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.

LondonMetric Property has completed £105M of investment activity since its trading update in July as it “reshapes the portfolio,” taking sales in the financial year to £175M across 32 assets.

The company has sold seven assets for £85M, previously acquired through M&A. Ramsay Health Care hospitals in Truro and Salford sold in a single transaction for £59M, two logistics warehouses in Ripon and Normanton sold for £13M, a Lidl in Basildon went for £9M, and two Travelodge hotels in Chippenham sold for £4M.

Acquisitions in the year total £62M and include a recently signed £20M forward funding for a 50K SF store in Nuneaton pre-let to Tesco on a 20-year lease.

LondonMetric is under offer on £140M of additional acquisitions, primarily long-let assets with occupiers including Lidl, M&S, Tesco and Waitrose.

“Whilst the investment market is generally quieter over the summer, we have been heavily engaged on reinvestment opportunities that have higher growth prospects, particularly those emanating from pension funds,” LondonMetric CEO Andrew Jones said in a statement.

DEALS

The billionaire French family behind Perenco, one of Europe’s largest independent oil companies, is closing in on a deal to purchase 27 Savile Row.

The acquisition is being organised via its London-based family office, BNF Capital, partnering with local property specialist Morgan Real Estate.

The seller, Czech-led European landlord CPI Property Group, has been divesting assets to lower its corporate debt load. CPI Property Group had placed a guide price of approximately £100M on the nine-storey building, which previously served as the West End Central Police Station.

The joint venture plans to transform the site into a high-end office complex. The involved parties have declined to comment.

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Thamesbank Properties has expanded its luxury West End footprint with the acquisition of 48 Albemarle Street in Mayfair for £13.25M from Trophaeum.

Situated at the southern end of Albemarle Street, the 7K SF asset sits adjacent to Piccadilly and Old Bond Street. It consists of a lower ground floor, a ground floor and four upper levels. The lower ground and ground floors comprise 3K SF of high street retail space, which is occupied on a flexible, short-term lease. The remaining 4K SF is distributed across the upper levels.

The deal was marketed with access to full vacant possession. Real estate advisory firms Michael Elliott and Tuatara Real Estate acted on behalf of the seller.

FUNDING
Wren House Infrastructure Management is in advanced talks to acquire a majority stake in a European digital infrastructure venture from Singaporean sovereign wealth fund GIC.

Wren House, which operates as the direct infrastructure investment arm of the Kuwait Investment Authority, is negotiating the purchase of GIC’s 80% stake in the joint venture for around €700M.

The joint venture operates under the xScale brand, specialising in hyperscale data centres, and was established in 2019 to rapidly scale digital infrastructure across Europe.

Equinix, which holds the remaining 20% stake in the business, intends to maintain its equity position and stay fully invested.

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Pallas Capital has secured a £200M senior funding line from a European debt fund, eight months after opening its doors in the UK.

The facility expands Pallas Capital’s capacity to deploy capital across its UK assets, which the company described as spanning residential, mixed-use and commercial bridging, light and heavy refurbishment, development exit, vacant land and ground-up development finance.

“This facility significantly increases our firepower in the UK market,” Pallas Capital Executive Director Ben Keenan said in a statement. “It means we can say yes to more transactions, move with even greater speed and certainty, and continue building the long-term broker relationships that are central to how we do business.”

PLANNING
Planning permission has been granted for 200 new council homes to be delivered in a partnership between Battersea Power Station and Wandsworth Council.

The new homes, which are part of the council’s Homes for Wandsworth programme, will be built on an undeveloped brownfield plot in Phase 5 of the Battersea Power Station master plan, to the east of the Power Station.

Construction is expected to begin in 2027, with completion in 2029.

The new homes form part of the future phases at Battersea Power Station, which could deliver up to 3.2M SF of residential, commercial, cultural and leisure space across the remaining 16 acres of brownfield land, the developer said.

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Logistics developer Padrock has acquired a 10-acre site in Waltham Cross, Hertfordshire, to speculatively build a 205K SF Grade A urban multilet industrial and logistics development.

The developer has submitted plans to Broxbourne Borough Council to deliver 13 units on the Lieutenant Ellis Way site, ranging from 6,500 SF to 28,500 SF. All units will target A+ energy performance certificates and BREEAM Outstanding ratings and will be available on a leasehold basis.

Once complete, it will have a gross development value of around £110M, the company said. Subject to planning, construction is expected to start at the end of the first quarter, with practical completion anticipated in Q1 2028.

LEASING
M Core has selected Redevco’s One James Street as its new UK headquarters. Signing through LCP UK, M Core has taken the third floor, totalling 10K SF.

Redevco has renovated One James Street, which is just off Oxford Street, to create a contemporary space with what it described as a “sharper focus on worker wellbeing and experience.”

One James Street now comprises a retail space at ground level, paired with 43K SF of Category A office and amenity space over five floors, targeting WELL Platinum and BREEAM In Use Excellent designations. The building’s 25K SF of ground-floor retail was let in December 2024 to sports brand Puma for its London flagship store.

PEOPLE
Aviva Investors has appointed George Richards as director, investment manager to its real estate equity investment team.

Reporting to Julian Cobourne, head of regional investment management, Richards will be responsible for Aviva Investors’ industrial and urban logistics real estate strategy. He will also take charge of ongoing asset performance, building co-investment activities and managing partnerships, as well as leasing of Aviva Investors’ 450K SF pipeline of industrial development assets.

These include schemes developed in partnership with Bell Hammer at Catalyst Park in Birmingham, Hortus at Raynes Park in south-west London, and Slyfield Industrial Estate in Guildford.