AVIVA INVESTORS’ LIME PROPERTY FUND ACQUIRES £30.06 MILLION OFFICE DEVELOPMENT IN BRISTOL FROM ABSTRACT SECURITIES LIMITED

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AVIVA INVESTORS’ LIME PROPERTY FUND ACQUIRES £30.06 MILLION OFFICE DEVELOPMENT IN BRISTOL FROM ABSTRACT SECURITIES LIMITED

Pre-let secured with Babcock Integrated Technology Ltd      

(London) Aviva Investors has acquired the first phase of Abstract Securities’ redevelopment of Bristol Business Park for £30.06 million via the Lime Property Fund. 

The property will be redeveloped into an 85,790 sq ft. modern office building, which has been pre-let in its entirety to Babcock Integrated Technology Ltd (“Babcock”), the UK’s leading engineering support services company, with a guarantee from Babcock International Plc. 

The office building will be built to a BREEAM ‘Excellent’ specification and is scheduled for delivery in May 2019. The property will provide a prominent gateway office building on Bristol Business Park, Bristol’s premiere of out-of-town Business Park, which is in close proximity to the University of the West of England and the Ministry of Defence’s principal UK procurement centre at Abbey Wood.

Babcock has agreed a 15-year full-repairing lease at a commencing rent of approximately £1.6 million per annum, subject to five yearly rent reviews linked to RPI, collared and capped at two per cent and four per cent per annum. 

Lime Property Fund is a secure income long lease property fund managed by Aviva Investors. The fund targets property investments let to strong tenants on leases with inflation-linked or fixed-rental uplifts and lease terms of 15 years plus.

Kris McPhail, Assistant Fund Manager, Aviva Investors, said: 

“We are very pleased to be working with Abstract on this opportunity. Abstract has a long track record of delivering high-quality office accommodation for corporates. This transaction provides our institutional clients with an inflation-linked cashflow from a strong tenant and a property that is well located and strategically important to the tenant. These are exactly the type of investments we are actively targeting for the Lime Property Fund.”

Mark Glatman, Chief Executive of the Abstract Group, said:

“This transaction is great testimony to the commitment of all parties.  Our Architects, Keppie Design, have done an excellent job on the planning and South Gloucestershire Council have been extremely supportive of this proposed development.  This building in        Bristol represents the third office building Abstract has undertaken for Babcock over the last 3 years and the efficiencies of procurement and consistency of design have enabled Babcock to benefit from an extremely low rent level for this new building.  The process of forward funding was only initiated at the beginning of August and Aviva concluded their commitment within a month of agreeing Heads of Terms.”

Lambert Smith Hampton represented Abstract on the investment sale and DTRE represented Aviva Investors.

Addleshaw Goddard advised Aviva and Pinsent Masons acted for Abstract Securities.

ENDS

For more information contact: 

Giles Barrie, FTI Consulting
AvivaInvestorsRealEstate@fticonsulting.com
+44 (0)20 3727 1042

Victoria Howley
Aviva Investors Media Relations
+44 (0)20 7809 8971

 Steve Ainger
Aviva Investors Media Relations
+44 (0)20 7809 8452

Laura Cocker
Aviva Investors Media Relations
+ 44 (0)20 7809 6252

Mark Glatman,
Abstract Securities
Mark.glatman@abstractsecurities.com
+44 (0) 20 747 8272

Notes to Editors

IMPORTANT INFORMATION:

The information and opinions contained in this document are for use by the financial press and media only. No reliance may be placed for any purpose on the information or opinions contained in this document nor should they be seen as advice.  

The press release is provided on the basis that Aviva Investors Global Services Limited is not causing the communication of a financial promotion under exemption of the Financial Promotion Order, as Aviva Investors Global Services Limited has no control over the way in which an article based on this press release is prepared and published by the financial press and media.  

Except where stated as otherwise, the source of all information is Aviva Investors Global Services Limited (“Aviva Investors”) as at x September 2017. Unless stated otherwise any views, opinions expressed are those of Aviva Investors. They should not be viewed as indicating any guarantee of return from an investment managed by Aviva Investors nor as advice of any nature.  Past performance is not an indicator for future returns. The value of an investment and any income from it may go down as well as up and the investor may not get back the original amount invested.  

 

Issued by Aviva Investors Global Services Limited, registered in England No. 1151805.  Registered Office: St Helen's, 1 Undershaft, London, EC3P 3DQ   Authorised and regulated by the Financial Conduct Authority.

Aviva Investors

Aviva Investors is the global asset management business of Aviva plc. The business delivers investment management solutions, services and client-driven performance to clients worldwide. Aviva Investors operates in 15 countries in Asia Pacific, Europe, North America and the United Kingdom with assets under management of £351 billion as at 30 June 2017.

