Entrepreneurs like Dean are happy. The conditions were new, but the underlying problems with retail as an asset class had been on the minds of investment managers at LGIM for some time. Thats led to wide gaps between bids and offers, crimping deal volumes and putting pressure on owners with loans that are maturing. Even before Covid-19, a commercial real-estate portfolio of that size was risky. Landsec sells Docklands office for 196.5m Through this (Harbour Exchange) disposal, we are recycling capital into opportunities where we can bring to bear Landsecs skills and expertise to drive growth and returns for our investors, said Marcus Geddes, managing director, Central London, at Landsec. Retail real estate was given such a big allocation because it was considered the most secure investment, written on long leases and offering an investor ten or 25 years of secure income. In that case, the owner has to be good at producing what occupiers want and at filling gaps, says Bill Hughes, head of real assets at LGIM. Ibrahim had spent time at BNP Paribas working on something called commercial placemaking that was supposed to bring together two streams of real-estate asset management: rent yields and occupiers and the underlying spaces and places. (Bloomberg) -- Blackstone Inc. defaulted on a 531 million ($562 million) bond backed by a portfolio of Finnish offices and stores as rising interest rates hit European property values. Blackstone raises 250m for European Property Income fund in At Grosvenor, he made a name for himself as an expert in securing planning rights during his work on a former biscuit factory in south London. The $71bn Blackstone Real Estate Income Trust has become a barometer of the health of the commercial property market and a driver of asset and fee growth at Last Name First Name Middle Name; Blackstone Europe Fund Management S.a r.l. Blackstone said the sudden influx of speedy grocery-delivery companies in this part of London is a result of demand from these companies for space, rather than the result of any company strategy. The works included improving the reception and common parts and the addition of new facilities including a coffee house, gym, treatment rooms and cycling facilities including luxury changing rooms and a drying room. These colossal brick buildings, once filled with vibrant concessions, bored teenagers, and middle-aged women queuing with trays in lunch canteens, now lie dark and empty in the center of many U.K. towns, their shuttered doors a physical manifestation of the rot that has set into the retail sector. Blackstone is buying the asset on behalf of Blackstone European Property Income Fund, a new perpetual life vehicle targeting the individual investor market. Meg Hillier, the politician in charge of Britains Public Accounts Committee, called the deal a fire sale to plug a debt, and asked the U.K.s National Audit Office to look into it. Date Filed. Blackstone develop their business skills and accelerate their career program. Landsec has sold 6-9 Harbour Exchange in Londons Docklands to Blackstone European Property Income Fund (BEPIF) for 196.5m. organisation Elsewhere, a trail of smaller dominoes was falling. WebCode. Guardians of the Arches said that although The Arch Co. hasnt lost any tenants, some have surrendered part of their lease, giving them less space. Blackstone's $71 billion unlisted real estate income trust (BREIT) has also been in hot water. Meanwhile, the LGIM U.K. Property Fund, which has over 2 billion in assets, offered investors a 7.96 percent return in the 12 months through June 30. It was compared in scale to Blackstones 2015 purchase of Stuyvesant Town, Manhattans biggest apartment complex, and aroused similar political scrutiny. Youre going to have a more symbiotic partnership between landlords and tenants, he says. Blackstone Inc. defaulted on a 531 million ($562 million) bond backed by a portfolio of Finnish offices and stores as rising interest rates hit European property values. Real-estate investment managers are finding their work is becoming more about the service, whether thats making the space more attractive to tenants or being more flexible about contracts. Document. Dear user, ET RealEstate privacy and cookie policy has been updated to align with the new data regulations in European Union. Harbour Exchange, located in the Docklands area, comprises two redeveloped office buildings, housing datacentre and office space, and was let to Equinix (UK) Ltd with an unexpired lease term of nearly 20 years. WebBlackstone European Property Income Fund Master FCP; Firm: Fund # CIK # 0001886201: Sale: Fund: Phone: 2125835000: Address: 1113 Boulevard de La Foire Grand Duchy of Luxembourg, Luxembourg L-1528: Source: Fund AUM and Sold ($) 1.0 0.8 0.6 0.4 0.2 0.0 2009 2013 2017 2022: Fund Details; Director: Custodian: Auditor: Marketer: or Why Blackstone | BEPIF | Blackstone European Property Income Tenants have noticed that the kinds of businesses coming in are not the same as the ones leaving. The SPDR Blackstone Senior Loan ETF (the Fund) seeks to provide current income consistent with the preservation of capital. That ban is significant: Many tenants will not be able to afford to pay back the money owed, and in many cases, The Arch Co. has said it will not allow any more rent arrears discounting. Peter Ferrari, chief executive of AshbyCapital, said: Having purchased The Colmore Building in 2015 when it was 40% vacant, this sale marks the successful completion of our asset strategy. A quarter of The Arch Co. portfolio across the country is empty but occupation is increasing in this part of east London. LGIM owns the Dolphin Shopping Centre next door to Kingland and hopes that by resurrecting the high street, it might inject identity and vibrancy into the town center as a whole. Helical and Ashby Capital achieve first letting at The JJ Mack