Logicor secures letting to DPD Group in Martlesham Health, Ipswich

Logicor has let Unit 1, Beardmore Park, Martlesham Heath, Ipswich IP5 3RX to DPD.

The warehouse space, totalling 33,000 sq ft, has been taken by the leading parcel delivery brand on a new five-year lease. DPD joins Home Bargains, Screwfix, Toolstation and Howdens, among others, at Logicor’s 500,000 sq ft Martlesham Heath Business Park.

Gareth Evans, UK Portfolio Director at Logicor, said:

“This is our first letting to DPD in the UK and I am delighted to welcome them to our multi-let portfolio.”

The Logicor UK multi-let portfolio spans 8 million sq ft. In the UK, Logicor have completed over 150 new leases and renewals so far this year.

Elsom Spettigue Associates and Savills are letting agents for Martlesham Heath Business Park. sbh acted for DPD.

When is a party wall not a party wall? When the context dictates

Aidan Cosgrave, Partner, Delva Patman Redler

Last week, in the case of Wellington Properties Ltd v Second Duke of Westminster, Trustees of the Will of & Anor [2018] EWHC 3048 (Ch) (13 November 2018), the High Court upheld Grosvenor Estate's appeal and held that the flank wall of a house at 39 Headfort Place, London SW1 was not a wall separating the property from adjoining properties and was therefore not a party wall within the meaning of the transfer by which the freehold and superior leasehold interests had been enfranchised. The case highlights the importance of reading a clause in a transfer in the context of the transfer as a whole and against the relevant background.

The case involved an appeal by the Trustees of the Will of the Second Duke of Westminster and Grosvenor Estate Belgravia against the decision by HH Judge Bailey in the Central London County Court in which he had held the flank wall to be a party wall. His reasoning was that the natural meaning of the words in the transfer was that it was a party wall, that there was nothing to suggest that something had gone wrong in the drafting, that there was no want of business common sense in such an interpretation and that Grosvenor's construction would deprive the relevant transfer clause of any effect.

Background

Prior to the transfer, Wellington’s predecessor was the tenant of 39 Headfort Place under a lease. The lease contained a tenant's covenant to repair the whole of the demised premises. The demise was of:

"… all that piece of land situate on the South West side of Headfort Place … which said piece of land with the dimensions thereof (be the same little more or less) is delineated and coloured in the plan annexed hereto Together with the messuage and buildings erected thereon and now known as number 39 Headfort Place …".

The flank wall adjoins a communal garden and contains a number of windows, including a two-storey bay window and French doors, providing light to the house. The French doors also provide access to the communal garden.

The transfer

In 1990, Wellington’s predecessor exercised her entitlement pursuant to the Leasehold Reform Act 1967 and Grosvenor transferred to her the freehold and superior leasehold interests in the following:

"… ALL THAT the land which with the dimensions thereof (be the same little more or less) is shown edged red on the plan annexed hereto Together with the dwelling house situate thereon known as 39 Headfort Place … TO HOLD unto the Purchaser in fee simple so that the Headlease is merged with the freehold to the extent that it affects the property hereby transferred…".

It was common ground between the parties that, but for clause 3(b), the effect of the transfer would have been that the flank wall was wholly within the curtilage of 39 Headfort Place.

Clause 3(b) of the transfer provided that:

" the walls and/or fences separating the property hereby transferred from adjoining properties are party walls and/or fences and shall be used maintained and repaired as such."

The issue between the parties was the true construction of clause 3(b). Wellington contended that it meant the flank wall was a party wall. Grosvenor contended that (i) interpreted in the context of the transfer as a whole and against the relevant background, the words "adjoining properties" meant "adjoining buildings" and (ii) since the communal garden was not a building, on this interpretation clause 3(b) would not deem the flank wall to be a party wall.

The judgment

Mr Justice Arnold was swayed by two particular arguments put forward on behalf of Grosvenor, which do not appear to have been put before the judge in the County Court. He held that:

1. The starting point was that it was common ground that (i) the flank wall was entirely within the curtilage of 39 Headfort Place and (ii) that was consistent with the purpose of the Transfer, which was to enfranchise the whole house. In those circumstances he considered that there was an inconsistency between the parcels clause (and indeed the purpose of the transfer) and clause 3(b) if it was interpreted in the manner contended for Wellington.

2. Grosvenor's interpretation of clause 3(b) avoided the inconsistency. He did not agree with the judge's view that there was nothing to suggest that something had gone wrong with the drafting of clause 3(b). It was common ground that the references to "fences" in the clause were out of place and of no effect because there were no fences and he considered that the court should be readier to accept that another part of the clause was poorly drafted.

3. Grosvenor's construction of clause 3(b) did not deprive it of any effect as it confirmed that the walls between 39 Headfort Place and the adjoining properties at Nos. 1 and 2 Halkin Street were party walls and had to be maintained and repaired as such.

4. Wellington’s construction of clause 3(b) would have surprising consequences which are unlikely to have been intended:

• it would be surprising if Grosvenor were to be obliged to maintain half of the wall, given that under the lease this was the responsibility of the lessee;

• on Wellington's construction, the lessee failed to acquire all of the house which she was entitled to, which was contrary to the expressed purpose of the transfer;

•  it would be very surprising if Grosvenor were to be able to block up the windows in the flank wall (which did not enjoy rights of light by virtue of a reservation in the transfer); and

• it would be surprising if the front wall facing onto Headfort Place, which was shown on the transfer plan as the boundary between Headfort Place and Headfort Place, was a party wall.