 LIME PROPERTY FUND

The Lime Property Fund is a securelong income real estate fund with a net asset value of in excess of £2 billion. It was launched in 2004 and has been consistently and independently recognised by IPD as the most secure and least volatile fund of all funds open to investment in the IPD quarterly universe. The fund has capital to invest and is targeting property investments that provide inflation linked or fixed rental uplifts let to strong tenants on leases of 15 year plus, cross sector, UK wide.

AVIVA PLC

  • Aviva provides life insurance, general insurance, health insurance and asset management to 33 million customers, across 16 markets worldwide
  • In the UK we are the leading insurer serving one in every four households and have strong businesses in selected markets in Europe, Asia and Canada. Our shares are listed on the London Stock Exchange and we are a member of the FTSE100 index. 
  • Aviva helps people save for the future and manage the risks of everyday life; we paid out £30.7 billion in benefits and claims in 2015.
  • By serving our customers well, we are building a business which is strong and sustainable, which our people are proud to work for, and which makes a positive contribution to society.
  • For an introduction to what we do and how we do it, please click here http://www.aviva.com/media

Abstract Securities Limited

Over the past 5 years Abstract has built or has under construction over 1 million sq.ft. of net lettable offices across the UK, together with a major office refurbishment of 250,000 sq.ft. making it one of the country’s largest regional developers. The Group undertakes development as a principal speculatively and for end users. Abstract also acts as a development manager under design and build arrangements and in joint venture partnerships.

Abstract has gained a strong reputation for delivering award winning schemes, including its new range of “uncompromising value” offices.  These buildings deliver high specification, Grade A space with top environmental credentials (BREEAM Excellent and EPC ‘A’ rated) with a tight design and procurement process, offering occupiers the best value and cost per workstation of any modern offices in their local market. 

 

 

Aviva Investors Global Services Limited
St Helen's, 1 Undershaft, London, EC3P 3DQ
Phone      +44 (0)20 7809 6000
Fax            +44 (0)20 7489 7940
Web          www.avivainvestors.com
Email        info@avivainvestors.com

Issued by Aviva Investors Global Services Limited, registered in England No. 1151805. 
Registered Office:  St Helen's, 1 Undershaft, London, EC3P 3DQ.  Authorised and regulated by the Financial Conduct Authority and a member of the Investment Association.
Telephone calls may be recorded for training and monitoring purposes.
RA17/1300/31012018

ABSTRACT HELPS PUT BASINGSTOKE ON THE JANE AUSTEN MAP

Abstract Securities is developing “The Florence Building” in Basing View, Basingstoke a brand new 60,535 sq. ft. land mark speculative office development providing uncompromising value, the first in 15 years in the Town Centre. The building is fully available and completion is due on 23rd July 2018.    The company is a sponsor of Basingstoke’s Sitting With Jane arts initiative that has put the Town on the Jane Austen tourism map. Sitting with Jane is a public art trail made up of 24 ‘BookBenches’ in and around Basingstoke, each uniquely designed and painted by a professional artist with their personal interpretation of a Jane Austen theme.

Mark Glatman Chief Executive of Abstract Securities, said: 

“As a new investor in the Town, we are delighted to sponsor ‘Sitting with Jane’, that celebrates the legacy of Jane Austen and puts Basingstoke on the Jane Austen tourism map.  Our business will bring new employment growth to Basingstoke and alongside Sitting with Jane, will play a role in sustaining the well-being of the community. 

“We chose ‘Hearts’ by the Hampshire artist Deven Bhurke, because it is inspired by Jane Austen’s most iconic book Pride & Prejudice. It interprets Hugh Thomson’s peacock edition cover beautifully and brings the book’s characters to life in a memorable way. Deven’s abstract design also resonates with our company name - Abstract - and our ethos, to think differently.  With the BookBench arts trail finished, ‘Hearts’ will be auctioned in the Sitting With Jane BookBench Auction on 15 September 2017 to raise funds for The Ark Cancer Centre Charity. The project is a wonderful opportunity for Abstract Securities to connect with people in Basingstoke and to be part of a heritage project.”

Image shows ‘Hearts’ by the Hampshire artist Deven Bhurke. It was chosen by Abstract because it is inspired by Jane Austen’s most iconic book Pride & Prejudice. www.sittingwithjane.com

Image shows ‘Hearts’ by the Hampshire artist Deven Bhurke. It was chosen by Abstract because it is inspired by Jane Austen’s most iconic book Pride & Prejudice.

www.sittingwithjane.com

WOOD GROUP SIGN UP TO ABSTRACT IN GLASGOW

Wood Group is the latest occupier to commit to Abstracts’ St Vincent Plaza office scheme in Glasgow; joining confirmed tenants including KPMG, Whyte and Mackay, Mott MacDonald and Registers Of Scotland at the building, which was completed in late 2015.

Wood Group’s clean energy business, SgurrEnergy, will occupy the second floor of the development comprising 17,249 sq ft from March 2017 on a long-term lease. 

