A massive transformation project in Nottingham has been given the greenlight, as approximately £50 million of funding has been agreed for a 693-bed student accommodation scheme. Developer Conygar is set to complete the site by 2024, and will be raising an additional £30 million through the issue of zero dividend preference shares early this year.The Island Quarter site – which is situated on sprawling land on the city’s east side – will be turned into a three-storey pavilion featuring restaurants and a rooftop terrace. Chief executive Robert Ware said he “is delighted to have secured the facilities with Barclays which now enables both the completion and also the subsequent letting of the student accommodation development at The Island Quarter”. Covering 36 acres in total, it received outline planning permission in 2019. Furthermore, plans have been submitted for 249,000 sq ft of bioscience laboratory and office space within the development. With these funds now secured, work can begin on transforming The Island Quarter into an exciting development for Nottingham residents.

Summary

• Almost £50 million of funding has been agreed to support the completion of a 693-bed student accommodation scheme in The Island Quarter site, Nottingham.
• Developer Conygar said it had agreed up to £47.5 million of new banking facilities with Barclays, secured against the city centre development area.
• Conygar said it also hoped to raise £30 million of additional capital through the issue of zero dividend preference shares early this year.

What funds will be used to complete the 693-bed student accommodation scheme in The Island Quarter site, Nottingham?

The funds to complete the 693-bed student accommodation scheme in The Island Quarter site, Nottingham are up to £47.5 million of new banking facilities with Barclays and £30 million of additional capital through the issue of zero dividend preference shares.

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This year marks the completion of a £8.7 million renovation project to update a historic Tyneside building – the Pattern Shop in Newcastle – which 200 years ago served as a focal point for the construction of the world’s first steam train. The Grade II listed building, located close to Central Station and other transportation links, will provide approximately 32,000 sqft of welcoming space for businesses looking to make their mark in the city’s creative and digital sector. Introducing industry-leading telecommunications connectivity and sustainable infrastructure solutions, this three-story hub is designed to accommodate up to 300 people in either single office lets or flexible SME workspace. Xsite Architects have been put in charge of designing an eye-catching glulam mezzanine floor, with unique industrial features from the original workshop being skilfully retained throughout the area. This ambitious transformation is just one phase of wider future developments on the Stephenson Quarter site being overseen by igloo Regeneration and Newcastle City Council. Pippa Heron commented: “The Pattern Shop is returning as a truly iconic building that will be a major part of the city’s renaissance in 2023.

Summary

• The Pattern Shop is being transformed into modern offices and exhibition space.
• It will provide a large-scale exhibition and creative space for the city, as well as offering flexible SME workspace.
• The building will feature industry-leading telecommunications connectivity and sustainable technology.

What is the expected completion date for Pattern Shop in Newcastle?

The expected completion date for Pattern Shop in Newcastle is 2023.

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The sale of the building marks a significant milestone for Aviva Investors, with the proceeds likely to be used to purchase other investments. The iconic Corn Exchange, located in the Medieval Quarter of Manchester city centre, has been sold by giant investment company Aviva. JLL and KLM Real Estate were jointly marketing the property at an estimated price of £43m before it was acquired by Aviva Investors. Built in 1837, the Corn Exchange is now a modern leisure destination and apart-hotel run by Roomzzz. With tenants such as Benyan, The Cosy Club, Pizza Express, Pho, and Mowgli also based there, it’s no wonder that this iconic building had so much attention from investors! Aviva originally bought the property in 2005 from Blackstone Group and Milligan Retail Resorts for £67m. Now that the sale has been made, those funds are set to be used for other investments.

Summary

• Aviva Investors has disposed of the Manchester Corn Exchange for around £43m.
• The building, which was built in 1837, is now a leisure destination and apart-hotel.
• Aviva’s Norwich Property Trust originally bought the Corn Exchange from Blackstone Group and Milligan Retail Resorts in 2005 for £67m.

What entity purchased the Manchester Corn Exchange from Aviva Investors in 2020?

Aviva Investors sold the Manchester Corn Exchange to an unknown entity in 2020.

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Robert Hitchins Investment Properties, a property investment and development firm with headquarters in Boddington, has purchased an office building in Bristol city centre for an undisclosed sum. Situated at 31-32 Queen Square, the 13,124 sq ft five-storey property is already occupied by Toshiba Europe and Great American Europe. The previous owner was a fund managed by insurance company Abrdn. Simon Tothill, Property and Development director of Robert Hitchin’s noted that this purchase was a beneficial fit for the company: It’s a great building in a prime historical location which fits our requirements really well. He added that the two long-standing tenants were viewed positively by the firm and that they look forward to further enhancing the site. The acquisition of 31-32 Queen Square is only six of many commercial properties owned by Robert Hitchins; some others include Bond’s Mill, Stonehouse Park, Kingsway Business Park, Eastern Business Park (Cardiff) and Central Park (Bridgend). Both Robert Hitchin’s and Abrdn had legal representation from Foot Anstey and Addleshaw Goddard respectively; Gerald Eve acted as agent for both parties. Mr Tothill expressed his enthusiasm for continually investing in areas around Bristol, South West England and South Wales with potential for value addition: We are proud of our reputation for working closely with our customers to build strong relationships providing them with spaces that help their businesses flourish.

