Key facts
- Barclays secured a 999-year leasehold for its global headquarters at One Churchill Place for £750 million.
- PwC will relocate its UK office to Canary Wharf, occupying 350,000 sq ft at One Eden.
- Segro and PSP are forming a joint venture valued at approximately £3 billion for three UK logistics parks.
- Greystar acquired a 904-home build-to-rent portfolio for £500 million.
- AshbyCapital purchased 55 Old Broad Street for £282 million, with a potential end value of £600 million.
Barclays has secured a 999-year leasehold for its global headquarters at One Churchill Place for £750 million, encompassing one million square feet. In a separate transaction, PwC is set to relocate its UK office to Canary Wharf, taking 350,000 sq ft at One Eden. This move is part of PwC's plan for a major refurbishment at its Embankment Place location starting in 2030 and addresses the expiry of its More London lease in 2035.
In other London property news, Segro has agreed heads of terms for a 50-50 joint venture with PSP to develop and operate three major UK logistics parks with an estimated fully developed gross asset value of £3 billion. These parks, located in Radlett, Coventry, and Northampton, comprise 2.4 million sq ft of leased assets and 380 acres of developable land. The parks will be sold to the joint venture for approximately £1 billion, with future development capital expenditure expected to be around £820 million, targeted for delivery through to 2030.
Greystar has acquired a 904-home build-to-rent portfolio at Elephant Park in Elephant & Castle from Canada Pension Plan Investment Board and Lendlease for £500 million. This acquisition was funded by Greystar's Equity Partners Europe II fund. AshbyCapital has purchased 55 Old Broad Street, a London office development project with a potential end value of £600 million, for £282 million from Landsec. The project, to be built by Skanska, will create office and retail space across 23 storeys, with construction starting in October and completion expected in late 2029.
Further deals include the acquisition of the Hilton Garden Inn Silverstone by a Banor Capital-managed vehicle. Columbia Threadneedle Real Estate has merged Patrizia Hanover Property Unit Trust into Threadneedle Property Unit Trust, creating a UK real estate platform valued at approximately £1.5 billion. LaSalle Investment Management has secured a new €450 million custom account mandate focused on the European office sector for a German pension fund. Investec Bank provided a term loan to refinance Bridgewater Point, a logistics scheme in Manchester. Primary Health Properties has refinanced its debt facilities for a total of £800 million. Global Holdings Management Group has obtained planning consent for a Soho office building at 10 Great Pulteney Street.