The judge therefore concluded that Grosvenor’s construction of clause 3(b) was the correct one and that the flank wall was not a party wall within the meaning of section 38(1) of the Law of Property Act 1925 or section 20 of the Party Wall etc Act 1996.

Conclusion

The judgment is a reminder that where there is a conflict between provisions in a contract, the court will construe a document as a whole and against the relevant background in such a way as to eliminate inconsistency between its provisions if possible. When encountering clauses in transfers that purportedly deem certain walls to be party walls, it is important to interpret such clauses in the context of the whole document.

Read the full judgment at https://www.bailii.org/ew/cases/EWHC/Ch/2018/3048.html

Logicor places €1.8 billion in inaugural Euro bond issuance

Logicor places €1.8 billion in inaugural Euro bond issuance

 Logicor announces the completion of its inaugural Euro denominated bond transaction having successfully placed €1.8 billion.

 The transaction launched on 6 November with three tranches maturing in 2022, 2025 and 2028. The notes were priced with a coupon of 1.5% for the €1.0bn 4 year maturity note, 2.25% for the €500m 6.5 year maturity note and 3.25% for the €300m 10 year maturity note.

 The notes rank senior unsecured and have been assigned with a rating of BBB (stable) by S&P Global.

 The proceeds of the issue will be used for the group’s general corporate purposes and refinancing existing secured debt.

 Simon Clinton, CFO, Logicor says: “This transaction successfully positions Logicor with European and global bond investors for the first time. We have proven our ability to access public capital markets and have significantly broadened our funding sources. We are pleased that investors have demonstrated their confidence in Logicor’s strategy focused on its high quality, well located logistics real estate across Europe and our unsurpassed operational expertise.”

 Logicor has made an application for the notes to be listed on the Irish Stock Exchange.

 The Notes will be offered only to non- U.S. persons outside the United States pursuant to Regulation S under the U.S. Securities Act of 1933, as amended (the “Securities Act”), subject to prevailing market and other conditions. This press release is not an offer to sell the Notes in the United States. The Notes to be offered have not been and will not be registered under the Securities Act or the securities laws of any other jurisdiction and may not be offered or sold, directly or indirectly, in the United States or to or for the account or benefit of U.S. persons, as such term is defined in Regulation S of the Securities Act, absent registration or unless pursuant to an applicable exemption from the registration requirements of the Securities Act and any other applicable securities laws. No public offering of the Notes will be made in the United States in connection with the above-mentioned transaction.

 MiFID II professionals/ECPs-only - Manufacturer target market (MiFID II product governance) is eligible counterparties and professional clients only (all distribution channels). 

 The Notes are not intended to be offered, sold or otherwise made available to, and should not be offered, sold or otherwise made available to, any retail investor in the European Economic Area (“EEA”). For these purposes, a retail investor means a person who is one (or more) of: (i) a retail client as defined in point (11) of Article 4(1) of Directive 2014/65/EU (as amended, “MiFID II”); or (ii) a customer within the meaning of Directive 2002/92/EC (as amended or superseded, the “Insurance Mediation Directive”), where that customer would not qualify as a professional client as defined in point (10) of Article 4(1) of MiFID II. Consequently, no key information document required by Regulation (EU) No 1286/2014 (as amended, the “PRIIPs Regulation”) for offering or selling the Notes or otherwise making them available to retail investors in the EEA has been prepared and therefore offering or selling the Notes or otherwise making them available to any retail investor in the EEA may be unlawful under the PRIIPs Regulation. This communication does not constitute and shall not, in any circumstances, constitute an offering to retail investors. The offer and sale of the Notes in any member state of the EEA will be made pursuant to an exemption under Directive 2003/71/EC (as amended or superseded, the “Prospectus Directive”) from the requirement to publish a prospectus for offers of notes. The base listing particulars produced for the offering of the Notes is not a prospectus for the purposes of the Prospectus Directive.

 This communication does not constitute an offer of securities to the public in the United Kingdom. No prospectus has been or will be approved in the United Kingdom in respect of the Notes. Consequently, this communication is directed only at (i) persons having professional experience in matters relating to investments falling within Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (the “Order”) or (ii) high net worth entities falling within Article 49(2)(a) to (d) of the Order, or (iii) persons who are outside the United Kingdom or (iv) persons to whom an invitation or inducement to engage in investment activity within the meaning of section 21 of the Financial Services and Markets Act 2000 (the “FSMA”) in connection with the issue or sale of any securities may otherwise lawfully be communicated or caused to be communicated (all such persons together being referred to as “Relevant Persons”). The base listing particulars produced for the offering of the Notes is being distributed only to and directed only at Relevant Persons. The Notes are only available to, and any invitation, offer or agreement to subscribe, purchase or otherwise acquire such Notes will be engaged in only with, Relevant Persons. The base listing particulars produced for the offering of the Notes and its contents are confidential and should not be distributed, published or reproduced (in whole or in part) or disclosed by any recipients to any other person in the United Kingdom. Any person in the United Kingdom that is not a Relevant Person should not act or rely on the base listing particulars produced for the offering of the Notes or its contents.

Delva Patman Redler makes another new appointment to Rights of Light Team

Delva Patman Redler has appointed Valerio Falco as Assistant Technical Analyst, joining the firm’s Rights of Light team.

Valerio joins from Turner Associates Survey and Design (Ltd) where he held the position of CAD Technician, Designer and Project Manager. He will add further capacity to the London-based Rights of Light team.

 Stuart Gray, Partner of Delva Patman Redler, comments: “Our specialist teams at Delva Patman Redler have been expanding over the last couple of months with two appointments in Rights of Light, two joining our Measured Survey department and a new appointment to head up our Dilapidations offering. We are delighted that Valerio will be joining us at this exciting time for the company.”