Summary

• Robert Hitchins Investment Properties has acquired an office building in Bristol city centre for an undisclosed sum.
• The five-storey property is fully let to Toshiba Europe and Great American Europe.
• Robert Hitchins is continuing to invest in Bristol, the greater South West and South Wales.

What other properties does Robert Hitchins own in the region?

Robert Hitchins owns commercial property sites in Bond’s Mill and Stonehouse Park in Stonehouse, Kingsway Business Park in Quedgeley, Eastern Business Park in Cardiff, Central Park in Bridgend, Somerset, and now 31-32 Queen Square in Bristol.

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The Adderstone Group, a North East-based property company, achieved remarkable growth in the year up to March 31, 2022. The business, composed of over 50 subsidiaries, increased its asset base by an impressive £40 million and their post-tax profit came to an incredible £8.3 million. This was more than double the previous year’s profit of £4.2 million. Consolidated turnover for the group amounted to £22.3 million while their total investment portfolio saw a rise of 35% with a value of £155 million.Adderstone Group purchased 11 different investments during this period including a Mayfair property on 7 Stratton Street for their London team quarters which has since gained positive pre-application support from Westminster Planning Authority and plans to begin redevelopment in the future. Furthermore, their team in London has built up its development and management portfolio impressively too.

Summary

• Adderstone Group almost doubled profits to £8.3m in a year
• The group acquired 11 investment assets during the year, including a new prestigious Mayfair home for its London-based colleagues
• The firm said the team in the London office continues to build its development and management portfolio.

What portfolio value was reported by the Adderstone Group in the year ending March 31, 2022?

The Adderstone Group reported a portfolio value of £155m in the year ending March 31, 2022.

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BayWa r.e., a developer of renewable energy solutions, has sold three solar plants with a combined capacity of 115 megawatts to L&G NTR Clean Power Fund. The two plants, located in the Castilla la Mancha region, and the third consisting of two installations in Granada and Andalusia region, both have long-term contracts with Nestlé, Huhtamaki and Holaluz respectively. BayWa r.e.’s Dr Benedikt Ortmann commented on the sale: “We’re pleased to be able to complete the sale of this high-quality portfolio to the L&G NTR Clean Power Fund. It’s incredibly important that investments are made in clean energy infrastructure which will help reach significant climate goals”. Anthony Doherty from NTR added that “Spain is an exciting market with big plans to grow installed solar capacity and we’re happy to have entered it through our continued relationship with BayWa r.e. This deal comes on top of other recent transactions from BayWa involving over 130MW of wind and solar power in France, the UK, and Germany.

Summary

• BayWa r.e. has already installed 500MW of wind and solar capacity in Spain, signed 790MW in PPAs there, and has a project portfolio of over 2GW.
• The projects each have long-term PPAs in place, with Nestlé, global provider of sustainable packaging solutions Huhtamaki, and Spanish renewable energy provider Holaluz.
• This sale follows other recent transactions of BayWa r.e. of more than 130MW of wind and solar capacity in France, the UK and Germany.

What is the total amount of solar capacity installed by BayWa r.e. in Spain?

BayWa r.e. has already installed 500MW of wind and solar capacity in Spain.

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RES recently submitted a planning application for its 25 MW Varley Solar Farm, located southeast of Cromhall, South Gloucestershire. Taking into account public feedback and surveys conducted, the design has been modified to better fit with the landscape and neighbourly environment while also providing efficient electricity generation.These updates include in-plant construction occurring away from residential properties and taller hedgerows to reduce visibility. Furthermore, RES addressed potential concerns over truck traffic impacts by conducting a complete review of available routes and presented solutions designed to minimize any adverse effects.Upon approval from South Gloucestershire Council’s Planning Committee, the solar farm will have the capacity to produce approximately 9700 homes‘ worth of green energy a year, as well as contributing £80,000 annually in business taxes for local services. Bertrand Devossel of RES commented that “Varley is an ideal location for this project due to its considerable solar ray exposure and close proximity to viable grid connection. He went on to underline the importance of initiatives like these in order to meet Britain’s net zero target by 2050.

Summary

• RES has submitted a planning application for its 25MW Varley solar farm.
• The design process considered feedback from a public exhibition and detailed technical and environmental surveys.
• If consented, the project would be capable of producing clean, green electricity for approximately 9700 homes every year.

What changes have been made to the design of the Varley Solar Farm to ensure it fits sensitively into the existing landscape?

Changes made to the design of the Varley Solar Farm to ensure it fits sensitively into the existing landscape include siting infrastructure further away from residential properties, increasing the hedgerow height in areas, and a comprehensive review of all potential access routes to minimise any potential impact on the local road network.

