Fiera And USS Launch Industrial Joint Venture: The London Deal Sheet
The Deal Sheet is a weekly compilation of Greater London and beyond's biggest leases, sales, financing deals, construction updates and personnel moves. Have news you’d like to submit? Email mark.faithfull@bisnow.com.
Fiera Real Estate UK and the Universities Superannuation Scheme have agreed to a joint venture to develop prime small- to mid-box industrial properties in urban locations across the UK.
The investment vehicle will target brownfield and established employment sites to deliver new multi-let urban industrial schemes of up to 250K SF, the companies said, and will have an initial term of five years, targeting individual acquisitions of up to £50M.
Managed by Chris Button, head of investment management, Europe, at Fiera Real Estate, the JV is under offer on two prime sites with a gross development value of over £100M in the south east of England.
“The joint venture will leverage our unique operating partner model and our strong track record in the delivery of ground-up development projects to assemble a market-leading logistics portfolio,” Charlie Allen, Fiera Real Estate's head of European real estate, said in a statement.
DEALS
Daibiru Corp. has acquired a major stake in the office and commercial building Warwick Court in the City of London for around £300M, its second project in the UK following the acquisition of Capital House in June last year.
The property is situated in a redeveloped area adjacent to St. Paul’s Cathedral, and a large-scale renovation was completed in 2022, upgrading the building into a modern facility with a rooftop terrace overlooking the cathedral as well as showers, lockers and gender-neutral restrooms.
Warwick Court also achieved an EPC A rating and BREAAM Excellent.
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Great Portland Estates has acquired a new 155-year leasehold interest in 10 South Crescent, WC1 for £51M from the City of London Corporation. The purchase price reflects a net yield of 6.8% and a projected running yield of 7.1% once the vacant retail unit is let.
The 72.6K SF building will be repositioned as a headquarters office and retail building, and 10 South Crescent will join an existing cluster of GPE buildings around Alfred Place, the company said.
“10 South Crescent is a valuable addition to our central London portfolio and further demonstrates our ability to find value in our core West End markets. Since our 2024 rights issue, we have now acquired six West End repositioning opportunities with an estimated capital commitment of circa £440M and at a combined discount to replacement cost of some 60%,” GPE Investment Manager Harry Buxton said in a statement.
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A&O Hostels, Europe’s largest hostel chain with 30,000 beds, has purchased the freehold of two hotel assets on Portland and Dickinson streets in central Manchester from Ares Real Estate funds and EQ Group.
The adjoining four-storey properties, totalling circa 140K SF, were previously operated under franchise with Accor, trading under its budget, and mid-market hotel brands Ibis and Novotel.
A&O Hostels will undertake an £8.2M refurbishment programme at both properties to deliver a scheme comprising 1,218 beds across 303 rooms — a mix of private rooms (30%), family rooms (30%) and dormitories (40%).
Works are expected to be concluded by Q1 2027, with the properties remaining operational throughout.
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Signal and W.RE have completed the acquisition of 10 Lime Street, EC3 totalling 54.6K SF. The joint venture purchased the building from global reinsurer SCOR.
The Rolfe Judd–designed 10 Lime Street is a 2009 development comprising office and retail space over lower ground, ground and seven upper floors. The building occupies a corner position at the junction of Lime Street and Leadenhall Place, adjoining Leadenhall Market.
Signal and W.RE will refurbish 10 Lime Street to achieve a Grade A specification, and EPC A and W.RE will be responsible for managing the delivery of the refurbishment.
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Henry Boot has announced that HBD, the group’s property investment and development arm, has added a further three schemes with a combined gross development value of £56M into Origin, its industrial and logistics joint venture with Feldberg Capital.
The three projects total 262K SF, and the developers are targeting BREEAM Excellent and EPC A ratings, the company said. Construction on each development is scheduled to commence by the end of January, with delivery from H2.
The schemes include Spark, Walsall, with planning consent for 101K SF across three units; Aptus, Preston, the second phase of a scheme previously held in JV with Barnfield Construction; and Ark, Markham Vale, with planning permission for a 54K SF unit.
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Principal Asset Management has acquired two multifamily residential investments in south west London for a total of over £100M on behalf of a separate account client.
The acquisitions comprise part of the King George’s Gate development in Earlsfield and a newly completed residential block at Clapham Park in Clapham.
In Earlsfield, Principal forward-funded the acquisition of 130 residential units across two connected eight-storey buildings forming part of the King George’s Gate masterplan being developed by Taylor Wimpey and set to complete in 2027.
In Clapham, Principal acquired a 66-unit residential building, which reached practical completion in November 2025. The building forms part of the 2,500-home Clapham Park regeneration being delivered by a joint venture between Countryside Partnerships and Metropolitan Thames Valley Housing.
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DWS has acquired the Charlton Depot in Greenwich as part of its pan-European logistics portfolio for an undisclosed sum.
Charlton Depot is a freehold distribution warehouse comprising 280.2K SF on a 17.8-acre site, originally constructed in 1970 and fully redeveloped in 2012. The facility has been let to Sainsbury’s since 1971 on a long-term lease, which it uses as the principal distribution centre for its convenience stores across south London and the south east.
LEASING
UCL School of Management is continuing its expansion in One Canada Square, Canary Wharf, committing to circa 150K SF.
UCL School of Management will add two more floors on levels 46 and 47 to offer new undergraduate and postgraduate courses in technology, analytics, innovation and entrepreneurship. With this expansion, UCL now occupies six floors featuring a lecture theatre, executive education suite event spaces to host conferences and large events, and built-in video pods.
Canary Wharf has achieved its best leasing in over a decade with more than 780K SF let in the past year, the company said.
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Runway East has signed a 15-year agreement on circa 22K SF of workspace at Corinthian House in its second deal with landlord K&K Properties.
Corinthian House, opposite Centre Point, is a Grade II listed former department store built in 1929 by Harry Wilson, chief architect for Burton’s department stores. The corner site will be transformed to provide private offices for two to 30 people, along with over 20 meeting rooms, phone booths and a roof terrace.
This latest opening cements Runway East’s dominance in the West End, creating a central hub with Bloomsbury, Wardour Street, Soho and Covent Garden sites all within a 10-minute walk of each other.
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Royal London Asset Management Property has secured a duo of pre-lets on New Bond Street, including at its Mayfair Quarter scheme. The deals follow planning approval for the mixed-use scheme in February 2025.
The former flagship store at 111-117 New Bond Street has been reconfigured into three separate stores, with one now pre-let by Peter Millar, part of the Richemont Group, providing luxury leisure and performance wear.
At 128-129 New Bond Street, works are underway for a new Dunhill flagship store to bring the British heritage menswear brand to the area, completing the duo of lettings.
The Mayfair Quarter redevelopment is a 1.3-acre mixed-use scheme bounded by New Bond Street, Brook Street and Avery Row. The project will deliver new public realm, improved pedestrian routes, enhanced green space and upgraded retail and F&B.
PEOPLE
Newmark has appointed John Corlett to head of UK and European Retail Agency, with his remit covering the transactional retail teams. He will report to David Harper, managing partner and head of UK retail. Corlett’s appointment follows the December retirement of industry stalwart Andrew Bathurst, who previously led the UK retail agency business.
Corlett operates across the UK and continental Europe, providing guidance to a wide array of global retail clients.