Logicor dons the Lycra for LandAid Day 2018

The Logicor team was delighted to dig out their lycra this month to host an internal cycling event in our Carnaby Street head office with a difference in aid of LandAid, the property industry charity.

Cyclists were divided into two teams, with individuals competing against another from the opposite team to see who could cycle the furthest in a 20 minute period. Each individual’s distance travelled was then added together to make a team total, with Logicor agreeing to donate £20 for each kilometre travelled by the winning team.

Logicor’s LandAid Ambassadors Adam Sherlock and Tori Watling were team captains, spurring their colleagues along for this great charitable cause.

The winning team, led by Tori Watling, cycled a total of 165.97 km, raising £3,319.40 for LandAid.

Special mention goes to the following individuals who cycled the furthest:

1. Robbie Wilson, Financial Accountant (18.05 km)

2. Mike Best, Director, UK Asset Management (17.50 km)

3. Anthony McCluskie, Director, UK Asset Management (17.05 km)

“A big thank you to everyone who took part in the Logicor Static Cycle on LandAid Day last week! We were delighted to be there on the day and cheer on the Logicor team, who raised an incredible £3,319 for LandAid. This is an amazing amount raised and will support LandAid’s mission of ending youth homelessness – thank you to everyone involved!” - Tom Ah-Thew,Corporate Partnerships Manager, LandAid 

Thanks to all Logicor participants: Adam Sherlock, Andrew Jackett, Anthony McCluskie, Chas Ochalek, Chelsea Watkins, Daniel Greenslade, Eleanor Saitch, Emma Frost, Gareth Evans, Jack Garrett, Louise Osborn, Magdalena Tasic, Majorie Yeo, Mike Best, Nicola McGlennon, Nick Evans, Rahela Bibi, Robbie Wilson, Sophie Geden, Tori Watling, Vevine Witter & Victoria Haslam.

Logicor is a LandAid corporate partner. LandAid is the property industry charity, working to end youth homelessness in the UK. The team brings together businesses and individuals from across the industry to support charities delivering life-changing projects for people who are or have been homeless, or who are at risk of homelessness.

Dominvs Group secures first Premier Inn partnership in Milton Keynes

Dominvs Group has secured its first partnership with Whitbread to bring a new Premier Inn hotel and Bar & Block restaurant to Milton Keynes city centre.

The real estate investment and development company has acquired a development site just off Avebury Boulevard, one of Milton Keynes’ main thoroughfares, from Milton Keynes Development Partnership (MKDP). In a key location close to the major motorway networks and Milton Keynes Central railway station, the site will house a 180-bedroom Premier Inn hotel and Bar & Block.

Lee Saywack, Development Director of Dominvs Group, comments: “We are delighted to be working with MKDP and Whitbread to bring more high-quality hotel accommodation to Milton Keynes city centre. The development will benefit from excellent visibility from the busy local roads and is set to become a prominent hotel within walking distance from the central train station.”

Stuart Rose, Acquisitions Manager for the Midlands at Premier Inn, said: “Milton Keynes is a strong and growing market for Premier Inn and our expansion at Avebury Boulevard will bring our sixth Premier Inn to Milton Keynes. It will also be the first Premier Inn in the town to feature our new Bar & Block restaurant brand. Our expansion reflects strong demand for Premier Inn bedrooms from our customers looking to stay in Milton Keynes on business or for leisure trips throughout the year.

“Whitbread is making a significant investment in the new Premier Inn and Bar & Block restaurant and we expect to create between 75 and 80 new jobs on opening, with recruitment focused in Milton Keynes and the surrounding area.  We look forward to working with Dominvs Group on the construction of the hotel and restaurant as we target an early 2020 opening date.”

‘The Hub’ is located approximately five minutes walking distance to the north east of the site and includes numerous bars and restaurants including Las Iguanas, Zizzi and Pizza Express. In addition, Centre:MK, the city centre’s largest shopping destination, is within 10 minutes’ walk.

Construction will start on site imminently with completion scheduled for 2020.

Avison Young enters into agreement to acquire GVA in transformational deal

Avison Young and Apleona Limited (“Apleona”), a portfolio company owned by global private-equity firm EQT, announced today that they have entered into a definitive agreement for Avison Young to acquire GVA. Avison Young will combine GVA with Avison Young’s existing UK operations. Subject to the satisfaction of customary closing conditions, the transaction is expected to close during the first quarter of 2019.

GVA is a multi-disciplinary business offering clients a service that spans the entire property life cycle from strategy and planning through to delivery and management. The firm has 1,500 employees in 15 offices in the UK, Ireland and Poland. GVA is also a founding member and majority shareholder of GVA Worldwide Ltd., an international organisation of licensed affiliate commercial real estate companies with offices across 25 countries.

“We couldn’t be more excited to welcome GVA to Avison Young,” comments Mark E. Rose, Chair and CEO of Avison Young. “This is a transformational event that underpins our ambition and intent to significantly expand our footprint in Europe and beyond. Avison Young’s UK business will now be a genuine challenger brand firmly established among the top commercial real estate advisors in the UK, North America and the world. This acquisition adds gravitas, weight, coverage and profile to our international operations as we continue to solidify our global platform while preserving our culture as a Principal-led company. Avison Young and GVA have complementary businesses in the UK, and this combination of expertise and talent will better equip us to serve global clients.”

