Cordea Savills is set to complete approximately 50 transactions this year worth a total of EUR1.3bn (GBP1.1bn), which is the highest volume of deals that the company has ever achieved in a calendar year.
Cordea Savills has already completed approximately EUR915m (GBP775m) of transactions and has exclusivity agreements on around EUR375m (GBP317m) of new assets due to complete before year-end. Acquisitions account for 95 per cent of this total while the remainder is disposals.
Kiran Patel, chief investment officer of Cordea Savills, says: “It has been an outstanding year for Cordea Savills. The figures demonstrate that we are currently very active in the market having won a number of single mandates from family offices and institutions, highlighting the fact that Cordea Savills is an established player in the core and core-plus space.
“Our turnover rate for 2013 is likely to be 27 per cent. This momentum will continue into 2014 since we will be starting with over GBP500m of spending power. With further capital raising planned, we anticipate that 2014 will be another significant year for Cordea Savills.
Prominent transactions carried out over the last year by Cordea Savills include:
· The iconic IBM Building backing onto the River Thames in South East London for GBP120m on behalf of a private family office.
· Acquisitions totalling over GBP200m on behalf of the Bishopsgate Long Term Property Unit Trust. Assets include Warwick House in Kensington Village, West London on behalf of an institutional client for GBP40.1m; a multi-let office building and retail unit in London’s prestigious Covent Garden area for GBP32.4m; a Tesco food store in the Cotswold town of Stroud for GBP29.22m; and the North Lincolnshire Shopping Park, Doncaster Road, Scunthorpe, for circa GBP23.5m.
· The Vue Cinema in Leicester Square, the heart of London’s tourist and leisure industry for GBP23.46m on behalf of an existing client’s bespoke portfolio.
· A logistics property in the Greater Munich Area, a retail centre in Berlin and a retail warehouse in Paris on behalf of its European Commercial Fund for EUR102.7m.
· 29 Clement’s Lane (also known as 33 Lombard Street) in the City of London for GBP40m on behalf of a private family office.
· A number of acquisitions for the Prime London Residential Development Fund, including a 1950s residential apartment block in Hereford Square, South Kensington. The Prime London Residential Development Fund has a further three deals under consideration with additional capacity for further investment before the end of its investment period in Q2 2014.
· Three assets in Paris, Glasgow and Berlin for around EUR50m on behalf of the Cordea Savills European Retail Fund.
· A portfolio of car showrooms in the prime centres of Chester, Worcester, Harrogate and Solihull for GBP17.4m for the Charities Property Fund.
· A portfolio of town centre foodstores on RPI linked leases for GBP8.0m on behalf of the UK Income and Growth Fund. The portfolio comprises supermarkets in Brackley, Northamptonshire; Taw Hill, Swindon, Wiltshire; and Bure Park, Bicester, Oxfordshire.