Related Argent Completes £189M Brent Cross Refinance: 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.
Related Argent has completed the refinancing of its first two build-to-rent assets at Brent Cross Town, securing a total of £189M across the two buildings. The new loans have been funded by HSBC UK and Barclays UK Corporate Bank with an average loan-to-value ratio of 60%.
The two buildings, known collectively as The Maple, provide 540 new homes in Barnet, and amenities include a 25-metre swimming pool, a gym and fitness studio, wellness facilities, a rooftop terrace, coworking space and a virtual entertainment room.
Related Argent now manages 720 operational BTR assets and has another 1,400 in development, including 484 homes at Ferry Island in Tottenham Hale, which are scheduled to launch later this year.
“The successful refinancing of our first two BTR developments at Brent Cross Town, the first of which is now fully stabilised, is a strong endorsement of both the quality of these assets and the long-term vision for the town,” Related Argent Chief Development Officer Oli Rifkind said in a statement.
DEALS
MCR Property Group has bought a London hotel and apartments portfolio for £123M as it outlined plans to launch a new hospitality brand that it hopes will grow to be worth £500M.
The Manchester group has acquired four assets in Kensington and Chelsea, including Ashburn Hotel, Ashburn Court, Chesham Court and Claverley Court, which include serviced apartments and boutique hotel rooms.
It said it aims to use this acquisition as a platform to grow a scalable hospitality platform under a new independent lifestyle collection brand led by MCR. That work will start with a £150M investment in central London, including this acquisition and a refurbishment programme at its new venues.
LEASING
Endurance Land, a member of the Nan Fung Group, has completed the letting of Jahn Court and Brassworks at Regent Quarter, King's Cross, to artificial intelligence company OpenAI.
OpenAI has taken 89K SF of office space across the two buildings as it continues to expand its UK footprint.
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International law firm RPC is taking all five floors at Devonshire Square’s DSQ 10 building for its London headquarters. The firm has completed a deal for the entire 67K SF Grade A office space.
RPC will relocate from its premises at Tower Bridge, where it has been based since 2006. The firm had been exploring options for a new London headquarters, with its existing lease due to expire in 2027.
DSQ 10 is a Grade II-listed building that includes a private roof terrace, runs on fully renewable energy and incorporates carbon offsetting methods. DSQ 10 is occupied by WeWork, which will continue to occupy nine floors at DSQ 8.
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Study Group, in partnership with the University of Huddersfield, and global ship management company Anglo-Eastern have signed to take a combined 15,600 SF at Sugar House Island, Stratford.
The University of Huddersfield – London will take one additional floor totalling 10,700 SF, expanding its footprint on the Island by 100%.
Last September, the university welcomed its first intake of students to the site, its first campus in London. Anglo-Eastern will also take 4,900 SF for the relocation of its London headquarters from Canary Wharf.
DEVELOPMENT
Chesterford Research Park near Cambridge, owned by Aviva Investors and Uttlesford District Council, has reached practical completion on the construction of more than 56K SF of additional facilities for life sciences companies.
Construction of the Sidney Sussex building started in late 2023 to deliver 10 research and development suites spread over three floors, bringing Chesterford Research Park’s capacity to circa a net internal 385K SF.
Spaces range from 2,200 SF to more than 8,300 SF, comprising laboratory facilities and open-plan office in a scheme delivered by Glencar Construction.
PEOPLE
CBRE Investment Management has announced that Paul White will join the firm as head of the CBRE Europe Value Partners series, the firm’s flagship value-add strategy in Europe, the Middle East and Africa.
In his new role, White will lead the growth of the Europe Value Partners series, with responsibility for investment strategy, portfolio construction, capital deployment and investment performance. White will join from Hines in October and will be based in the firm’s London office.
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Retailer Jigsaw has appointed Chris Browne as retail director to lead the next phase of the brand’s store expansion. Browne, who spent 30 years as global retail director at Ted Baker, brings experience in store development and property strategy, the company said.
The appointment comes as Jigsaw accelerates its UK growth plans, having instructed property agent Colliers to identify 10 new store sites in central London and across the UK, adding to the retailer’s portfolio of 43 standalone stores.
