Addington Capital, the property investment and asset management specialist has recruited Saul Shah as an investment real estate analyst focusing on acquisitions.

Saul joins Addington from EY Real Estate where he was a corporate finance analyst on numerous equity fundraisings for clients’ new commercial and residential real estate platforms. He also helped the team’s PBSA/Build to Rent business development stream and designed and led the roll out of a financial resilience offering that identifies financial risk in local councils across the UK.

Saul’s appointment follows on from the recruitment of Edgar Simmons as Associate Investment Analyst and Jonathan Thorp as an Asset Manager, in the Summer.

Saul joins at an exciting time in Addington’s growth plan as it hunts for new opportunities in the offices, residential and retail sectors, where it offers asset management and development expertise and through sister company, ADDLiving provides an independent management and lettings platform to service the growing PRS/BTR sector in the UK.

This year Addington has continued with its strategy of acquiring, with its joint venture partners, older rented Victorian housing in Greater London- with multiple acquisitions totalling c.£125m.

Matthew Allen, Principal at Addington Capital said, “Addington has continued to find value opportunities in our target sectors, and we expect the next 12 months to offer the best buying opportunities that we’ve seen for ten years.  Saul is a strong addition to the team and will strengthen our acquisition resources as we gear up for what lies ahead.  We warmly welcome him to the business.”

Posted in news on 13th October, 2022

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Addington Capital, the property investment and asset management specialist has sold 109-117 High Street, Cheltenham, a mixed-use retail and offices property, to Picton (UK) REIT (SPV) Limited for £5.3 million.

The property is owned by a joint venture managed by Addington. The JV acquired the property in 2015 as part of the Retail Plus General Partnership Ltd.

Addington has since redeveloped the building, converting the redundant upper floors to create modern office space and a new courtyard at first floor level and refitted out the retail space. A successful letting programme has resulted in the building now being fully let. Tenants include Just Go Holidays which occupies 11,193 sq ft of office space over the two floors and 4 car parking spaces. The retail space is let to Tesco, Dodo Pizza and Barnado’s.

The property provides a current net income of £409,699 per annum with fixed uplifts in the leases to take the income up to £511,798 per annum.

David Dalrymple, Partner at Addington Capital said, “After a redevelopment of the building followed by a successful leasing campaign, we have re-purposed this tired, old high street building to provide a contemporary office and retail space in the centre of the town which has attracted some strong tenants. It is now the right time in the portfolio’s cycle to sell and we are pleased to have found a strong purchaser. Cheltenham is a thriving regional town and the demand for quality real estate continues to grow.”

KLM advised the vendors on the deal.

Posted in news on 12th September, 2022

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Heitman LLC (“Heitman”), a global real estate investment management firm, and its operating partner Addington Capital, the specialist UK investment and property asset management business, announced today the acquisition of two contiguous, freehold residential blocks in the West End of London. The Marylebone-located 61-130 Miles Buildings, London NW1 were acquired in connection with Heitman’s global core-plus investment strategy.

The two freehold residential buildings are comprised of 70 units, mostly one-bedroom apartments, spanning approximately 28,000 square feet of living space across five floors. The properties are situated within a rapidly developing area of Zone 1 London, which provides convenient access to four Underground train lines available within a two-minute walk of the property.

Caleb Mercer, Heitman Managing Director of European Real Estate Investment, said: “London’s long-term demographic outlook, supply constraints, highly diversified economy, and rapidly recovering demand following pandemic-related lockdowns make well-located residential properties a compelling investment opportunity. The acquisition of the Miles Buildings represents our continued confidence in the UK, and more broadly Europe’s alternative real estate sectors. Specifically, the living sectors (rented-residential, senior housing, and student housing) continue to deliver resilient cash flows and delinked, demographically-driven demand despite today’s economic volatility.”

Gordon Black, Heitman Senior Managing Director and Portfolio Manager added: “The Miles Residential buildings provides our global portfolio exposure to one of Europe’s most attractive residential markets with an opportunity to drive value for our clients. The property provides a high-quality addition and further sector and geographic diversification to our global portfolio.”

Matthew Allen, Principal of Addington Capital said: “This is an exciting central London project.  This is our first joint venture with Heitman, and we look forward to working with them on further opportunities going forward.”

Heitman’s global strategy invests across three strategic themes: divergence or smart diversification among traditional property types, convergence or capitalization of maturing or mispriced property types, and delinked or defensive, which involves investing in assets with traits less tied to economic cycles.

Addington’s sister company AddLiving, the residential management business, will provide property management services, with Addington Capital as asset manager.

Posted in news on 3rd August, 2022

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Addington Capital, the investment, and asset management specialist has added two new members to the team. Edgar Simmons has joined as an Associate Partner and investment real estate analyst focusing on acquisitions across the offices and retail sector and Jonathan Thorp has joined as an asset manager focusing on office, retail and residential assets within the Bonsai Portfolio.

Edgar Simmons joins from Essential Living, where he was a real estate investment associate covering UK-wide residential and mixed-use acquisitions, with a focus on London Build to Rent. Prior to Essential Living he was an Associate in Real Estate Debt & Hedging Advisory at Chatham Financial (formerly JCRA.)

Jonathan Thorp joins Addington from The Arch Company, a Blackstone and Telereal Trillium Joint Venture, which purchased a portfolio of railway arches, land and buildings from Network Rail in February 2019 for c.£1.4 billion.

Edgar and Jonathan join at an exciting time in Addington’s growth plan as it hunts for new opportunities in the offices, residential and retail sectors, where it offers asset management and development expertise and through sister company, ADDLiving provides an independent management and lettings platform to service the growing PRS/BTR sector in the UK.

Earlier in the year Addington acquired a £100 m residential portfolio in East London in joint venture with BauMont Real Estate Capital, which it is now actively asset managing.

Commenting, Martin Roberts, Principal at Addington Capital said, “Addington has continued to find opportunities in our target sectors, which we have capitalised on with our investor partners, whether in buying schemes, managing existing assets or creating new opportunities for development on mixed-use sites. Edgar and Jonathan are both strong additions to the team, to help acquire new properties and to create value from them. We warmly welcome them to the business.”

Posted in news on 14th July, 2022

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A joint venture between funds managed by Europa Capital and Addington Capital, the property and investment asset management specialist has sold the Elbow Rooms, 64-68 Call Lane, Leeds for circa £4.00 million.

The building, which was once one of Leeds’s most popular nightclubs, has been sold to the private investment vehicle of a high-net-worth investor.

The joint venture partnership acquired the 24,000 sq. ft property out of receivership in 2016 and Addington has since been asset managing the property. It obtained consent for a change of use to offices and refurbished the second and third floors whilst retaining the locally well-known Elbow Rooms branding.

The basement, ground floor and first floor are now let to Revolution de Cuba, the popular Cuban tapas cocktail bar. The third floor (4,500 sq. ft) is fully let to Parallax, a fast-growing digital agency headquartered in Leeds. Last year North Property Group took 2,100 sq. ft of office space on the 2^nd floor on 5-year lease at £25 per sq. ft.  A remaining 2,100 sq. ft of space is still available to let via agents Carter Towler.

Matthew Allen, Principal at Addington Capital said, ”Once stripped back, the characterful upper floors at the Elbow Rooms has enabled us to design and deliver much-in-demand creative and modern office accommodation in the lively heart of the city.  Leeds has a growing innovative and enterprising local economy, and we are delighted to have harnessed this demand to attract a vibrant array of tenants and now a buyer for the building.”

Cushman & Wakefield advised the vendors.

Posted in news on 7th July, 2022

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