Building. Then theres the free rent. We acted quickly to carry out an enhancement programme that gave the building Birminghams most comprehensive offering of on-site amenities and leased the vacant space at market-leading rents., Birminghams leading office building, offering unrivalled amenities in the heart of the citys main business district, 1 St Vincent Street Fixed-rate financing includes WebBREIT Resources | Blackstone Real Estate Income Trust Important Notice This site and the materials herein are directed only to certain types of investors and to persons in jurisdictions where Blackstone Real Estate Income Trust (BREIT) is Landsec said the completion of the Harbour Exchange sale to Blackstone European Property Income Fund will take place before the end of the year. Blackstone Blackstone +44 (0) 7917 839 251, AshbyCapital | AshbyCapitalData Protection Notice, Communicate With Tenants To Unleash Real Estates Sustainability Potential, Q+A: Ashby Capital's Ferrari on why values will stabilise this year. Get ETRealty's top stories every morning in your email inbox. Four FREE articles of your SEC LandSec announce this week that 6-9 Harbour Exchange, occupied by Equinix and offered as its LD8 IBX data center, has been sold to Blackstone European Property Income Fund (BEPIF). Continue reading your article witha WSJ subscription, Already a member? The strategy is an expansion of Blackstone Real Estates perpetual core-plus business, which has $116bn of assets under management globally. Blackstone European Property Income Fund SICAV. You can now write for wionews.com and be a part of the community. Blackstone Group Inc., the worlds largest private equity firm, is planning to start a European property fund aimed at mom-and-pop investors. The universe of investment is wider, and the appeal of real estate has materially changed, Hughes says. Blackstone Blackstone The deal also showed that there is a growing need for good commercial property in the area, especially in Finland. Landsec sells London office property to Blackstone for Complete information about investing in shares of BREIT is available in the prospectus. Premium access for businesses and educational institutions. I was already a teacher by profession and I was searching for some B.Ed. Aside from its newly added industrial portfolio, Blackstone European Property Income Fund owns the 202,000 square metre (2,174,310 square foot) Proximity Logistics Portfolio across France and Germany, the 22,000 square metre Ilot Panhard office hub at a former car manufacturing site in Paris, and the 25,845 square metre 6-9 Harbour Some investors are taking radical measures. Blackstone WebFund manager Direct Property Team Annual management feeB 0.75% YieldC 5.4% Premium/(Discount) (22.5)% Gearing 35.2% Net Asset Value 532.5m AIFMD Leverage Limits abrdn European Logistics Income PLC Fund managers report continues overleaf Fund managers report - continued. And retail has become closer to that: You may as well get on the front foot and provide what occupiers need rather than signing long leases that might not be appropriate ten years from now. and other data for a number of reasons, such as keeping FT Sites reliable and secure, Blackstone In a statement sent via email on Thursday, Blackstone stated that "a minor fraction of the Sponda portfolio is affected by this debt. Even so, half her family thought she was crazy. After buying the building, Peter Ferraris firm fully let the space following a refurbishment and rebranding program in 2016. Dean was working as an events manager when her job was swiftly made redundant by the pandemic. Please call 0800 445522 if you require an up to date offer price for this fund. analyse how our Sites are used. The basis of a lot of the decisions that were made in the past have been undermined by what has happened [during the pandemic], says Johnston from PwC. Mopeds line up in front of open arches filled with rows of metal shelving, bursting with dried goods and household cleaning products. It formed a joint entity to buy and manage the arches with Telereal Trillium, which manages assets worth 8 billion. By this summer, Legal & General Groups share price was trading back around pre-pandemic levels of 270p on the FTSE 100, having hit 157p in March 2020, when the funds were forced to close. On Wednesday, the BREIT said it was forced to limit withdrawals for Emerge as a leading e learning system of international repute where global students can find courses and learn online the popular future education. Educational programs for all ages are offered through e learning, beginning from the online The whole question of the data that you need to be a successful landlord how you decide what data you need, how you collect it, how you analyze it, how you distribute it is going to be a really interesting piece, Johnston says. In October 2019, they had hired Denizer Ibrahim as head of retail and something they called futuring. Ibrahim, who describes himself as a recovering architect, came to LGIM with a background in urban planning and a mandate to completely rethink how LGIM did retail. A year later, M&Gs U.K. property fund was still to reopen. Luxembourg: Blackstone European Property Income Fund Associates LP : Cayman Islands: Blackstone European Property Income Fund Associates Ltd. Cayman Islands: Is the only way to resist to threaten to move out? asked Ben Mackinnon, who started the E5 Bakehouse ten years ago. Developing a conducive digital environment where students can pursue their 10/12 level, degree and post graduate programs from the comfort of their homes even if they are attending a regular course at college/school or working. The deal, worth 1.46 billion, was among Blackstones biggest British real-estate investments. It came on the heels of the news that The Arch Co. was getting a new chief executive, Craig McWilliam. All Rights Reserved.