Segro Agrees £3B JV With PSP: 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.
Segro has agreed heads of terms for the formation of a 50-50 joint venture with PSP to develop and operate three major UK logistics parks of approximately 10M SF, with a fully developed gross asset value of approximately £3B. When fully let, they are expected to deliver a £135M headline rent.
The logistics parks are in Radlett, Coventry and Northampton, currently comprising 2.4M SF of fully leased assets and 380 acres of developable land.
The parks will be sold to the joint venture for approximately £1B, and future development capital expenditure to complete the parks is expected to be approximately £820M, with delivery targeted through to 2030. Funding is expected to be through a combination of partner equity and nonrecourse third-party debt.
The parties have entered into heads of terms in relation to the transaction, and, subject to final approvals, definitive transaction documents are expected to be entered into in the second half of 2026, according to the companies.
Morgan Stanley, JLL, and Slaughter and May have advised Segro on the transaction.
DEALS
Greystar has acquired a 904-home build-to-rent portfolio at Elephant Park in Elephant & Castle from Canada Pension Plan Investment Board and Lendlease for £500M.
The transaction was funded through Greystar's Equity Partners Europe II fund, which reached final close in June at more than €2.7B in total commitments, making it the largest pan-European value-add residential fund raised, according to the company.
Since CPP Investments and Lendlease’s initial investment in 2015 through their BTR partnership, it has delivered four purpose-built rental residential buildings — Park Central West, Park Central East, City Lights Point and Parkside — completed between 2021 and 2024 within the £2.5B Elephant Park regeneration scheme.
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AshbyCapital has bought 55 Old Broad Street, a 270K SF London office development project that will have a potential end value of £600M.
The £282M deal between Landsec and AshbyCapital will see contractor Skanska build 55 Old Broad Street as a major new workplace destination. The project will create office accommodation across 23 storeys, alongside retail space and public realm at ground level. Landsec will stay on as development manager.
Construction is due to start in October and complete in late 2029, and Skanska will also carry out a refurbishment of the Grade II-listed Bishopsgate Victorian Bath House. In addition, it will also refurbish 65 Old Broad Street, a five-storey building adjacent to 55 Old Broad Street.
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JLL Hotels & Hospitality Group has advised on the restructuring and sales process of the Hilton Garden Inn Silverstone, a 197-bedroom purpose-built hotel situated trackside at the Silverstone Circuit.
The transaction, completed by a Banor Capital-managed vehicle in conjunction with Ian Corfield and Simon Baggs of FRP acting as joint administrators, is one of the largest single-asset hotel transactions in the UK during 2026.
The property opened in 2022 and is directly connected via footbridge to The Silverstone Wing, a large, covered conference and event facility.
LEASING
PwC UK has agreed heads of terms for 350K SF of new office space at One Eden in Canary Wharf, with completion expected in the autumn. The decision follows an “extensive review” of potential sites as the firm plans for an expected major refurbishment at Embankment Place, where 5,500 staff are located, from 2030, the company said.
The new space will address PwC’s immediate requirements from 2030, as it also plans for the expiry of its More London lease in 2035.
One Eden sits above and adjacent to the Jubilee line station, integrated with Eden Dock and surrounded by Jubilee and Canada Square parks. It comprises over 580K SF of workspace and building amenities, including winter gardens in the atria.
FINANCE
Columbia Threadneedle Real Estate has completed the merger of Patrizia Hanover Property Unit Trust into the Threadneedle Property Unit Trust, following approval from PATH shareholders, creating a UK real estate platform with assets of approximately £1.5B.
Columbia Threadneedle was selected as the preferred long-term partner following a review by Patrizia, and the merged portfolio provides opportunities to enhance the value of the underlying properties through active asset management, particularly at the two largest assets in Aylesbury and Wetherby, according to the companies.
Columbia Threadneedle integrated assets from the UK Property Fund into TPUT last year.
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LaSalle Investment Management has won a new €450M custom account mandate focused on the office sector in Europe. The mandate has been awarded on behalf of a German pension fund and will be managed through the Institutional Investment Partners platform in Germany.
It will target core office investments in European markets, with a particular focus on France, Germany, the Netherlands and Spain, plus the UK.
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Investec Bank has provided Northwood Investors and Chancerygate with a term loan to refinance the existing development facility secured against Bridgewater Point, a newly constructed freehold urban logistics scheme in Trafford Park, Manchester.
The 130K SF Bridgewater Point has a high specification and has achieved EPC A and BREEAM Very Good ratings. In the last three financial years, the business completed £955M of development lending and £1.53B of investment financing.
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Primary Health Properties has refinanced its existing debt facilities with a new term loan and revolving credit facility totalling £800M.
The new club term loan and multicurrency RCF is with eight banks, including three new counterparties, with different tranches and maturities.
“The successful refinancing is an important step on PHP’s journey to becoming a fully unsecured borrower. The new facility enhances our capital structure, reduces our cost of capital and supports our wider funding strategy with the proceeds being used to partially refinance the £1B bridging facility put in place to finance the acquisition of Assura in 2025,” PHP Chief Financial Officer Richard Howell said in a statement.
PLANNING
Global Holdings Management Group has secured planning consent from Westminster City Council to develop a Soho office building that was previously the headquarters for occupiers including Microsoft, Nokia and Boohoo.
The 47K SF building was acquired by Global Holdings Group in December 2024, and the redesign by Morris+Co. will see the new-look 10 Great Pulteney Street include a new facade with modern office floor plates of approximately 8K SF.
The refurbishment will also open up a new retail space, and work is set to begin later this year, with completion due in the first half of 2028. Over 85% of the existing building structure will be retained.
