Civils & Lintels, the UK’s largest steel lintel distributor, has completed a major investment programme to increase its capacity and enhance its service levels to the UK residential sector. The business has committed more than £5 million to create four regional distribution hubs for the lintels division of the company
Private real estate and renewable energy investment company, Interland, has agreed a £66.4m investment property loan with Secure Trust Bank Real Estate Finance to refinance its portfolio of residential assets across Greater London. The new 5-year agreement sees Interland refinance an existing £42.2m loan with Secure Trust Bank with a
Kingspan Group plc, the global leader in high performance insulation and building envelope solutions, is pleased to announce that it has entered into an agreement with Schramek GmbH (“Schramek”) to acquire c.51% of the shares of Steico SE (“Steico”), with an option to acquire a further c.10% of shares in
Arrowpoint Advisory’s Energy Transition and Infrastructure team has advised Balfour Beatty Investments (“BBI”) on its entry into the on-street Electric Vehicle charging market with the formation of Urban Fox – a partnership with Urban Electric Networks, a British EV chargepoint operating company. Balfour Beatty Investments expects to invest up to
Roma Finance is delighted to announce the appointment of Samantha Williamson to senior relationship manager. Samantha was a senior underwriter before being promoted to bridging & development specialist and now onto senior relationship manager. She has a strong track record across specialist lending and property development and is tasked with
BrainBox AI has closed the acquisition of the retail energy management system integrator business of its global partner ABB, following its intent to acquire announcement on April 28th. This acquisition represents a crucial step for BrainBox AI in terms of scalability and capacity to better service its current and prospective retail
National commercial property and investment company LCP, part of M Core, has acquired a busy edge-of-town retail park in Kidderminster, Worcestershire. Weavers Wharf is a 220,000 sq ft retail park, just a few minutes’ walk from Kidderminster town centre, with anchor tenants Marks & Spencer, Next and TK Maxx, Café
The outlet, located in Wembley Park and now in its tenth year, has also recorded its sixth consecutive month of record-breaking trading as May figures topple over the £8m mark London Designer Outlet (LDO) today announces a bumper crop of upsizings at the capital’s leading fashion and lifestyle destination. Guess,
Balfour Beatty Investments (BBI), part of leading international infrastructure group, Balfour Beatty, has unveiled proposals for a flagship student living scheme at 8 Torwood Close, in Westwood Heath, Coventry. The plans, which are now subject to a consultation, will provide approximately 780 student bedrooms across two buildings as well as
The latest research from Searchland, the development site sourcing specialists, has revealed that industrial land plots are the only land type to have seen an increase in property development interest since the first quarter of this year. Searchland’s Land Development Demand Index monitors appetites for land plots across England based
BDC 319 : Aug 2024
Civils & Lintels, the UK’s largest steel lintel distributor, has completed a major investment programme to increase its capacity and enhance its service levels to the UK residential sector. The business has committed more than £5 million to create four regional distribution hubs for the lintels division of the company – including new facilities in Nottinghamshire and the South East. A new facility has been set up at Kirkby-in-Ashfield and a further site in Erith converted solely to a Lintels platform alongside further investment in sites at Bolton and Westbury in Wiltshire with all sites offering an impressive range of stock from all key manufacturers. Civils & Lintels works with its many regional and national housebuilder customers to develop tailored delivery schedules and can also offer help and advice on the selection of the best lintels for each development. The lintels hubs can also offer plot-banded deliveries if requested. In addition to the technical knowledge that the teams have, Civils & Lintels can also offer bespoke fabrication services through its sister company: Harvey Steel Lintels. So, if the customers need something unique or extra heavy duty, Civils & Lintels can also manufacture it for them. This fresh investment ensures that the business always has £30m plus of stock available to meet any needs customers may have.* As a specialist lintels supplier, the Civils & Lintels teams are focussed on delivering not only excellent customer service, but the broadest depth of products from all key manufacturers so can assure our customers that the products will be delivered on time and in full. Phil Sheldon, Head of Residential from Civils & Lintels, said: “This investment reflects the ambition that Civils & Lintels has as a business in the UK housing sector. “We are already the largest distributor of steel lintels in the country and this investment will not only mean that we can continue to offer the best products, but we can also be even more efficient and flexible with our service proposition.” Civils & Lintels is dedicated to servicing the construction industry and are proud partners of all the major manufacturers including Birtley, Catnic, IG, Keystone & Naylor. To view all Civils & Lintels products see https://www.civilsandlintels.co.uk/lintels. Building, Design & Construction Magazine | The Choice of Industry Professionals
