HPFM banks on Yorkshire
On behalf of Retail Plus Property Trust, HPFM has accepted a surrender of Unit 8 Station Plaza, Ilkley from Lloyds Banking Group and has simultaneously let the unit to Yorkshire Building Society on a new 10 year lease. Lloyds has consolidated its operations into the adjacent property, unit 7. Following the transaction the total rent produced by these two units has increased by over 11%.
Outperformance in Liverpool
HPFM has sold 36/38 Whitechapel, Liverpool, on behalf of Retail Plus Property Trust. The previous occupier, Liverpool City Council, paid a substantial premium to surrender its lease which allowed HPFM to make a back-to-back sale of the building to Trailfinders with vacant possession. Total proceeds from the transaction were 25% ahead of valuation, providing substantial added value for the fund.
City of London office letting
A further letting has been achieved in HPFM’s Becket House, located on Cheapside in the heart of the City of London. The newly-upgraded seventh floor has been let to Toronto Stock Exchange on a ten-year lease, bringing the occupancy level in the building to 75% following an extensive refurbishment programme.
Polish Shopping Mall Reconfiguration
HPFM has begun works to reconfigure the main mall of the Witawa Shopping Centre in Gdynia, Poland. The works will accommodate an expansion of the existing Rossman unit together with new space for an additional fashion anchor. As part of the reconfiguration the manager has also secured a new letting to Pekao Bank, one of Poland’s largets retail banks, at ground floor level.
HPFM strengthens UK investment management team
Andrew Moffat has joined HPFM as Investment Manager to support Iain Leheny in the management of the UK portfolio.
HPFM’s Becket House letting
HPFM has let floors 5 & 6 in Becket House, Cheapside, London, to serviced office operator Prospect Business Centres. It is the largest letting in this City office building to date. Becket House recently underwent a £3 million refurbishment programme that has delivered some exceptional space. Occupancy levels now exceed 60%.
Beidronka letting, Bydgoszcz, Poland
After taking back this supermarket unit from Tesco Polska, HPFM, through its Central European fund, has let the unit on the Ku Wiatrakom Retail Park, Bydgoszcz, Poland, to expanding Polish supermarket operator Beidronka, Poland’s largest retailer by revenue. The deal was part of a broader lease re-gear within the portfolio and represented a back-to-back letting.
New appointment
We are pleased to announce the promotion of Iain Leheny to Fund Manager for HPFM’s UK portfolio.
Record yield achieved in Edinburgh sale
HPFM’s sale of the 77 George Street, Edinburgh, let to Paperchase, set a record yield of 5% for the pitch in 2011, locking in value on the back of stabilized income. The sale also reflects the current strength of appetite for this prime Edinburgh city centre retail and leisure pitch.
Liverpool Sale
HPFM’s Retail Plus Property Trust has sold 97 Lord Street, Liverpool, to a special purchaser, crystallizing value at a net initial yield of 5.7%. The unit is let to Tui UK.
Slovakia letting
HPFM has leased the Priemyselna Ulica building, Piest’any, Slovakia, to Lumen Electronics locking in value to this light industrial asset.