WATCH FLY-THROUGH VIDEO SHOWCASING THE FLORENCE BUILDING AND BASING VIEW, BASINGSTOKE, A KEY SOUTH EAST BUSINESS DESTINATION

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Mark Glatman's Abstract Securities has announced that its associate company, Abstract (Basingstoke) Limited, has unveiled a new fly-through video that provides a preview of The Florence Building its new ‘uncompromising value’ office building and showcases Basingstoke, a key business destination in the South East.

The Florence Building is a new 60,000 sq.ft. office development and the first new speculative office building in the Town in 15 years.  Comprising ground and four upper floors, the building has been designed to offer optimum, virtually column free floor plates from approximately 9,200 sq.ft. to 12,400 sq.ft.  Due to complete on 23 July 2018, it will also include 203 under-cover car parking spaces.

Mark Glatman, chief executive of Abstract said: “With works now well underway, we are proud to bring The Florence Building to the market at a time when we are seeing occupiers upgrade their accommodation to the highest specification to attract and retain the best staff.  Our development offers 'uncompromising value' and is the first new-build office in the Town in 15 years.

“This video gives a contemporary overview of Basingstoke as a business destination, and all that the Town has to offer, providing sweeping external and interior views to each of The Florence Building’s floor plates.

“The building will deliver a high quality 'Grade A' specification with top environmental credentials targeting a BREEAM 'Excellent' and an EPC ‘A’ rating.  A tight design and procurement process will offer occupiers the lowest cost per workstation of any new build office in the South East.  For example, the cost per workstation based on an occupancy of 1:8m2 per person in The Florence Building is £3,400 per annum, when compared with £3,700 in Farnborough or £5,000 in Reading. Total occupancy cost in The Florence Building is over 75% lower than the West End core and nearly 30% lower than in Reading.*

“Basingstoke is the third fastest growing and seventh most affluent town in the UK, with access to a significant pool of talent.”*

A prime business location, Basing View offers an unparalleled location to enhance profitability and work life balance. It benefits from Enterprise Zone status with a new £10m landscaped public realm and a dynamic mix of office, retail and leisure amenities for staff.  The site is just an eight minute walk to the station (train time - 42 minutes to London, Waterloo) and just a five minute walk to leisure amenities; a Village Hotels with gym, swimming pool, café and meeting/events space will soon join John Lewis Home and Waitrose. 

The scheme is designed by TP Bennett and Bowmer & Kirkland is the contractor.  Savills and RARE are jointly marketing The Florence Building.

* Source: (Savills and Rare 2017).

Visit www.theflorencebuilding.com for further information on the development and Abstract Securities. 

Further information:  Pauline@skylarkpublicrelations.com / mobile 07833 490964

 Editors Notes:

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.

 

Abstract Glasgow sale

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In one of the largest investment transactions in Scotland in recent years, a vehicle associated with Starwood Capital Group, a private investment firm, has acquired the entire share capital of Abstract (Glasgow) Limited, the company which developed and owns the St Vincent Plaza office development in Glasgow.  Terms of the transaction were not disclosed.

The 12 storey BREEAM excellent EPC A office building which comprises 172,307 sq ft is multi let to a range of occupiers including KPMG, Whyte and Mackay, Scottish Ministers, Mott Macdonald, Wood Group and Zurich Insurance. 

The building was completed in late 2015 and is located in a prominent position on St Vincent Street opposite the new HQ for Scottish Power. There are strong levels of interest in the two remaining floors.  

Mark Glatman, Chief Executive of Abstract commented: “St Vincent Plaza is the third of our ‘Uncompromising Value’ series of office buildings and it is always satisfying to see the outcome of a good project.  We are delighted that Starwood has recognised the quality of this building and the strong and diverse income stream we have created from the fantastic range of tenants who have been attracted to the property.’’

Christopher McPherson, Development Director added: “We have been working on this project for a number of years and it is great to see the stewardship of the property move to the next stage. The remaining floors in the building are the best new office space left in Glasgow and with no new development likely to come on stream for at least 2 or 3 years we are confident that it will fully let up soon.’’

James Fogarty, Vice President for Starwood Capital Group said “We are excited about the acquisition of St Vincent Plaza which is the first European acquisition for our recently established vehicle focussed on Value Add opportunities. St Vincent Plaza is a well-designed, high quality asset in a strong location with good transportation links – all of which has helped to deliver the very strong tenant roster. Glasgow has very limited Grade A vacancy, almost no new supply, and will continue to be a strong occupational market for the right asset.”

Lambert Smith Hampton and CMS acted as financial advisors to Starwood Capital Group.  Pinsent Masons acted for the shareholders of Abstract (Glasgow) Limited.

 

For more information contact:-

 

Mark Glatman – Abstract Securities Limited

mark.glatman@abstractsecurities.com

020 7747 8272

 

Tom Johnson or Pat Tucker for Starwood Capital Group

tbj@abmac.com/pct@abmac.com

+1 (212) 371-5999

 

Notes to editor:

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.

 

Starwood Capital Group is a private alternative investment firm with a core focus on global real estate, energy infrastructure and oil & gas. The Firm and its affiliates maintain 10 offices in four countries around the world, and currently have more than 3,400 employees. Starwood Capital Group has raised over $42 billion of equity capital since its inception in 1991, and currently manages more than $54 billion in assets. The Firm has invested in virtually every category of real estate on a global basis, opportunistically shifting asset classes, geographies and positions in the capital stack as it perceives risk/reward dynamics to be evolving. Over the past 26 years, Starwood Capital Group and its affiliates have successfully executed an investment strategy that involves building enterprises in both the private and public markets. Additional information can be found at starwoodcapital.com

ZURICH CHOOSES ABSTRACT IN GLASGOW

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Zurich Insurance is the latest global occupier to commit to Abstract’s St Vincent Plaza office development scheme in Glasgow.

The business is relocating its office from The Eagle Building in Bothwell Street in mid-2018 and will take the entire 7th floor of the development comprising 17,222 sq ft on a new 10 year lease.

St Vincent Plaza is a speculative ‘Grade ‘A’ office development of 172,307 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’ and EPC ‘A’ 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 that Zurich has chosen St Vincent Plaza.  They join KPMG, Whyte and Mackay, Wood Group, Mott Macdonald and the Registers of Scotland to add to an impressive list of occupiers in the building and we are now down to only two floors remaining.  With no new speculative space under construction in the City, the choice for occupiers in the City is becoming very limited.’’

Christopher McPherson, Development Director of Abstract said, ‘’The letting to Zurich takes our total occupancy in Glasgow to 85% and further demonstrates the success of our ‘uncompromising value’ approach to office development which has been very well received by an impressive line-up of major corporate end users in Glasgow and in our other schemes throughout the UK.’’

Joint agents for St Vincent Plaza are CBRE and Ryden.

JLL represented Zurich.

 

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:

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.

 

St Vincent Plaza is a 172,307 sq ft building arranged on lower ground, ground and 10 upper floors.  The building achieved a BREEAM excellent and EPC A rating.  With the letting to Zurich, committed rent on the building is now £3.818m per annum, approaching 90% of the target rent.  Only the ground floor, 12008 sq ft, and the first floor, 14902 sq ft remain to be let.

 

www.abstractsecurities.com

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