London, 26 October 2018, Europa Capital, the pan- European real estate investment manager and its partner, Addington Capital, have completed the acquisition of a £55 million portfolio of residential properties in London. The portfolio, which was acquired through Europa Capital’s Fund V, consists of mostly Victorian and Edwardian houses and apartment conversions in London and was acquired from private clients of Allsop.

The investment is the third acquisition for the London Affordable Residential platform. The London Affordable Residential platform was established to invest primarily in undersupplied London markets where it sees the opportunity to enhance income and add value through actively managing its portfolio by both selectively refurbishing existing properties, as well as the creation of new supply through residential conversion.

The newly acquired portfolio totals 202 assets including 43 houses and 153 flats. The properties are predominantly freehold, with a mixture of residential tenancy types including assured shorthold tenancies (ASTs) and regulated tenancies.

Hugo Black, Partner at Europa Capital commented, “This acquisition further boosts our London Affordable Residential platform with Addington where we are sourcing well-located homes or residential projects that offer value- creation opportunities and will be delivered into London’s undersupplied residential market. This is our 8th joint venture with Addington and supports our continued drive to invest in the sector."

Matthew Allen, Principal of Addington Capital said, “Addington continually looks for value-add opportunities in the sector. The second-hand housing market in London is already four years into a price correction. The characteristics of this portfolio: the age, location and type of stock, we think will be resilient in today’s market and offer prospects for an early recovery as we move through the housing cycle.”

Through the London Affordable Residential platform, in February 2018, the partners acquired a mixed-use asset in Hounslow, West London with permitted development rights for conversion into 115 residential units.

Europa Capital was an early institutional mover into residential investment and has invested in or developed over 7,000 bed spaces in PRS and student accommodation in key UK and Continental European locations since 2012.

For Addington, the portfolio will complement its existing residential and PRS portfolio, which it plans to further expand. The owners of the firm recently recruited Erdal Kacar to head its ADDLiving business, its management and leasing platform for residential property.
Addington has acquired over 2,000 residential properties with its partners over the past 6 years.

Tim Theakston of Allsop advised the vendor.

Posted in News on 26 Oct, 2018

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London, October 22nd 2018 Addington Capital, the property investment and asset management specialist has recruited Helen Shellabear as a salaried partner to focus on asset management in its growing team. Shellabear joins from Hudson Advisors L.P. where she was a Vice President within the Real Estate Asset Management business.

Helen will be responsible for looking after a group of assets, primarily in the office and retail sectors.

At Hudson, she was responsible for developing short, medium and long-term value-added strategies in relation to real estate assets & portfolios on behalf of the Lone Star Funds. Real estate assets under management during her time at Hudson totalled in excess of £1bn and included all asset classes, including Alternatives, across the UK.

Addington Capital was set up in 2010 by Martin Roberts and Matthew Allen as an independent asset management business and has an established platform in the office, retail and residential sectors. It acts an operating partner in a number of joint ventures to create value through active asset management.

Helen joins a growing team of now 16 at Addington. The company recently recruited Erdal Kacar from L&Q, the PRS Specialist to spearhead ADDLiving, its new management and leasing platform for residential property in June.

The firm is also now moving into new offices at 41- 42 Eastcastle Street, W1. The new offices will be operational from October 29th 2018.

Commenting, Martin Roberts, Principal of Addington Capital said, “We are delighted to have attracted a professional of Helen’s calibre to our growing team. Addington continues to find opportunities to enhance property values across our main sectors of office, retail and residential and we believe the opportunities will only increase in a period of changing markets. “

Posted in News on 22 Oct, 2018

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London - Addington Capital, the property investment and asset management company has acquired the five property “Bonsai” portfolio for £45 million with debt and equity funding provided by ICG-Longbow, Intermediate Capital Group’s real estate business. The mixed use portfolio of high yielding residential, office and retail properties has been acquired from EPISO3, an opportunity fund advised by Tristan Capital Partners.

The portfolio consists of:
120,000 sq ft of office and residential property at Headingley, Leeds
50,000 sq ft of retail and residential at Elm Park, Hornchurch, Essex
32,000 sq ft of retail/potential residential at South Woodham Ferrers, Essex,
44,000 sq ft of offices at Carew House in Wallingford
118,500 sq ft Union Square shopping centre, Torquay.

Commenting, Martin Roberts of Addington Capital, said, “We have acquired these properties for the development and asset management opportunities that they offer, underpinned by the current strong cash flow. We intend to work these properties further to provide returns to our investors and are delighted to be working with ICG-Longbow in our first transaction together.

