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.

Institutional investors advised by JP Morgan Asset Management have agreed terms to pre-let 465K SF at One Spitalfields to Jane Street for its expansion in London. The asset is the second major pre-let executed by J.P. Morgan in the last 18 months.

The current tenant of One Spitalfields, A&O Shearman, plans to vacate the building in May 2027, and J.P. Morgan will then redevelop it, with completion expected in 2029.

“This signing marks the largest off-plan pre-let in the City in more than a decade, underscoring demand for best-in-class space. We look forward to delivering a world-class office for their long-term occupancy,” J.P. Morgan Asset Management European Real Estate Head Michael Ramm said in a statement.

A £250M development contract for the building has been agreed, and the end project could be worth £500M or more. The complex will total 870K SF.

Jane Street was advised by CBRE. J.P. Morgan Asset Management was advised by RX London, CBRE and Knight Frank.

FUNDING

Cheyne Capital has announced the final close of the ninth vintage of its real estate lending programme, Cheyne Real Estate Credit Holdings IX, with a total fundraise of £3B across the commingled fund and adjacent vehicles.

Having launched with seed investment from a Middle Eastern sovereign wealth fund in 2024, CRECH IX is a mature fund with 73 underlying loans, of which 16 have already been realised. Most are senior loans referencing a combination of core, core-plus, value-add and development assets, the company said.

These span the UK, Spain, France, Italy, Portugal, Ireland, Sweden and Belgium. Real estate sectors to which the loans have been made include hotel, office, student accommodation, residential and mixed-use. More than 50% of capital has already been called and deployed into these loans.

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Real estate investment firm Delancey has expanded its mandate with one of the UK's largest corporate defined benefit pension schemes, Coal Pension Trustees, providing up to £400M of additional investment for UK real estate.

The additional commitment takes the mandate to just under £1B, with the discretionary capital available for immediate deployment and targeting value-add, sector-agnostic opportunities, the company said in a statement.

LEASING

Bow Bells in the City of London is now fully let, seven months after the completion of a retrofit at the 145K SF office building owned by Taiwan-based Fubon Life Insurance Co., with Patrizia as investment manager and Fabrix as development and leasing manager.

The latest agreement covers 72K SF across the first three floors and follows an earlier pre-let to law firm Bristows, which has taken the upper four floors for its new headquarters.

A nine-month programme has created an all-electric workplace with upgraded reception and communal areas, enhanced end-of-journey facilities and landscaped terraces.

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Devonshire Square has announced that Building 6 is 100% let, following the completion of office deals with Mace, ProSapient, Capitolis and Gamma Technologies.

Mace is relocating its global headquarters to DSQ6, taking 21K SF across two floors. ProSapient is taking 10K SF across one floor at DSQ6, while fintech platform Capitolis and Gamma Technologies are also each taking 10K SF.

These deals follow the recent completion of Building 7, now also fully let to a mix of occupiers across the finance, sport and technology sectors, and the leasing of the entire Building 10 to global law firm RPC. DSQ is now 98.4% let.

CORPORATE

G2M Group, a residential investment and operating platform, has rebranded to Habodel Group, alongside further investment from funds advised by Revcap.

Habodel Group brings together Habodel Capital, Habodel Property Services and the resident-facing Habodel brand, creating a shared identity across its investment and operational divisions.

Habodel Capital has aggregated a portfolio of around 1,700 homes worth about £200M across more than 130 local authorities in the UK, while Habodel Property Services specialises in acquiring, improving and managing residential assets for both Habodel Capital and third-party mandates.

Funds advised by Revcap have acquired all non-Revcap interests in Habodel Capital and a majority interest in Habodel Property Services, with founders Paul Morton and Steve Gardner retaining minority interests.

DEALS

Telford Living, the UK residential development arm of CBRE's Trammell Crow Co., has exchanged contracts to acquire a site on International Way, Stratford from the Department for Transport and HS1 and has submitted a planning application for a purpose-built student accommodation-led mixed-use development.

Subject to planning approval, construction is expected to start in 2028, and practical completion is targeted for 2032.

The planning application proposes a PBSA-led mixed-use scheme of 749 beds across two buildings, including 50% affordable student accommodation.

Located immediately north of Stratford International Station and opposite Westfield Stratford, the site currently accommodates parking and operational railway infrastructure.

The deal marks Telford Living’s first acquisition since its rebrand and strategic repositioning.

FOR SALE

Knight Frank has been appointed by Clearbell Property Partners III to market The Kodak, an office and retail building located on Keeley Street, Covent Garden. Offers are being invited in excess of £80M, reflecting a net initial yield of 6.5%.

Clearbell has repositioned the asset since acquisition in 2019 and has brought The Kodak to near-full occupancy. The building includes 72K SF of office, retail and ancillary space across a basement, ground and seven upper floors, alongside amenities including a dual-aspect reception, communal roof terrace, new lifts, meeting suite and cycle storage. It has achieved an energy performance certificate rating of A and BREEAM Excellent.

The one remaining vacant floor is under offer and, on completion, will take the building to 100% occupancy. Recent lettings include 8K SF to media agency John Ayling & Associates, 3K SF to not-for-profit advertising body IAB UK and 2K SF on the ground floor to Japanese dining concept Omusubi.

PLANNING

McLaren Property has secured planning approval from the London Borough of Hammersmith & Fulham for a 291-bed student accommodation scheme at 1-3 Sussex Place, Hammersmith.

The scheme will deliver 291 purpose-built student bedrooms, comprising 147 cluster apartments and 144 studios, with 35% of the accommodation provided at affordable rents.

McLaren Property has entered into a nominations agreement with Imperial College London that will give Imperial students access to more than 100 affordable beds.

The approval of the plans for Sussex Place will see a brownfield site, currently an outdated office building, transformed into a 14-storey PBSA building designed by WGP.