St Vincent Plaza is a speculative ‘Grade A’ office development of 172,280 sq ft arranged on lower ground, ground and 10 upper floors. The building occupies a prominent position in Glasgow city centre and has been designed to support highly efficient day one occupancy levels.

With a BREEAM ‘Excellent’ environmental accreditation, the development provides the most cost effective new build city centre office accommodation anywhere in the UK.

Mark Glatman, Chief Executive of Abstract, commented: “We are delighted to welcome Wood Group to St Vincent Plaza so soon after announcing the letting to Mott MacDonald. They are a perfect fit in our existing tenant line up and are precisely the type of occupier we had in mind during the design stage of the development who will benefit from our good base build specification, strong environmental credentials and uncompromising value.  The building is now 75% let.’’

Christopher McPherson, Development Director of Abstract said, “ “Interest levels in the remaining space at St Vincent Plaza remain strong and we are down to our last three floors including arguably the best office floor on the market in the City on our 7th level where the views are fantastic.’’

Joint agents for St Vincent Plaza are CBRE and Ryden.

GVA acted for Wood Group.

For more information visit www.stvincentplaza.com

Image shows:  St Vincent Plaza

-Ends-

 

For media information, please contact Pauline Gregory on 07833 490964 / pauline@skylarkpublicrelations.com or Lisa Mennie 07825 225 414 / lisa@skylarkpublicrelations.com

Notes to Editor:

The Abstract Group of Companies was established in April 2000 by Mark Glatman. The management team at Abstract brings together combined experience of over 7 million sq ft of business space development across the UK and Europe. The team is highly experienced at working directly with major property owners and corporate end users, handling all aspects of their property requirements. www.abstractsecurities.com

ABSTRACT ATTRACTS MOTT MACDONALD IN GLASGOW

In the largest letting in Scotland since the EU referendum, global management, engineering and development consultancy, Mott MacDonald, has concluded terms to move to Abstract’s St Vincent Plaza office scheme.

The business is relocating its office from 1 Atlantic Quay in mid-2017 and will take the entire 5th and 6th floors of the development comprising 34,515 sq ft on a new 15 year lease from February 2017. 

Plans for their fit out are well advanced and it is envisaged that work will begin shortly in advance of occupation in the summer.

St Vincent Plaza is a speculative ‘Grade A’ office development of 172,280 sq ft arranged on lower ground, ground and 10 upper floors. The building occupies a prominent position in Glasgow City Centre and has been designed to support highly efficient day one occupancy levels from 1 person per 6 sq. m.

 With a BREEAM ‘Excellent’ environmental accreditation, the development provides the most cost effective new build city centre office accommodation anywhere in the UK.

Mark Glatman, Chief Executive of Abstract, commented: “We are delighted to welcome Mott MacDonald to St Vincent Plaza.  They join KPMG, Whyte and Mackay and the Registers of Scotland to add to an impressive list of occupiers in the building who see the fantastic quality of space we offer at such a competitive value”.

Mott MacDonald’s Andrew Oldfield said: “We have been based in Glasgow for over 70 years and have been involved in some of the City’s most recognised infrastructure, including the Clyde Tunnel, Prestwick Airport and Strathclyde Light Rail.  We also supported the successful delivery of the Glasgow Commonwealth Games in 2014.

With almost 400 employees in the city we’re involved in projects across a diverse range of sectors including environment, power, water and transport, as well as buildings and infrastructure, working with clients such as Transport Scotland, Glasgow City Council and Scottish Water.  Moving to St Vincent Plaza will provide a modern working environment for our staff and support our growth for years to come,” Andrew added.

Christopher McPherson, Development Director of Abstract said, “It is great that Mott MacDonald have taken space here after a very thorough process and this is the second time we have let space to them in our new office developments in recent years.

We have experienced a significant uplift in occupier interest in recent weeks and with no other new development taking place in the City in the foreseeable future, Grade A options for businesses looking to move within Glasgow are extremely limited.  I don’t doubt that we will make further announcements soon.

This location is buzzing.  The Scottish Power HQ is now complete and are moving in.  We are now down to our last floors and prospective tenants will not have the opportunity to take new space offering this combination of quality and value again.”

Joint agents for St Vincent Plaza are CBRE and Ryden.
Savills represented Mott MacDonald.
For more information visit www.stvincentplaza.com
Image shows:  St Vincent Plaza

-Ends-

For media information, please contact Pauline Gregory on 07833 490964 / pauline@skylarkpublicrelations.com or Lisa Mennie 07825 225 414 / lisa@skylarkpublicrelations.com

Notes to Editor:

The Abstract Group of Companies was established in April 2000 by Mark Glatman, The management team at Abstract brings together combined experience of over 7 million sq ft of business space development across the UK and Europe. The team is highly experienced at working directly with major property owners and corporate end users, handling all aspects of their property requirements. www.abstractsecurities.com