QuadReal Ramps Up Self-Storage With £280M Acquisition: 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.
QuadReal Property Group has acquired a 27-asset self-storage portfolio in the UK from Padlock Euro Storage Fund I for £280M and established a new joint venture partnership with Clear Sky Capital, a real estate investment management and development company.
The JV will focus on the self-storage market in the UK with QuadReal holding a 95% interest. Alongside the 1.2M SF portfolio, the JV is to commit a further £200M of equity.
Cinch Self Storage, a portfolio operating company owned by Clear Sky Capital investors, has been appointed asset and property manager for the JV. The UK portfolio is concentrated in the south east and consists of what the company called “new generation self-storage facilities” with robust security technology, electric vehicle-charging capabilities and climate-controlled options.
“Self-storage is a key area of conviction for QuadReal and this transaction expands our presence in the UK market, where demand for quality storage facilities continues to grow,” QuadReal Senior Vice President, International Real Estate, Thomas Blangy said in a statement.
DEALS
Harbert European Real Estate has acquired a recently delivered purpose-built student accommodation asset from Blacklight Capital Partners, developed in conjunction with RoundShield.
Limelight is a modern, institutional-grade PBSA scheme located within Liverpool’s Knowledge Quarter student catchment area and comprises 535 student beds across a mix of studios and cluster apartments. Amenities include dedicated study space, social areas such as a sky lounge and kitchen, a gym and a cinema. On-site management of the scheme will be retained by Homes for Students under its Prestige banner.
Since HERE's establishment in 2002, the platform has invested in over 5,000 living sector units, including for-sale, multifamily/build-to-rent and PBSA, across core European markets.
DEVELOPMENT
Patrizia and Far East Organisation have started spec development of the £50M 108 Old Broad Street in the City of London.
A construction contract has been awarded to McLaughlin & Harvey and works started in early March, with practical completion targeted for August 2027.
The planning consent achieved in November will enable Patrizia to transform the 1990s building, with approximately 120K SF of workspace following a 15% uplift in net lettable area. Works include sixth- and seventh-floor extensions, a new seventh-floor pavilion and a communal landscaped terrace plus a ground-floor café, improved reception and lower-ground end-of-journey facilities.
A fully electric building, it is targeting EPC A, BREEAM Excellent and WiredScore Gold, Patrizia said.
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Stanhope has awarded Mace Construct the construction contract for Red Lion Court, a 250K SF office tower riverside development with a gross development value of £450M on London’s South Bank.
Mace Construct has already commenced enabling and piling works, with the main build construction phase due to start in Q4 this year and practical completion targeted for early 2029.
The appointment follows Stanhope’s acquisition of Red Lion Court in September 2025 alongside Cheyne Capital, with the investment reflecting both parties’ strong conviction in occupier demand for sustainably developed, prime central London office space, the companies said.
The Bjarke Ingels Group-designed project sits on a 1.24-acre site and will comprise two basement levels and 11 floors above ground, delivering circa 250K SF of offices along with 1K SF of café space.
FUNDING
Investec Bank has provided a senior development loan to long-standing clients Hines and Chancerygate to fund a speculative urban logistics development in Oldham totalling 166.5K SF.
The financing forms part of Investec’s wider partnership with Hines. Over the past two years, Investec has supported Hines across investment and development facilities for UK industrial and logistics projects totalling just under £300M GDV.
The facility has been structured to support delivery of a Grade A multi-unit urban logistics scheme, with Chancerygate acting as development manager.
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Arc & Co has arranged a £9.4M refinance facility for a West End mixed-use portfolio comprising office and residential assets, with a five-year loan provided by GB Bank at 71% loan-to-value against market value and an interest rate fixed at 6.2%.
To structure the refinance successfully, GB Bank was able to "top slice" a regional PBSA portfolio, allowing the lender to support the transaction and deliver the required £9.4M funding, the company said.
PLANNING
The City of London Corporation has approved proposals by Ben Cross and Basil Demeroutis, acting on behalf of IGIS Asset Management, to modernise No. 1 Poultry.
The scheme “shows how a Grade II landmark can be decarbonised, made more accessible, and kept commercially viable without compromising its architectural significance,” the company said in a statement.
The proposal includes reinstatement of free public access to the Apex Garden roof terrace.
LEASING
P-Three is sourcing new sites for Mexican restaurant group Wahaca across the UK as it accelerates expansion with new cities including Cambridge, Manchester, Glasgow and Birmingham plus expansion of the group’s presence in London, with sites in Marylebone, Baker Street, Victoria, London Bridge and King’s Cross.
P-Three is looking for circa 2.5K SF to 4.5K SF units, and, as the UK’s first carbon-neutral restaurant group, the new sites will be sustainably designed and constructed.
PEOPLE
A new UK Living platform led by student accommodation specialist Tim Butler and backed by one of the world's biggest pension funds has appointed Richard Simpson as managing director, investment.
Simpson’s appointment reflects an ambition to build an experienced leadership team to grow and manage the platform under CEO Butler, the founder and co-investor of Student Roost and one of the founding shareholders and main board director of Unite Group, the company said.
The platform is sponsored by AustralianSuper, with a circa £500M commitment made in October 2025, and the platform aims to become one of the top five operators of UK rental homes in the next five years.