Private real estate and renewable energy investment company, Interland, has agreed a £66.4m investment property loan with Secure Trust Bank Real Estate Finance to refinance its portfolio of residential assets across Greater London. The new 5-year agreement sees Interland refinance an existing £42.2m loan with Secure Trust Bank with a £24.2m uplift to cover additional assets previously financed by various other lenders. The new loan represents a loan-to-value (LTV) of 52%. With the original investment property loan due for refinancing next year, the early refinancing by Interland allows the business to lower its cost of debt whilst fixing the rate across all properties to maximise business stability and avoid the need to manage multiple refinances over the next two years. Oleg Vorobeichik, Group Managing Director at Interland Group, said: “We are delighted to increase the depth and breadth of our relationship with Secure Trust Bank. STB were able to move at pace, working closely with our teams to tailor the facility to the company’s needs. The refinancing with STB forms part of Interland’s strategy to re-capitalise its debt through portfolio funding, thereby allowing the group to reduce its cost of debt and achieve the flexibility required to balance market volatility and the Group’s operational needs.” Founded in 1985, Interland is a private real estate and renewable energy investment group which owns, develops, and operates assets in the United Kingdom, Netherlands and Belgium. Interland’s wide-ranging portfolio includes Private Rented Sector (PRS), social and council housing, student accommodations, hotels, youth hostels, offices as well as investments into energy storage through Atlantic Green, where it holds 25%. Andy Clutterbuck, Regional Head for Midlands and South at Secure Trust Bank Real Estate Finance, added: “We’re extremely pleased to be able to extend the successful partnership we’ve enjoyed with Interland since agreeing our first loan back in 2017.” Richard Nowell, Senior Relationship Director at Secure Trust Bank Real Estate Finance, who will be working closely with Interland Group over the course of the loan, added: “As a bank which places a great deal of emphasis on the relationships we build with a range of ambitious property investors and developers, this refinancing deal with Interland underlines just how effectively we can work together to agree a deal which acts as a springboard for future growth.” For more information on the investment property loans offered by Secure Trust Bank Real Estate Finance, click here. Building, Design & Construction Magazine | The Choice of Industry Professionals
Kingspan Group plc, the global leader in high performance insulation and building envelope solutions, is pleased to announce that it has entered into an agreement with Schramek GmbH (“Schramek”) to acquire c.51% of the shares of Steico SE (“Steico”), with an option to acquire a further c.10% of shares in Steico in the future. Steico is the world leader in natural insulation and wood-based building envelope products, based in Germany and listed on the unofficial markets of several German Stock Exchanges. It has a very well invested asset base, with four large production sites comprising 27 lines situated in Poland and France, including additional capacity nearing completion with up to EUR200m revenue headroom. Steico had audited operating revenues of EUR445m in the 12 months to 31 December 2022 and EBITDA of EUR90m in the same period. As at June 2023, Steico guided 2023 revenues of c.EUR378m at an EBIT margin of 8% – 10% (FY22 14.6%). As at 31 December 2022, Steico had gross assets of EUR509m. The initial consideration for the shares will be EUR35 per share, plus potential deferred consideration of up to a further EUR35 per share contingent on achievement of specified thresholds with a material uplift in profitability. The initial consideration of approximately EUR251.4m will be satisfied on completion, with 25% of the consideration potentially being exchanged for new shares in Kingspan (subject to Kingspan share price at completion). The consideration payable under the put and call option to acquire Schramek’s remaining c. 10% in Steico is for a capped amount based on a multiple of future earnings. The acquisition is expected to be earnings neutral initially, based on Kingspan consensus