Avison Young currently has 2,700 real estate professionals in 85 offices in Canada, the U.S., Mexico, the UK, Germany, Romania and Korea. Upon the closing of the transaction, Avison Young will add 1,500 real estate professionals in 15 offices in the UK, Ireland and Poland. Including GVA Worldwide, the combined operations will have 5,000-plus professionals in more than 120 offices across 25 countries.

Rose continues: “We are incredibly impressed with the strategic positioning of GVA, represented by its depth of consultancy and transactional services and long-standing client relationships. We are excited by the international collaboration potential and the opportunity to continue to build our unique partnership model. This transaction will restore GVA to its partnership roots and provide additional opportunities to cross sell clients across Avison Young in the UK and globally. Moreover, joining forces with GVA will provide us with a greater level of scale and capabilities to fuel our growth to an even wider audience, and offer an expanded breadth of services to our clients. We look forward to welcoming the highly experienced senior leaders of GVA as Principals and owners of Avison Young, and to working with our new colleagues and clients across the globe.”

The scale and depth of GVA’s offering is evidenced by the firm’s 25 business units across the following sectors and disciplines: planning, development and regeneration; land and development; business rates; valuation consultancy; telecommunications; restructuring and recovery; energy and natural resources; lease consultancy; corporate solutions; health; GVA Worldwide; GVA Poland; Second London Wall project management; building consultancy; rights of light; investment; retail, hotels and leisure; offices; London agency and investment; industrial and distribution; automotive and roadside; property management; workplace consultancy; West End management; and asset management.

Andreas Aschenbrenner, Partner at EQT Partners, Investment Advisor to EQT, says: "We are thrilled that we have found the perfect long-term home for GVA in Avison Young, which is committed to continuing the growth strategy that GVA embarked on under EQT ownership. I am confident that GVA and Avison Young together will flourish, and I am excited to see GVA and Avison Young grow further to become one of the leading real estate advisors worldwide. The sale also marks another important step in transforming Apleona into the leading European provider of real estate management.”

GVA has a broad customer portfolio of national and international clients, including UK public institutions, multinational corporations, major space users, developers, owners, lenders and investors.

Gerry Hughes, Chief Executive of GVA, says: “To say I am delighted by this deal is an understatement. We could not have asked for a better outcome for the GVA business, our clients and our staff. We now enter a new era as a key component of a global real estate advisory platform, which will allow us to further flourish and better serve global clients. I look forward to joining the Avison Young partnership and working with Mark, and I want to thank EQT for the support and opportunities it has given to GVA over the last few years.”

The combined operations of Avison Young will have 19 offices and 1,600 employees in the UK alone, working with clients on the transaction and consultancy sides of the business.

“Our approach to growth in the UK continues to be both disruptive and holistic,” adds Jason Sibthorpe, Avison Young Principal and UK Managing Director. “Our focus is always client-centric and our enlarged platform will complement our existing offerings, giving our clients total coverage across the real estate advisory landscape. We intend to continue to invest, and we see great opportunity for further growth in all areas, particularly in the transactional space. The history of GVA spans two centuries, and its rich heritage and longtime employees, combined with Avison Young’s existing skilled team in the UK region, will give us an unrivalled ability to serve all client needs. Our Principal-led partnership model is in the DNA of GVA, and we anticipate great success for our combined businesses.”

Avison Young intends to optimize its capital structure through a recapitalization. The acquisition and the refinancing will be funded through a combination of cash on hand, a committed financing from Credit Suisse, and additional common equity, including participation by Caisse de dépôt et placement du Québec (CDPQ) and Avison Young’s existing employees as well as issuance of shares to GVA employees who will become Avison Young Principals and certain other GVA employees. Avison Young has ample capital to further invest in its global growth.

Today's announcement follows Avison Young’s announcement on July 16, 2018 that CDPQ, one of Canada's leading institutional fund managers, has made a C$250-million preferred equity investment to accelerate Avison Young's strategic growth plan. Avison Young made its first investment under its strategic partnership with CDPQ by acquiring leading UK firm Wilkinson Williams LLP and opening a new office in London's West End on August 1, 2018. On October 10, 2018, Avison Young opened its first office in Asia, in Seoul, South Korea, with 63 members joining from Mate Plus Advisors Co. Ltd.

Credit Suisse and KPMG LLP are acting as Avison Young’s financial advisors in the transaction; and Gowling WLG (UK), DLA Piper LLP (US) and Stikeman Elliott LLP (Canada) are serving as Avison Young’s legal advisors. BofA Merrill Lynch is acting as EQT’s and Apleona’s financial advisor; and Milbank, Tweed, Hadley & McCloy LLP is serving as EQT’s and Apleona’s legal advisor. 

About Avison Young:

Avison Young is the world’s fastest-growing commercial real estate services firm. Headquartered in Toronto, Canada, Avison Young is a collaborative, global firm owned and operated by its principals. Founded in 1978, the company comprises 2,700 real estate professionals in 85 offices, providing value-added, client-centric investment sales, leasing, advisory, management, financing and mortgage placement services to owners and occupiers of office, retail, industrial, multi-family and hospitality properties.

www.avisonyoung.com

About EQT

EQT is a leading investment firm with approximately EUR 50 billion in raised capital across 27 funds. EQT funds have portfolio companies in Europe, Asia and the U.S. with total sales of more than EUR 19 billion and approximately 110,000 employees. EQT works with portfolio companies to achieve sustainable growth, operational excellence and market leadership.

www.eqtpartners.com

About GVA

GVA is a leading real estate advisory business with 15 offices and 1,500 staff in the U.K., Ireland and Poland. With its in-depth understanding of the market, supported by a leading research capability, GVA advises private businesses and the public sector on the whole real estate lifecycle. GVA is an independent group under the ownership of EQT Partners.

www.gva.co.uk

Delva Patman Redler appoints Head of Dilapidations

Delva Patman Redler has appointed Tim Grierson as Head of Dilapidations, joining the firm’s London team.