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JBM Solar has successfully closed a deal with Vantage RE to sell two solar energy projects. The combined capacity of the projects is 102MWp, and they are designed with 65MWac of battery storage. Upon activation in early 2024, the solar energy produced will power over 37,000 homes and reduce carbon dioxide emissions by 2 million tonnes over the life of both developments.The Eastfields location is Deppers Bridge, Warwickshire and is engineered with a single-axis tracking system to maximize daily production. Bunkers Hill is situated near Hook in Hampshire. JBM Solar was dedicated to involving local communities throughout the process, and post-development there will be trusts set up for each site to help fund local initiatives.At the most recent Contract for Difference Allocation Round 4, Eastfields and Bunkers Hill were two out of eight JBM Solar projects awarded contracts at an agreed price of £45.99 per MWp/h. This accomplishment is apart of JBM Solar’s goal to have a total grid-secured portfolio on 3GWp by 2025. Commenting on the venture Brendan O’Brien from JBM Solar said: “We’re pleased to finalize this sale as it exemplifies our professionality in providing quality renewable energy solutions with long term financial sustainability benefits for all parties involved. We are excited to meet Vantage RE’s renewable energy goals as well.

Summary

• JBM Solar has completed the sale of two solar projects to Vantage RE.
• The two consented projects have a combined capacity of 102MWp and are co-located with 65MWac of battery storage.
• Set to energise in early 2024, they will generate enough clean energy to meet the equivalent annual needs of over 37,000 homes and save over 2m tonnes of CO2 compared to fossil fuel generation over the lifetime of the projects.

What is the combined capacity of the two solar projects sold to Vantage RE?The combined capacity of the two solar projects sold to Vantage RE is 102MWp.

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Green Genius, a renewable energy company, and Polish banking group mBank have closed a deal valued at PLN220m (€46m). The funds secured will be used to finance the construction of a portfolio boasting 69MW of solar energy. This makes it the largest agreement between both parties in Poland’s market to date.“We recognize that cross-border cooperation is essential in Europe’s journey towards energy independence, commented Rokas Bancevičius, CFO at Green Genius. This agreement with mBank serves as an important benchmark for us and we are pleased to be able to collaborate with them. Bartlomiej Czuba, Deputy head of Structured and Mezzanine Finance at mBank, noted: As part of our business strategy, funding green technology and the transformation of energy sources is one of our top priorities. Our goal is to set aside up to PLN10bn for sources of renewable energy, electric vehicles and recycling by 2025; this PLN220m loan for the development of solar parks is one of the biggest deals in the Polish market so far – revealing just how seriously we take our green objectives. The fourth solar portfolio announced by Green Genius was last spring, divided into two stages consisting of 66MW and 69MW respectively. The first phase is already under construction while the second phase will be funded through this transaction with mBank. As they have already invested over 1 billion zloty in large-scale solar projects, Green Genius will deliver 263 MW totally across Poland when projects currently being built are included.

Summary

• Green Genius and mBank have agreed on a transaction worth PLN220m (€46m) that will finance the construction of a 69MW solar portfolio.
• mBank has already invested PLN1bn in large-scale solar projects.
• Green Genius has already built three solar plants in Poland with a total accumulated 128MW capacity. Including projects under construction, Green Genius will deliver 263MW in Poland.

What is the total accumulated capacity of Green Genius solar plants in Poland?

The total accumulated capacity of Green Genius solar plants in Poland is 263MW.

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Hogan Lovells is providing counsel to VICI Properties on its proposed purchase of Blackstone Real Estate Income Trust, Inc.’s (BREIT) 49.9% interest in the joint venture which owns MGM Grand Las Vegas and Mandalay Bay Resort in Las Vegas. On completion of the transaction, VICI Properties will pay approximately US$1.27 billion in cash for BREIT’s interest and also assume their portion of the existing debt which has a principal balance of US$3 billion. The planned acquisition is expected to finalize at the start of 2023, pending fulfillment of standard closing conditions. Upon conclusion of the purchase, VICI Properties will have complete ownership over the associated real properties for both casinos. Hogan Lovells are providing legal guidance to VICI Properties throughout this process.

Summary

• Hogan Lovells is advising VICI Properties on the proposed acquisition of BREIT’s 49.9% interest in the joint venture that owns the MGM Grand Las Vegas and Mandalay Bay Resort.
• VICI Properties will acquire BREIT’s interest for cash consideration of approximately US$1.27 billion, and will assume BREIT’s pro-rata share of the existing property-level debt.
• The transaction is expected to close in the first quarter of 2023, at which point VICI Properties will own 100% of the interests in the joint venture.

What is the total amount of consideration VICI Properties will pay for BREIT’s interest in the joint venture?

The total amount of consideration VICI Properties will pay for BREIT’s interest in the joint venture is approximately US$1.27 billion plus US$3 billion in property-level debt.

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