EPS for 2023 and Steico guidance for 2023. In addition to Steico’s existing ambitious growth plans we anticipate significant long term leverage via the Kingspan sales channels. The existing Steico executive management team will be retained in the business, and will continue to manage and develop the business. Upon closing, Kingspan will seek fair representation on Steico’s administrative board. The acquisition is conditional on regulatory clearance, and is expected to complete in early 2024. Following completion, Steico will continue to maintain its listings on the German Stock Exchanges. Gene Murtagh, Kingspan Chief Executive Officer, commented: “The acquisition of a majority stake in Steico represents an exciting next step in our strategy to provide the full spectrum of insulation products. Its suite of wood-based building envelope solutions broadens our ability to enable our customers to meet their sustainability and energy performance needs. Kingspan’s global routes to market, paired with our drive to innovate and widen the applications of Steico’s current technologies, are key to our plans to bring Steico bio-based solutions to the next level.” Udo Schramek, Steico Chief Executive Officer, stated: “It has been a great honour to lead the team at Steico to become the pre-eminent global supplier of wood-based insulation. We are now entering the next phase of growth and are very enthusiastic about the collaboration opportunities Kingspan brings, in both the existing Steico range and across the Kingspan portfolio and geographies. I am excited about the future for Steico and about being invested in the future growth of both companies.” Building, Design & Construction Magazine | The Choice of Industry Professionals
Arrowpoint Advisory’s Energy Transition and Infrastructure team has advised Balfour Beatty Investments (“BBI”) on its entry into the on-street Electric Vehicle charging market with the formation of Urban Fox – a partnership with Urban Electric Networks, a British EV chargepoint operating company. Balfour Beatty Investments expects to invest up to £60 million of capital in the partnership to fund the roll out of up to 35,000 charge points across the UK over the next decade. Urban Fox offers local authorities a whole life solution to EV chargepoints: funding, building, operating and maintaining a range of fast, rapid and slow chargepoints across the counties in which they will be deployed. Its innovative 7kW on-street chargepoint is the first of its kind to the market. Installed into the pavement, the unit is fully retractable underground leaving pavements clutter free and accessible when not in use. With 43% of British households without access to off-street parking, and the growing demand and uptake of electric vehicles, Urban Fox’s quick installation and replacement process allows additional chargepoints to be easily installed as demand dictates. Ian Brown, Managing Director at Arrowpoint Advisory, concluded: “We are thrilled to have advised Balfour Beatty Investments on this new venture to support the build out of critical infrastructure required for the transition to electric vehicles. We are excited about the potential this partnership with Urban Electric Networks will bring to the UK.” Building, Design & Construction Magazine | The Choice of Industry Professionals
Roma Finance is delighted to announce the appointment of Samantha Williamson to senior relationship manager. Samantha was a senior underwriter before being promoted to bridging & development specialist and now onto senior relationship manager. She has a strong track record across specialist lending and property development and is tasked with enhancing the ‘borrower first’ experience, sharing her expertise, building long term relationships and supporting property investors in reaching their end goal. Roma is the spirit of #lovetolend, building rapport with partners and borrowers to ensure they receive the best possible outcome and feel fully supported throughout the life of their project. Samantha said, “I am thrilled for this next move. Working with our borrowers and seeing the projects at each stage is a joy. My experience with my own property portfolio and previous roles will be vital in this new challenge and allow Roma to deliver a further improved experience.” Darren Brogden, director for Brytr Properties, commented: Samantha has always been responsive and excellent at building rapport. Approachable and engaging from the first meeting, she is able to empathise with the customer and put them at ease, reassuring them that Roma understands their needs and will help them through their lending journey. Samantha stays in constant contact throughout the application process and takes the time to explain what is required and answer any questions, however mundane. She is a great ambassador for Roma Finance and the company’s values.” Building, Design & Construction Magazine | The Choice of Industry Professionals
