An affiliated investment fund of Och-Ziff Real Estate (OZRE), in conjunction with operating partner Addington Capital, is to acquire the Retail Plus Property Trust, a Jersey Unit Trust currently managed by Rockspring Property Investment Managers (“Rockspring”), for around £60 million. Retail Plus includes a portfolio of high street shops in twelve regional cities in the UK, including London, Cheltenham, Leeds, Newcastle, and Shrewsbury.  The purchasers’ plan is to secure significant new retail lettings in an improving occupational market. Addington Capital will asset manage the portfolio. The deal represents a new relationship between OZRE and Addington. Steven Orbuch, President of OZRE said, “While the UK high street sector has been under meaningful pressure during the downturn, we believe there are selective opportunities within the sector that are attractive given the underlying UK recovery. In partnership with Addington Capital, we believe there are interesting opportunities to reposition and re-let certain high street properties.” Matthew Allen, Principal at Addington Capital said, “This is an exciting deal for us, working with a new partner, and providing a platform for future acquisitions.” KLM acted for the vendor

Levitt Bernstein, working alongside TrioPlus Sport & Leisure, has secured planning permission for a £44m transformational scheme to establish Devonshire Park as a premier conference and cultural destination, which includes major improvements to the international tennis facilities. Permission was given to refurbish and enhance Eastbourne Borough Council’s Grade II and Grade II* listed buildings: Devonshire Park Theatre, Congress Theatre and the Winter Garden. Upgrading both the exterior and interior of each of the theatres will reinstate them back to their former glory, but with new 21st century technology. The design of each building strikes a balance between preserving their heritage whilst revitalising them to provide better facilities for performers and audiences alike. A new Welcome Building providing conference halls, break out and hospitality areas and a cafe with views across the lawns, was also given the go ahead. With two storeys above ground and two below, it will be a new hub for Devonshire Park and replace the outdated conference facilities currently on the site. The building will be fully glazed to sensitively respond to the neighbouring listed theatres and allow views through to the rest of the park. It will also have a fully accessible entrance to the Congress Theatre, including lifts to every floor. A landscape masterplan was also approved, including a new plaza in front of the theatres to reinforce the parkland setting and strengthen Devonshire Park’s connection to the seafront and town centre. Gary Tidmarsh, Chairman at Levitt Bernstein: “We are delighted that planning approval and listed building consent was granted last night. We believe these proposals will deliver an exemplary visitor and cultural attraction which will enhance the role Devonshire Park plays in the lives of the people of Eastbourne and its many visitors. ” Construction is anticipated to start in 2016 and the project will be completed in 2020.  

Goodman Group (“Goodman” or “Group”), a global leader in the ownership, management and development of industrial real estate, celebrated the laying of the first stone for the second logistics centre it is developing for Carrefour, one of the world’s largest retailers. The ceremony was led by Benoît Chappey, Business Development Manager for Goodman in France, Thierry Quaranta, Logistics Operations Director for Carrefour Supply Chain, and Yvan Lachaud, President of the Nîmes Métropole region. Built on a 21 hectare site, the logistics centre will include a 68,000 sqm warehouse, with the possibility of extending the facility by an additional 12,000 sqm.  The building will feature T5 lighting in the warehouse and LED lighting in the offices, a rainwater collection system and designated green areas. These specifications will meet all the requirements of BREEAM certification for sustainable construction and environmental performance. Jérôme Le Bléis, Supply Chain Director for Carrefour France, emphasised the importance of the new centre: “The modern Nîmes site is a perfect fit for our operational requirements and is a considerable asset for the brand in the Provence-Alpes-Côte-d’Azure region.” Deploying a modern supply chain network This facility is part of an ongoing process to simplify and modernise the retailer’s supply chain network. The aim is to provide the best possible working conditions, optimise the supply and product availability for Carrefour’s full range of branded stores, while reducing transport costs and limiting its environmental impact. The project in Nîmes relied on close collaboration with Nîmes Métropole and SAT (the planning organisation for the region), making it possible to obtain the land and all of the necessary planning permissions within a short timeframe. Goodman will deliver a centre that meets a number of ICPE (Classified Facilities for the Protection of the Environment) guidelines, allowing Carrefour to stock a wide range of products. “This project is the result of an effective collaboration between Goodman and Carrefour,” said Benoît Chappey, Business Development Manager for Goodman in France. “We are pleased to have the opportunity to develop this high quality facility for our customer. Our expertise, combined with our ability to work closely with the authorities and local partners, has allowed us to meet Carrefour’s needs and requirements.”   Strategically located Yvan Lachaud, President of Nîmes Métropole, commented: “We are very pleased with the success of this project, which is due in particular to the quality of the collaboration with Goodman, and we are delighted to welcome Carrefour to the heart of our territory. The transport and logistics sector has always been of strong economic importance for our region and this new project confirms the ability of the region to offer tailored solutions that foster business development.” The Saint-Gilles site benefits from the region’s strong infrastructure, including being in close proximity to the Nîmes-Alès-Camargue-Cévennes Airport and direct access to the A54 motorway. Additionally, the A7 is in close reach, connecting the site to Montpellier and Lyon, and TGV train services are available in Nîmes, approximately 10 kilometres away.