“The fact that on exit, half of the value of the portfolio will be in residential property reflects our push into this market place.” Addington's founders have just launched ADDLiving, a residential property management and letting platform.

Matthew Main, Director of ICG-Longbow said, “This investment is in line with our strategy of funding properties or portfolios with value-add potential, especially where underpinned by an existing cash flow and/ or in a supply constrained sector such as residential. We are pleased to be partnering with Addington, who bring a long track record of identifying and realising such opportunities in both commercial and residential properties.”

Addington Capital, Martin Roberts +44 (0)207 042 9252

Addington Capital, Karen Roberts +44 (0)7917 225383

ICG-Longbow, Olivia Montgomery +44 203 201 7508

Maitland, Rebecca Mitchell +44 207 379 51521

Posted in News on 13 Jul, 2018

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London, Friday June 29th 2018.The founders of Addington Capital, Martin Roberts and Matthew Allen have launched “ADDLiving”, an independent management and leasing platform to service the growing PRS/BTR sector in the UK.

Erdal Kacar has joined as head of operations from L&Q, the private rented specialist where he was responsible for the management and leasing of its 1,800 unit PRS portfolio.

Addington Capital, with its partners, has acquired around 2,000 houses and apartments across the UK since 2012. PRS schemes include Waterside Apartments and Headingly Park in Leeds and Velocity Village in Sheffield. ADDLiving is already being used on a number of Addington’s investment schemes and currently has around 600 units under management or in the pipeline. The plan is to build on its success and offer its services to other Addington schemes and to other PRS investors.

Martin Roberts, co-founder of ADDLiving said, “We have created ADD Living out of what we have learnt from managing a geographically diverse and varied portfolio of residential properties. ADDLiving’s offer will appeal to the long term residential investor that is looking for efficiencies from buying in scale but does not want to create its own management and leasing platform and is not satisfied with the current offer from the traditional residential lettings and management agencies. ADDLiving will bridge the gap in the market between the two.”

Matthew Allen, co-founder of ADDLiving added, “We have invested in an online leasing and management platform and adopted a decentralised approach to management, with on-site teams fulfilling most of the day to day responsibilities. This is a similar business model to the management of student housing, providing the benefits of local support and reduced running costs.”

He continued, “The appointment of Erdal Kacar is great news for us. His considerable experience in this market place will be invaluable to spearhead this initiative.”

Erdal Kacar has joined AddLiving after six years at L&Q where he launched their PRS offering and developed this to create a portfolio of 1,800 units in London. Working with the Land Acquisition team, he has also helped establish a confirmed pipeline of 5,000 units over the next 3 years. He ran a team of 30.

Prior to joining L& Q he was at Acorn Ltd where he provided property management services to private investors and landlords in South East London and prior to that he was at Homefinders.

He said, “This is an exciting opportunity to take the experience I have gained from one of the country’s leading housing providers and apply them in a new context. This is a great opportunity to deliver a high-quality offer to our tenants, at an economical cost to our partners and to grow a substantial platform.”

For further information, please call;
Martin Roberts, Addington Capital Tel: +44 (0)207 042 9250 Email: martin@addingtoncapital.com
Matthew Allen, Addington Capital Tel: +44 (0)207 042 9250 Email: matthew@ addingtoncapital.com
Karen Roberts, PR Consultant, Tel; +44 (0)7917 225383 Email: keroberts@btopenworld.com

Posted in News on 29 Jun, 2018

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Addington Capital, the investment and asset management company, in partnership with the shopping centre owner EPISO, a fund advised by Tristan Capital Partners announces the opening TODAY of the Primark store at its Charter Walk Shopping Centre in Burnley. Primark has taken 32,000 sq ft of retail space and the store will create 110 jobs in the centre.

Alex Wagstaff, Partner at Addington Capital commented

“It’s great to see the new store now open which will prove hugely popular to Burnley’s loyal customers. This completes an initiative that started over two years ago that involved the relocation of Wilko from this unit to the former 99p stores shop within the scheme, creating the opportunity to deliver the new Primark.”

“The shopping centre is trading very well and we hope to build on this success by submitting a planning application shortly to reconfigure a circa 15,000 sq ft retail block in the Market Square to deliver further lettings to meet demand from strong national retailers.

Primark joins other national retailers trading within Charter Walk such as River Island, Wilko, JD Sports, Boots, The Entertainer and Superdrug. The centre is now over 95% let.

Posted in News on 18 May, 2018

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