BrainBox AI has closed the acquisition of the retail energy management system integrator business of its global partner ABB, following its intent to acquire announcement on April 28th. This acquisition represents a crucial step for BrainBox AI in terms of scalability and capacity to better service its current and prospective retail clients. With complementary solutions, both BrainBox AI and the EMS retail business team share the mission of decarbonising and optimising the commercial real estate sector, with multi-site retail at the core. By merging its deep-learning driven expertise with a native integration to legacy systems, BrainBox AI is setting the stage to further advance its position within the retail sector. This acquisition marks a significant development for the company, ushering in another mode of connectivity to its technology. BrainBox AI delivers its AI-tech with the capabilities of energy management optimisation, carbon footprint reduction, customer and employee comfort improvement, and targeted “on-demand” predictive maintenance for HVAC systems. Furthermore, this augmented offering is already gaining momentum with BrainBox AI securing a multi-store contract with a top-tier American retailer with deployment slated for late-summer, early fall of this year. To date, BrainBox AI has decreased its clients’ HVAC electricity spend by an average 16% and gas spend by an average 18%. Additionally, building owners experience significant reductions in maintenance costs, extension of equipment service life, and dramatic improvements in comfort level for customers and associates. As noted by Frank Sullivan, Chief Commercial Officer at BrainBox AI; “Today is an exciting day for us. We are officially welcoming the EMS team into the BrainBox AI family. This event signifies a great step change for us as we continue to scale our business. BrainBox AI’s solution can empower building owners and facilities managers to dramatically reduce their buildings energy spend and carbon emissions. Now, its delivery to customers has been expanded by way of the technology platform that the EMS team brings. With more than 10,000 EMS enabled locations the opportunity to enhance client sustainability outcomes with our AI controls is colossal. We celebrate this moment as we continue to make positive changes in the fight against climate change.” About BrainBox AI Founded in 2017, BrainBox AI was created to address the dilemma currently facing the built environment, its energy consumption and significant contribution to climate change. As innovators of the global energy transition, BrainBox AI’s game-changing HVAC technology leverages autonomous AI to make buildings smarter, greener, and more efficient. Working together with our trusted global partners, BrainBox AI supports real estate clients in various sectors, including office buildings, hotels, commercial retail, grocery stores, airports, and more. Headquartered in Montreal, Canada, a global AI hub, our workforce of over 150 employees, bring with them talent from all sectors with the common thread of being in business to heal our planet. BrainBox AI works in collaboration with research partners including MILA – Quebec AI Institute, the Institute for Data Valorisation (IVADO) as well as educational institutions including McGill University. For more information visit: www.brainboxai.com Building, Design & Construction Magazine | The Choice of Industry Professionals
National commercial property and investment company LCP, part of M Core, has acquired a busy edge-of-town retail park in Kidderminster, Worcestershire. Weavers Wharf is a 220,000 sq ft retail park, just a few minutes’ walk from Kidderminster town centre, with anchor tenants Marks & Spencer, Next and TK Maxx, Café Nero, Boots, Sport Direct, McDonalds and TruGym. Premier Inn is also on the site. LCP acquired the centre for an undisclosed sum from Nuveen Estate as part of its proactive acquisition drive in shopping parades, centres and retail parks across the country. James Buchanan, LCP group managing director, said “This significant investment demonstrates our appetite for acquisition and our focus on intensive asset management, where we want to realise opportunities for adding value. “As well as achieving a good return on our investment, we’re committed to improving our retail estate, providing better value for money for tenants and, where there are voids, attracting good-quality brands, ensuring a better shopping experience, and, of course, helping to bring jobs. “It is thanks to the hard work by our team, who identify the sites for us to acquire, then use their considerable expertise and extensive contacts to attract tenants, that our strategy is working.” Simon Eatough, director of landlord and tenant at LCP, will lead the asset management team. Situated on the edge of the West Midlands bordering Worcestershire, 17 miles south-west of Birmingham and 15 miles north of Worcester, Weavers Wharf Shopping Park is accessed via the A456 Park Butts Ringway. There is a pedestrian link to the high street and the adjacent