Tim is a chartered surveyor, working across the building surveying field, with a speciality interest in dilapidations. Joining from Cushman and Wakefield, Tim has advised clients including British Airways, Education and Skills Funding Agency and DTZ Investors.

At Delva Patman Redler, Tim will be responsible for expanding Delva Patman Redler’s dilapidations services. Tim comments "I am greatly looking forward to driving forward the Dilapidations Service offering and working as part of the tightly knit team of specialists at Delva Patman Redler”.

Stuart Gray, Partner at Delva Patman Redler, comments: “We are delighted to welcome Tim to the team. He is perfectly placed to drive forward our dilapidations offering, alongside our specialist rights of light and neighbourly matters teams.”

Dominvs Group secures planning permission for 198-room hotel scheme in Bath City Centre

Dominvs Group has secured planning permission from Bath and North-East Somerset Council for a new 198-room hotel scheme at James Street West in Bath City Centre.

This hotel will offer high-quality accommodation, in addition to a café, bar, restaurant and gym and will replace Bath College’s Allen building, which lies within the city’s conservation area and the UNESCO World Heritage Site.

Bath and North-East Somerset Council have approved Dominvs’ revised plans for the site, commenting that the changes make a “good building better still”. The council recognises the economic benefits of this proposal, providing accommodation for 57,800 overnight visitors, 100 full time jobs in a variety of roles and a predicted £4.1 million boost to the local economy.

Bath Preservation Trust and Historic England have also welcomed Dominvs’ new proposal, as the 1.4m reduction in the proposed height of the scheme allows the modern contemporary building to be entirely in keeping with the 20th and 21st century context of the site. Dominvs Group is experienced in developing hotel sites at landmark locations that are sensitive to their historic surroundings, with the development of a hotel at Ludgate Hill, in the St Paul’s Cathedral conservation area in its recent portfolio.

Lee Saywack, Development Director, Dominvs Group, comments: “We are delighted that this proposal has been deemed acceptable in both economic and heritage terms. The detail of the scheme has evolved following extensive consultation and stakeholder engagement and we look forward to delivering a high-quality hotel in this exceptional location.”

Dominvs Group to globally launch ‘Motto by Hilton’ hotel concept on Old Marylebone Road

Dominvs Group has secured a deal with Hilton to bring the first 100-bedroom ‘Motto by Hilton’ hotel to Marylebone, London. The new hotel concept is due to launch in 2020 at 233-237 Old Marylebone Road, London. 

                                                                           Motto by Hilton has been launched to take a fresh approach to modern travel culture. A micro-hotel with an urban vibe in prime locations, Motto will offer travellers centrally located hotel rooms that provide a one-of-a kind experience. Cleverly designed flexible spaces, new technology and a quality sleep experience will underpin the Motto concept, fulfilling both the needs and desires of the evolving global traveller. 

 Jay Ahluwalia, director of Dominvs Group, comments: “We are delighted to be taking our ongoing partnership with Hilton to the next level, working together to create the world’s first Motto in London. The Old Marylebone Road site fits perfectly with the new Motto concept, offering an affordable, boutique experience in a central location. I am also personally thrilled to have been invited to shape the brand with Hilton and look forward to creating a global brand together”.

 Christopher J. Nassetta. President and CEO of Hilton, says: “Hilton prides itself on being a leader in the hospitality industry and evolving with the needs of our guests. Innovation is in our DNA, and as we embark on our 100th year as a company, we are innovating more than ever before. With Motto by Hilton, we are bringing to market something the industry has never experienced with its flexible and affordable room product, desirable locations and guest-empowered service.”

 Demolition on the Marylebone site has commenced and construction will start in January 2019, targeting a 2020 opening.

LandInsight set to make site sourcing & team collaboration truly mobile with the launch of its new app ‘LandInsight GO’

PropTech pioneer LandInsight is expanding its site sourcing platform with the launch of a new complementary mobile app ‘LandInsight,GO’, making it easy to find and assess development opportunities.

 The app allows users to save potential sites in under 3 seconds; check ownership and parcel area information for any site, wherever they are, and; initiate assessment immediately rather than waiting upon return to the office.

 Jonny Britton, LandInsight’s Co-Founder and CEO, says: “LandInsight GO is tailor-made for developers and land agents that spend more time out of the office than in. We conducted extensive research into the specific needs of the user when they are mobile, to produce a truly optimised tool. For the first time, property professionals can use their phone to efficiently save potential development sites, collect on the ground intel and insight and make snap decisions on the feasibility of a site.

 The average property professional spends over half of their working life out of the office. Being part of the LandInsight platform means that LandInsight GO instantly syncs all on-the-ground research with the team in your office.

 You can have tens of runners feeding one person in the office with sites, including pictures and personal comments. Using the power of our desktop application in-depth analysis can be conducted in minutes. That analysis is then fed back to those on the ground.”

 When opening the app, LandInsight GO automatically locates their position and asks them to confirm the site you wish to save. The sites are delineated with the official Land Registry site boundaries making sure users preview the site based on its ownership, giving a better understanding of the development potential.

 Jonny adds: “We are really proud of this new tool and our initial test users have been very successful using the app. Just in the last few weeks our limited test group has found 1,500 development opportunities. We have even had enterprise clients looking to roll out the app across their entire site sourcing teams”

 LandInsight GO is available to download now: https://play.google.com/store/apps/details?id=com.landinsightmobile

https://itunes.apple.com/us/app/landinsight-go/id1339596567

AVISON YOUNG ADVISES PSL GROUP ON LONDON RELOCATION

Avison Young has advised P\S\L Group Europe on the disposal of its existing office space and the relocation of the business in the West End.

