capital acquire significant office investment in Guildford, England for £40 million

Ediston Real Estate and Europa Capital acquire significant office investment in Guildford, England for £40 million

Ediston Real Estate: Port Glasgow Retail Park’s second phase of construction work has begun

Edinburgh, 2015-12-11 — /EPR Retail News/ — Work has begun on the second phase of the £40 million Port Glasgow Retail Park, backed by Ediston Real Estate and Strathclyde Pension Fund.

The partners confirmed a string of household retail brands are lined up to occupy ten new units under construction for their Clydebuilt Fund – creating hundreds of new jobs and adding millions of pounds to the local economy.

The Fund purchased the existing B&Q and Costa Coffee along with adjacent land in September 2014 and is now building a 90,000 sq ft retail terrace, which is expected to be complete in August 2016.

Three units have already been let to global supermarket chain Aldi, B&M and Watt Brothers – with four more already under offer from new retailers, including a high quality fashion operator.

A final phase comprising a further 37,500 sq ft of retail space will commence during 2016, completing the 200,000 sq ft development; which adjoins the established 100,000 sq ft Tesco Extra and Marston’s Family Pub.

The finished development will not only provide the Fund and tens of thousands of pension savers with long-term, secure income, but will complete the regeneration of the Port Glasgow Waterfront and Town Centre development – making it the dominant retail location for the Inverclyde area.

Completing the retail park represents the final step in a 25-year regeneration plan for Inverclyde; which has already seen the remodelling of the town centre; the realignment of the A8, and the development of around 250 new homes.

As well as providing much-needed new retail space, it is anticipated the development will deliver approximately 700 jobs.

It is estimated that around £65 million in potential local retail expenditure is currently lost every year – and the Fund believes this development can reverse that trend and help retain a significant amount of that income in the area.

Alastair Dickie, Development Director at Ediston said: “The site start is a significant step in creating this strategic investment and completing the master plan which was started back in the 1990s.  We look forward to announcing further retail tenants which we hope will create a fantastic facility for Inverclyde.”

“This is the first major retail park that has been developed in Scotland since 2008. The response from retailers has been very impressive based on the limited marketing exercise undertaken to date and it underlines the strength of the location. This investment delivers the last piece of the Town Centre redevelopment and the development fits the aims of the fund to deliver excellent returns alongside a regeneration benefit.”

Councillor Paul Rooney, chair of Strathclyde Pension Fund and City Treasurer at Glasgow City Council, said: “I’m positive about seeing more of our members’ savings being invested in the communities in which they work and live – supporting jobs, businesses and regeneration.

“This is why we created the Clydebuilt Fund. For our members, it is a solid investment and the whole development is underpinned by a successful existing operation, including long-term leases to big retail names. However, we are now adding value to that investment in a way that will benefit not only the fund, but also Port Glasgow and Inverclyde.

“The expansion of the retail park will not only be welcomed by local shoppers; it will boost employment and help thousands of local people saving for their retirement.”

Invercyde Council’s Provost, Robert Moran, said: “It is welcome news that work is progressing on this exciting development. It is especially positive that major retailers are seeing Port Glasgow and Inverclyde as a location of choice in which to do business.

“This is a major investment in the area, a boost to the retail offer of Inverclyde and a great opportunity to deliver new jobs to the area.”

SOURCE: Ediston Real Estate

CONTACT US:

0131 225 5599
or email info@ediston.com

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Ediston Real Estate: Port Glasgow Retail Park's second phase of construction work has begun

Ediston Real Estate: Port Glasgow Retail Park’s second phase of construction work has begun