Tesco Superstore. M Core is on a strong acquisition drive, investing in all commercial sectors throughout the UK and Europe. Major UK acquisitions include Cwmbran Centre, Cwmbran; The Galleries, Washington, Sunderland; and Three Spires in Lichfield. It has £300 million available to invest for assets ranging from £500,000 to £30 million and portfolios up to £150 million, and is actively seeking sites for acquisition. LCP’s solicitor was Catherine Gunz at Osborne Clarke and Simon Lewis at Lewis Ellis acted as agent. For the vendor, agent was Paul Williams at Morgan Williams and solicitor was Chris Swallow at K&L Gates. Weavers Wharf has five units available, from 1,256 sq ft to 30,000 sq ft, for more information about availability, contact Simon Eatough: SEatough@lcpproperties.co.uk, or agents for the scheme; Chris Linnel, of McMullen Real Estate and Camilla Clifton of Morgan Williams. Building, Design & Construction Magazine | The Choice of Industry Professionals
The outlet, located in Wembley Park and now in its tenth year, has also recorded its sixth consecutive month of record-breaking trading as May figures topple over the £8m mark London Designer Outlet (LDO) today announces a bumper crop of upsizings at the capital’s leading fashion and lifestyle destination. Guess, Levi’s, The North Face and Lindt have all invested further into their commitment to the LDO following successful trading, with Timberland joining the centre. This latest swathe of store upsizes comes as the centre announces its sixth consecutive record-breaking month of trading. Now in its tenth year, the outlet destination has smashed all previous records set for the months of December through to May, exceeding performance expectations. Trading figures recorded in May have surpassed £8m and beat the previous May record (2019) by 5%. Guess, which has been at the centre for over nine years, will increase its store size by 40% from 3,576 sq ft to 5,016 sq ft in order to introduce a new flagship concept and expand its offer to include menswear and childrenswear. After over seven years of successful trading at the centre, Levi’s will also increase its brand offering by 51% as it upsizes from 2,476 sq ft to 3,744 sq ft. The North Face has committed to a 30% upsizing, increasing its footprint at the centre from 2,770 sq ft to 3,606 sq ft. Timberland will also be joining the LDO having signed a lease to occupy The North Face’s previous unit. Following Lindt’s stellar success at the LDO – the store is the brand’s best performing in the UK without an onsite café – the Swiss chocolatier and confectionary company is investing over half a million pounds in a new fitout, to introduce a leisure offer with a café, incorporating both gelato and hot chocolate counters. Matt Slade, Retail Director at Quintain, said: “These brands’ commitment to further investment in the LDO demonstrates how compelling the centre is as a retail destination to some of the world’s best brands, as well as its longstanding excellent centre performance. “Brands are aware that consumers today expect more from their physical shopping experience, and outlets are no different. The LDO is a testbed for brands launching experimental stores and upsizes following the reassurance of years of successful trading and proven track record of brand performance at the centre. “These upsizings and store upgrades demonstrate the strength of the outlet proposition, which provides customers with greater perceived value through a premium shopping experience that ultimately boost sales.” These latest deals follow a number of new flagship roll-outs by existing brands at the centre, with 20,612 sq ft of additional space being taken by long-standing stores at the LDO since 2020, including global sportswear giants Nike and adidas, as well as fashion behemoths Tommy Hilfiger and Calvin Klein. The LDO, managed by Realm, the UK’s specialist outlet operator, is one of only a few outlets that blends retail, F&B, leisure and events in an easy-to-reach urban setting. It features 265,000 sq ft of retail and leisure space, including 70 outlet stores, and offers guests year-round discounts of up to 70%. Daniel Tomkinson, General Manager, London Designer Outlet said: “It is with great pride that we welcome these new store upgrades from Guess, Levi’s, North Face, Timberland and Lindt, as it demonstrates unyielding confidence in the centre. “Whilst footfall at the centre is boosted by a varied programme of global sporting and music events, it is the LDO’s appeal amongst an extensive local catchment that are choosing to visit often and spend more, which has enabled the centre and its brands to go from strength to strength. “This is evidenced the by the consecutive record-breaking trading months that the centre has recorded over the past six months. These upsizing decisions are a clear indication of how compelling the business case for destinations like London Designer Outlet is.” London Designer Outlet is at the heart of Wembley Park, which features plentiful transport links. Minutes from central London, Wembley Park is easily reached by three tube lines, two train lines, eight bus routes plus ample car parking. Building, Design & Construction Magazine | The Choice of Industry Professionals