 The medical marketing specialist has sub-let 75 Davies Street, Mayfair W1 to Lodha Developers on a short-term basis to April 2020. The 9,787 sq ft office has been taken at a rent of £50.00 per sq ft.

Avison Young has secured a newly refurbished 4,640 sq ft office at 30 Great Pulteney Street in Soho for P\S\L Group, on a five-year lease at a rent of £59.50 per sq ft, as well as project managing the fit-out for the new space. The landlord of 30 Great Pulteney Street is Sir Richard Sutton Limited.

Knight Frank advised Sir Richard Sutton and also advised Lodha Developers on its acquisition.

Mark Woodford, Estate Manager at Sir Richard Sutton said “We are delighted to welcome P\S\L Group to 30 Great Pulteney Street. They have taken the one vacant floor in the building and will, I am sure, complement our existing tenants such as M&C Saatchi.”

Avison Young opens its first office in Asia

Mark E. Rose, Chair and CEO of Avison Young, the world’s fastest-growing, private and Principal-led, global commercial real estate services firm, announced today that the company has opened a new office in Seoul, South Korea.

The new Seoul office represents Avison Young’s first office in Asia, 85th office globally, and an additional step in the firm’s ongoing aggressive global growth and expansion strategy. Full operations in Seoul will begin on November 1, 2018.

Over the past 10 years, Avison Young has grown from 11 to, now, 85 offices in 76 markets and from 300 to more than 2,700 real estate professionals in Canada, the U.S., Mexico, Europe and Asia.

Effective immediately, 63 new members, including brokerage and other service specialists, join Avison Young from Seoul, South Korea-based commercial real estate firm Mate Plus Advisors Co. Ltd. Byoung Gon Choi becomes a Principal of Avison Young’s Seoul Operations and Managing Director of the new office. He will focus on expanding Avison Young’s business-line coverage across South Korea, servicing new and existing clients, and managing the day-to-day operations of the office.

Choi brings 34 years of commercial real estate experience in South Korea to Avison Young, most recently as CEO of Mate Plus Co. Ltd., a leading real estate property management company in Korea; CEO of its affiliate Mate Plus Advisors, which specializes in investment sales, retail, project management, asset management, leasing, research and advisory services; and CEO of Genstar, of which Mate Plus is a key affiliate.

“The opening in Seoul represents another milestone in our global expansion strategy,” comments Rose. “We’re thrilled to be launching our first office in Asia in Seoul as we begin to fulfill our long-sought goal of entering the highly dynamic Asian marketplace and expanding our footprint across another continent. Furthermore, we’re delighted to have Byoung Gon Choi, who is a highly regarded commercial real estate professional, guiding our expansion program in Seoul and the rest of South Korea. Byoung Gon’s ability to foster deep relationships is evident in his previous companies’ geographic and project-type diversity. He understands current market trends and uses that knowledge to provide creative solutions that meet each client’s unique business needs. He and his team, which include leading capital markets and corporate services professionals, have comprehensive knowledge of Seoul’s commercial real estate sectors and can also give clients highly strategic advice on asset management and property management. The new team’s experience and expertise will benefit our clients and company alike. We couldn’t be more pleased to have Byoung Gon and our other new colleagues on board.”

Rose adds: “We believe that Seoul is an underserved market that offers great potential for increased local, national and international investment sales and leasing activity. Seoul, which has a young, highly educated and tech-savvy workforce, is a gateway to China and the rest of Asia. The new Seoul office will also enhance our ability to facilitate multi-market transactions – and sets us up for further expansion within the Pacific Rim.”

Choi will work closely with Hiren Thakar, a Principal of Avison Young and the firm’s Chief Operations Officer, International Operations.

“We were impressed by Byoung Gon’s professional manner in meeting client needs and his proactive approach to commercial real estate brokerage company management and service,” states Thakar. “A well-established industry leader, he and the entire Seoul team will fit well in our client-centric culture. We are already working on developing potential new partnerships and generating client assignments together. Furthermore, South Korea is a stable, rapidly growing Pacific Rim country that has become a destination for investors, landlords and occupiers as they seek to establish a foothold in the region. Each real estate sector is expanding rapidly and has a large, diverse client base. Byoung Gon and his team are experienced in working with international clients and have been successful at completing assignments throughout South Korea.”

 Today's announcement follows Avison Young’s announcement on July 16, 2018 that Caisse de dépôt et placement du Québec (CDPQ), one of Canada's leading institutional fund managers, has made a $250-million preferred equity investment to accelerate Avison Young's strategic growth plan.

Thakar adds: “The opening of our new Seoul office will allow us to capitalize further on CDPQ’s investment in Avison Young’s strategic initiatives. Our global team will continue to eye additional markets for expansion through the deployment of capital obtained via CDPQ’s recent investment.”

Avison Young made its first investment under its strategic partnership with CDPQ by acquiring leading U.K. firm Wilkinson Williams LLP and opening a new office in London's West End on August 1, 2018.

“We are delighted to join the Avison Young family and be the faces of the company’s first office in Asia,” says Choi. “Avison Young’s entrepreneurial and collaborative culture resonates well with the way we conduct business in South Korea. Our team strongly expects that, by sharing in the benefits of Avison Young’s Principal-led and collaborative business philosophy, we can take our consulting services in South Korea to the next level. Moreover, in co-operation with Avison Young colleagues, we can complete the value chain, providing all types of commercial real estate services to clients.”

