Palmer Capital Development Fund III – a programmatic Joint Venture between CBRE Global Investment Partners (GIP) and Palmer Capital has completed the sale of an asset within The Penny Hill district shopping centre at Hunslet, Leeds.
The asset comprises an 80,000 sq ft foodstore which is let to Morrisons Supermarket. The shopping centre is close to Leeds city centre as well as the M1 and M621 motorways. The remaining 22 shops within the shopping centre have been retained by asset manager Opus North and there are plans to extend these by a further 10,000 sq ft.
Commenting on the sale, Andrew Duncan at Opus North commented: “We are very pleased with a sale at this level. We will continue with our improvements and asset management of the remaining centre and others within the portfolio.”
Alex Bignell, Region Head of UK, CBRE Global Investment Partners said: “On behalf of our clients, we moved quickly to provide the funding necessary to acquire this investment opportunity in 2015 following its introduction by Opus North and Palmer Capital. The profit on the supermarket sale, and value uplift achieved to date on the retained shopping centre, have vindicated this decision.“
Chris Button, Director and Head of Value Add REIM commented: “We are continuously seeking new opportunities in the market that meet our client’s requirements. Palmer Capital has since launched the Palmer Capital Development Fund IV, a programmatic joint venture with clients of CBRE GIP which has c. £150m to invest into value add transactions of £5m – £50m lot sizes or portfolios and is particularly focused at speculative commercial development and/or refurbishment opportunities.”
Palmer Capital and Opus North were advised by DWF.
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Notes to Editor
About CBRE Global Investment Partners
CBRE Global Investment Partners (“GIP”) is a division of CBRE Global Investors that delivers investment solutions customised for clients’ individual objectives, using private funds, club deals, secondaries, co-investments and programmatic ventures, partnering with leading operators for each strategy. Investments cover the risk spectrum from core to enhanced and use a variety of investment vehicles based on clients’ preferences.
GIP had equity AUM of $20.5 billion* at September 30, 2017. Clients invest via separate accounts, which have a regional or global remit, and GIP’s pooled funds. Pooled solutions include a global perpetual core fund and regional enhanced return funds.
CBRE Global Investment Partners Limited is authorised and regulated in the United Kingdom by the Financial Conduct Authority (FCA).
*Assets under management (AUM) includes investments in programs managed by the direct side of the CBRE Global Investors. APAC AUM is included in both Direct and Indirect Real Estate.
About Palmer Capital
Palmer Capital is a UK focused real estate investment management company with >£876m of AUM (as at 30th September 2017). Founded in 1992, the company is privately owned and has c. 25 years of experience in direct real estate.
The business has two distinct divisions – minority share holdings in property asset and development management companies (Asset Management Platform) and the fund management of pooled or segregated property vehicles (Funds Management Platform).
These complementary activities provide Palmer Capital with the advantage of being able to source and execute property transactions from the Asset Management Platform and to fund and structure these with the investors whose capital it manages in its Fund Management Platform, or utilising equity from its own balance sheet.
About Opus North
Opus North, based in Yorkshire, is one of the region’s most active and successful property companies, specialising in commercial property development and active management. The company has a long track record of developing and asset managing property across the north of England.
The business’ principal focus is on commercial property schemes where it has built an enviable track record. Its experience an array of large mixed use schemes including leisure, hotels and offices through to the redevelopment of convenience stores for groups such as Lidl and Co-op. Its current development programme is in excess of £100m.