Balfour Beatty Investments (BBI), part of leading international infrastructure group, Balfour Beatty, has unveiled proposals for a flagship student living scheme at 8 Torwood Close, in Westwood Heath, Coventry. The plans, which are now subject to a consultation, will provide approximately 780 student bedrooms across two buildings as well as shared cluster rooms for students, and a range of amenities including study areas, lounges, cinema room, and a gym. Green roofs, terraces and outdoor courtyards are also included, with the aim of creating a cohesive student community which maximises the student experience and enhances wellbeing. The proposed site is strategically located a short distance from the University of Warwick and is currently an underutilised stand-alone office block. The site is situated between an existing student accommodation campus and a proposed scheme, which has recently been granted planning consent. Balfour Beatty Investments, said: “The proposed site at Torwood Close is ideally suited to student accommodation. Situated close to the University of Warwick and easily accessible from Coventry University, the proposals can quickly meet the growing demand for student beds. “Importantly, it will help unlock existing family housing elsewhere in the city rather than force students to rely on HMOs and the private rented sector. “Part of a wider transition within the area, our proposals will be highly sustainable and make use of a prominent brownfield site. We look forward to engaging with the community and others to ensure the benefits are maximised.” A public consultation has now been launched. You can find out more about the proposals, and leave feedback, by attending a public exhibition on 12th July, 3pm-7pm at 8 Torwood Close, Westwood Heath, Coventry. A consultation website will be made live on 12th July at 7pm. Building, Design & Construction Magazine | The Choice of Industry Professionals
The latest research from Searchland, the development site sourcing specialists, has revealed that industrial land plots are the only land type to have seen an increase in property development interest since the first quarter of this year. Searchland’s Land Development Demand Index monitors appetites for land plots across England based on the number of available opportunities within the market that have already been snapped up by developers.* The latest index shows that developer demand has cooled during the second quarter of this year, down -2% since Q1. However, demand remains robust with 45% of all available land plots having already been sold subject to contract. The East Midlands (+1%) and London (+0.4%) are the only regions to have seen positive movement when it comes to the quarterly change in developer demand across the board. Land only plots remain the most in-demand development plot with current demand at 46%, although the appetite for such opportunities has cooled by -2% since the start of the year. London is the only region to have seen a quarterly boost in land only development demand. Farm land also remains popular with current demand at 43%, although again, this is some -4% off the pace set during Q1. However, the North East (+23%), East of England (+17%), North West (+10%) and East Midlands (+7%) have all seen positive growth in demand for farm development opportunities. Industrial development sites are not only the third most in-demand in Q2 at 38%, but they are also the only development type to have seen positive quarterly growth overall. Demand for industrial development opportunities has crept up by 0.4% since the start of the year, with Yorkshire and the Humber driving this growth where all industrial development plots are currently sold subject to contract. Demand for commercial and residential plots sits at 35% a piece, with both sectors seeing a respective reduction in demand of -1% and -4%. Co-founder and CEO of Searchland, Mitchell Fasanya, commented: “Developer appetites remain highest for land only plots as it allows them the freedom to realise their ambitions from the ground up, however, it’s clear that the wider economic picture is starting to dampen their enthusiasm with demand declining since the start of the year. In fact, industrial plots are the only land type to have seen a marginal uplift in this respect although there is positive movement across almost every land type when breaking the market down on a regional level. Demand remains lowest for both residential and commercial plots and with interest rates continuing to climb while market values stagnate, we expect this to remain the case throughout the remainder of the year.” Data tablesData tables and sources can be viewed online, here. Building, Design & Construction Magazine | The Choice of Industry Professionals