The Arora Group, Whitebridge Hospitality, an LJ Group company, and InterContinental Hotels Group (IHG) announced an exclusive agreement with Heathrow Airport Limited, to develop two hotels directly connected to London Heathrow Terminal 4. The two adjoining hotels, Crowne Plaza® London – Heathrow Terminal 4 and Holiday Inn Express® London – Heathrow Terminal 4, are due to open in 2018. The new hotels will operate under a franchise agreement with IHG and will be managed by Arora Hotels, a division of The Arora Group. The joint venture is being granted a ground lease for the 1-hectare site. Crowne Plaza London – Heathrow T4 will feature 300 bedrooms and a range of business and meeting facilities including five meeting rooms and two boardrooms to enable guests to be at their most productive during their stay. Meanwhile, the 450-room Holiday Inn Express London – Heathrow T4 will be a ‘next generation’ Holiday Inn Express hotel, featuring the latest technology, an Express Café and Bar and larger cosier beds. The two hotels will be extremely well connected, located within walking distance from Heathrow’s terminals via an air bridge and with direct access to the London Underground, Heathrow Express train service and nearby motorways. Heathrow Airport is one of the World’s leading international airports, serving 75 million air passengers annually. Terminal 4 receives 10 million passengers per year, and is the base for Etihad Airways, Qatar Airways and the SkyTeam Airline Alliance, which counts Air France, Delta Airlines, KLM, Aeroflot and China Eastern Airlines amongst its members. Surinder Arora, Founder and Chairman of The Arora Group said: “Following the success of the Sofitel at Terminal 5, this exciting scheme presents the second opportunity for us to work together with Heathrow Airport Limited to bring another best in class facility to Heathrow, this time in partnership with InterContinental Hotels Group. We are also delighted to have on board our other key partner, LJ Group with whom we share a common goal of launching an outstanding hotel as well as creating a long term investment opportunity.” Andrew Williams, Chief Executive Officer of LJ Group and Chairman of Whitebridge Hospitality commented: “The T4 transaction is exceptional given its proximity and direct linkage to Heathrow Terminal 4, the branding partnership with IHG, the attractive income yield and the multiple value creation opportunities. Robert Shepherd, Chief Development Officer, Europe, IHG said: “We’re delighted to be working with Surinder Arora and his team on another exciting development. Dual branded hotel developments are attractive for hotel investors because of the significant cost savings and operating efficiencies; and they give guests a choice of two great hotels in the one location depending on their needs. We’re confident this fantastic combination, coupled with the hotels’ great location will make these two hotels the number one choice for business and leisure guests travelling to and from London.” Stephen Wilkinson, Heathrow Property Director said: “We are delighted to work with the Arora Group and LJ Group to enable this great new hotel at Heathrow’s Terminal 4. We are passionate about improving the quality of our facilities and services at the airport and this hotel will provide further choice, convenience and experience for our passengers.” The construction division of The Arora Group, trading as Grove Developments will oversee the project and has already project managed the build of the 453 bedroom, luxury InterContinental® London – The O2, due to open later this year and featuring one of Europe’s largest pillar free ballrooms. This scheme also includes The Arora Tower with 100 private residences and will be connected to the O2 Arena, the world’s most visited music venue with over 8.2 million visitors per annum.