Choi adds: “We believe that our clients will be better served by tapping into Avison Young’s global brand and resources. We look forward to working with our new colleagues throughout the company and developing many trans-Pacific partnerships on behalf of our clients. We also look forward to recruiting new top professionals as we expand the firm’s presence throughout South Korea.”

Effective November 1, 2018, Avison Young’s new Seoul office will be located at 9F Samhwa Tower, Eulji-ro-5-gil 16, Jung gu, Seoul, Korea 04539.

Seoul, the capital of South Korea, is located on the Han River and serves as the main gateway and logistics hub for Northeast Asia. With a population of approximately 10 million, Seoul ranks among the world’s most dynamic marketplaces. The region is home to many manufacturing sectors, including steel, electronics, automobiles and auto parts, textiles and footwear, chemicals and pharmaceuticals. Other sectors with a strong presence include information and communications technology, financial technology, fashion and construction. International trade also plays a key role in the city’s economy, thanks to South Korea’s status as one of the world’s top exporters. The city’s workforce benefits from low local (5%) and national (4%) unemployment rates (as of August 2018). The World Bank’s latest rankings list South Korea fourth globally for ease of doing business. Seoul’s commercial real estate market features vibrant office, retail, industrial, multi-family and investment real estate sectors. However, the city is also known for its high levels of alternative assets, including data centres, self-storage facilities, student accommodation, education-related buildings and healthcare and seniors-care properties.

Biography

Byoung Gon Choi  

Choi brings 34 years of experience in all forms of real estate in South Korea to Avison Young, most recently as CEO of Genstar, Mate Plus Co. Ltd. and its affiliate Mate Plus Advisors Co. Ltd., which offers a full range of property services, including capital markets and investment, industrial, retail, project management, consulting and research.

Since it was founded by Choi in 2015, Mate Plus Advisors has successfully closed 26 outstanding deals in three main business districts of Seoul, generating more than US$5 billion in transaction volume. Mate Plus Advisors is an offshoot of property management firm Mate Plus. Founded in 2008 by Choi, Mate Plus has become a pioneer in the field of property management with more than 140 professionals in offices throughout the Korean peninsula. He initiated a two-year partnership with Colliers International from 2015 to 2017. Upon conclusion of the partnership, he created Mate Plus Advisors to ensure that clients could still have access to a high level of service in a fast-changing market and institutional investors could continue to place their capital in Korea. He was appointed CEO of Genstar in January 2018 after Mate Plus became a key affiliate of the firm.

Choi began his career with Samsung Life Insurance in 1984 and, during 24 years with the firm, served in various departments as head of investment operations, development and management.

He holds a Master’s degree in real estate studies from Konkuk University and Bachelor of Business Administration degree from Chonbuk National University.

Welcome To The Team!

We are delighted to announce Kavitha Nair as our new social media manager. Kavitha is an experienced all-round media professional with a proven track record in social media management, business reporting and custom publishing. Having made the successful transition from journalism to social media management Kavitha is fully trained in setting up and optimising campaigns on all social media platforms, strategising, developing and executing campaigns using smart tools, auditing, analysing and reporting results.

Welcome to the team!

To keep up with us on social media follow @ideas_exposure on Instagram and Twitter!

A new age of retail is upon us - let's get creative

 The ‘death’ of the High Street is sadly not a story we are unfamiliar with. Each month seems to bring fresh news of the retail sector’s financial woes, and even high street giants such as M&S, House of Fraser and Debenhams have been unable to avoid a large number of store closures. Similarly, in the casual dining sector, well-known chains such as Byron Burger and Jamie Oliver have announced the closure of a third of all stores. This trend is not UK-centric as even the infamous Macy’s has confirmed the closure of 150 stores across the US.

But what has caused these companies to rapidly reduce their portfolios? The most obvious answer – technology. Perhaps an overload of it. With so much information at our fingertips, shoppers no longer want to settle for mediocre, we want the absolute best at the upmost convenience. E-commerce has been quick to benefit from this new trend.  

However, gloomy predictions around increasingly vacant lots or pound shops taking over town centres are misplaced. Last week’s Revo 2018 conference was characterised with optimism and excitement for the future of retail. While e-commerce is booming and is expected to grow further, consumers do still want the option of physical shopping. Going into town can offer a social function internet shopping cannot, therefore high streets need to reinvent themselves as social spaces to regain much needed footfall.

How do we create a social space? We make things for the community – places such as parks, libraries, events venues, doctor’s surgeries, things that the community want and need. High streets should not just be a collection of shops that are indistinguishable from the next town. They should be unique places that entertain us and make us want to spend our limited free time there. There needs to be diversity, a mixture of small and large fashion retailers, a range of independent food outlets, beauty salons and sports facilities. These spaces need distinctive design features and good transport links.

Secondly, high streets need to offer a sense of ‘experience’ that online shopping cannot.  Revo speaker, Howard Saunders, spoke of the ‘rise of the brand playground’ and how the most successful stores have recognised that it is not enough just to be a store anymore. Stores need a fun atmosphere where customers are at the centre of the experience – they are venues in their own right.

Dr Martens have reminded consumers of the brand’s musical roots by creating a permanent stage in their Camden store, where anyone can perform. Converse created its 1-star pop-up hotel for one night only in Shoreditch, which featured the latest converse collection, bedrooms curated by guest artists and a series of after-hours gigs. Casper, a mattress store in New York, has even set up its store so each bed is in its own unique decorated bedroom, and has recently developed an insomnia app to connect with troubled sleepers. Engaging with consumers in these innovative ways is exactly what retailers need to do to secure and maintain interest in their products.

