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.
Flexible workspace operator Orega has completed a management buyout backed by Apiary Capital, which is taking a majority stake in the business.
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The management buyout is being led by Orega CEO Alan Pepper and Orega’s executive management team of Chief Financial Officer Chris Toon, Chief Operating Officer David Kinnaird, Chief Revenue Officer Sophie Turnbull and Real Estate Director Ben Hutchen.
Founders Zach Douglas and Paul Finch will remain investors, while Zach Douglas will step down as executive chairman to become a nonexecutive director.
Orega operates 25 centres across the UK, including eight in London, comprising around 675K SF in total.
FINANCE
Investment manager Downing has strengthened its private credit platform with the appointment of George Cotterell as partner and head of commercial real estate lending. The appointment forms part of an expansion of the firm's private credit platform, which is supported by a new £500M institutional funding line.
Downing has committed £1.5B to private credit transactions since 2010, creating a lending business across residential and commercial real estate, plus structured credit.
Cotterell will lead the development of the commercial real estate lending strategy.
DEALS
Starboard Hotels and LaSalle Investment Management have acquired a seven-hotel UK portfolio from Ares Real Estate Funds and EQ Group for an undisclosed sum in Starboard’s first private equity joint venture transaction.
The portfolio comprises 913 rooms across Birmingham, Sheffield, Luton, Southampton and London and will continue to operate under existing Accor franchise agreements, with Starboard managing the properties.
The seven properties are Ibis Birmingham New Street, Novotel Birmingham Centre, Novotel Sheffield Centre, Ibis Luton Airport, Ibis Southampton Centre, Novotel Southampton and Ibis London Barking.
LaSalle said the transaction gave it a platform for potential further investment alongside Starboard in the UK hotel sector and takes Starboard’s UK portfolio to 28 hotels and more than 3,000 rooms, including 15 assets under Accor brands.
The deal completes Ares and EQ’s exit from an 18-asset UK hotel portfolio it acquired in 2024. JLL and Christie & Co advised on the sale.
SALES
Knight Frank has been appointed to sell Kingsway House and the adjacent 4 Great Queen Street in Covent Garden on behalf of GMS Estates, seeking offers over £25M. A consented development, the site offers the potential for a flagship hospitality asset, the agent said.
Planning permission has been granted to transform Kingsway House and 4 Great Queen Street into an 80-bedroom hotel with an additional commercial unit, including the erection of a new seven-storey building on the site of 4 Great Queen Street.
The proposed development will total more than 51K SF, with the approved plans retaining the period facade of Kingsway House, which sits within the Kingsway Conservation Area.
LEASING
Pioneer Group and Oxford Properties have announced that life sciences investment manager Syncona Investment Management is moving into Victoria House, Bloomsbury.
SIML is the investment manager for Syncona, a life sciences investor, and it will also bring its accelerator, Slingshot Therapeutics, to Victoria House.
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Building 7 at Devonshire Square has been fully let following the completion of office deals with quantitative investment firm Two Sigma and the Professional Footballers' Association, alongside the completion of a ground-floor lease with Salad Kitchen in Building 10.
The PFA is relocating its London office from Bank, taking 8,600 SF on one floor at DSQ7. Two Sigma is expanding its presence after relocating its London office from Moorgate in 2025. Having already taken 10K SF, the firm has now signed to take a further 9,900 SF across another floor at DSQ7. Salad Kitchen is taking 1,400 SF.
Tenants at Devonshire Square include Xero, Figma, Cinnamon Kitchen, Devonshire Terrace, KöD and Lucky Voice karaoke.
DEVELOPMENT
London flexible living investment and operating platform True North Management, supported by Swiss Life Asset Managers, has announced the restoration of 83 New Kent Road. It is looking to transform 26,300 SF of heritage space into 94 flexible living units.
The £40M gross development value project will be operated under Holm Living once operational.
Financed by Investec Bank, 83 New Kent Road is in London's Elephant and Castle opportunity area, and features such as the building's original brick facade will be preserved.
PEOPLE
Newcore Capital, a B Corp-certified UK social infrastructure investment manager, has appointed Beatrice Hollond as chair.
Hollond brings more than four decades of experience across asset management, public markets, private wealth, charity and corporate governance and succeeds professor Andrew Baum, who transitioned from chairman to senior adviser in January.
Hollond’s career includes more than 15 years at Credit Suisse Asset Management, concluding as managing director of global fixed income.
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