And what does all this innovation need? Inventive and flexible retail property that constantly stays up to date with demand and trends. As Steve Dennis, Forbes, 2018 said ‘Physical retail is not dead, boring retail is’.

Investing your time in technology could help you tech care of your business

In the last few months, particularly, the importance of technology is becoming increasingly evident, with many PropTech companies emerging and businesses advancing their digital presence. 

When I first fell into Property PR – and I really did stumble upon it – I didn’t know what PR was and had little knowledge of the property market. The internet was not yet widely used, and press releases were sent out via post. In 2018, however, everything is done online, and news can now be accessed instantly and constantly due to the prevalence of online reporting.  Within Flashbulb, we read the majority of our news stories online via social media or websites. However, there are still many ‘big players’ that still favour traditional print media, such as the Estates Gazette, Property Week and Show House. Yet it remains to be seen how long these publications will continue this approach.

A wise client of ours – a global CEO of a firm of commercial property advisors – said recently that the property industry is lagging behind other sectors by as much as two decades. Property Week’s 2017 Power of Proptech survey found that 48% of respondents thought investment in technology would have a positive impact on their revenue over the next 5 years, 68% of respondents were willing to trial new innovation in their business and 57% of respondents thought embracing new technology has given their business a USP.  However, 47% of respondents said that they were reluctant to accept new technology as they always face teething issues when it’s implemented. A recent survey by KPMG corroborated these sentiments, confirming that while the industry is increasingly accepting of prop-tech, only 33% of respondents have a clear strategy of how to use this technology.

While our client was referring to the industry being slow to adapt to technology, I think it is also a fair comment about the industry’s approach to PR, Marketing and communications in general. Larger companies will have teams of marketing and communications professional – both in house and external consultants. But there are many firms, particularly of small to medium size developers that still do not have any PR function, lacking a website or any social media presence.

 From my point of view, these are crucial tools for a business. What’s the first thing you do when you are about to meet someone, or someone has given you their business card? I know what I do – I do a google search for the company and then look them up on LinkedIn. If you don’t have a company website, there is a perceived lack of standing and this can be harmful for your business when trying to impress a potential funder or bidding on land to develop. You may just get pipped at the post by another company with a more impressive platform or developed social media profile.

 The consensus appears to be that marketing is a direct interaction with existing or potential users/clients and is more of a selling tool. But PR is a general profile raising activity and is seen as more plausible than advertising, particularly as there is perceived credibility through the endorsement of a journalist using the story.

 Within Flashbulb, our strategy has changed dramatically over the last ten years.  From just relying on posting news stories to now using all the avenues we have at our disposal to get our client’s message across the market. In addition to putting new stories out to the media, we need to keep constant content generation in between these stories. We focus on expert comment pieces, commenting within sectorial or regional features within publications and doing standalone pieces that will go on client’s websites. Further to this we use social media to link these stories and articles to a wider audience.

It’s amazing how many people across the industry use social media sites. In our experience, we find the best platforms to use for business promotion and interactions are LinkedIn and twitter. Instagram is also becoming more widely used by businesses communicating to a business audience. While Pinterest and Facebook still have some value, there are more effective for putting your product in front of a consumer audience.

Ultimately, companies within the property industry shouldn’t rest of their laurels. You may think you know all the people you need to know, but when it comes to connecting with new clients, partners and customers, using PR and Marketing saves time and money, reaching a much wider audience than a company and its team could do alone.

 Perhaps most importantly, your peers and competitors that are implementing a structured communications strategy will often find themselves that step ahead of you. In this age of digitisation, Flashbulb and our clients, need to be at the forefront of the digital world, otherwise we will all be left behind.

Avison Young appoints Senior Building Surveyor

Avison Young, the world’s fastest growing commercial real estate firm, has appointed Matthew Burnett as Senior Building Surveyor.

Matthew joins Avison Young from Colliers International. Prior to this, Matthew worked for Cyril Leonard and Bickerdike Allen Partners as a Graduate Building Surveyor.  

He will work alongside Martin Rymer in the Building Consultancy team in Avison Young’s West End office.

We want to know about the social media habits of the real estate sector

We would love your input on this!

Please take a minute to go through. Only 10 quick questions!

By completing the survey you will be with the chance of winning a bottle of champagne!

https://www.surveymonkey.co.uk/r/6LQTMMB

Dominvs Group accquires Palmers Green Residential Development

Dominvs Group has acquired the freehold interest in The Fox Public House, Palmers Green, London, to add to its UK residential development portfolio.

 Planning permission was granted in June 2018 for a five-storey residential-led development of 54 one & two-bedroom apartments, along with 38 parking spaces and associated amenity area. The planning permission includes the retention and refurbishment of the existing public house and one commercial unit on the ground floor, which has been pre-let to PureGym.

 The site is located within a predominantly residential area in Palmers Green, just a 5-minute walk to the train station which provides a 20-minute direct link into Central London. The apartments will also benefit from being a stone’s throw away from the high street, with both independent stores and restaurants, alongside the likes of Sainsbury’s Local, Morrisons, Costa Coffee and Little Waitrose.

 Husnell Ahluwalia, Director of Dominvs Group, comments: “Palmers Green has become increasingly sought after by both individuals and families due to its leafy North-London feel, large parks and extensive local amenities. With a current lack of new build stock available in the area, this development will be one of the first new build apartment schemes.”

 Construction of the scheme is due to start in January 2019, with units available to occupy from July 2020.

Dominvs Group was unrepresented in the transaction. The vendor was advised by Knight Frank.