Closed Fund

Central London Office Fund

The Fund is well-placed to benefit from the changing dynamics of the central London office market, with a bias to assets offering exciting asset management opportunities in strategic locations which are expected to benefit from strong rental growth.

Key facts

Target sector Central London offices
Target return Total return in excess of the Central London Office component of the IPD UK Annual Universe excluding any impact of the performance of the Fund
Fund structure Closed-ended Jersey Property Unit Trust, with ability to take on equity following an extension from Q4 2015
Fund term 2023
Currency Sterling
Fund value £654m ($534m)
No. of assets 13
Max gearing 50% of GAV
Fund Manager Clive Castle
Investment strategy

Exposure to different Central London office markets to maximise performance.

Maintain a low level of gearing throughout the Fund life.

Responsible Property Investment (RPI) strategy

The Central London Office Fund is one of our most advanced in terms of sustainability, given the opportunities presented by our active asset management, refurbishment and development strategy. Our onsite management teams deliver annual asset sustainability action plans and foster strong relationships with tenants, several of whom have corporate responsibility commitments. The Fund often acts as a ‘test-bed’ for new initiatives, including ‘landlord energy rating’ display energy certificates and online energy data analytics. 

Further information on TH Real Estate's RPI strategy

Global Real Estate Sustainability Benchmark (GRESB)

The Fund was awarded a Global Real Estate Sustainability Benchmark (GRESB) Green Star 2015, for the sixth year running, and exceeded its peer group average in all 7 of the benchmark aspects, achieving the best overall score to date. The Fund achieved a maximum score of 100/100 for the Fund's environmental management system programme and 100/100 for the Fund's ability to manage sustainability risks and maximise opportunities. In addition, the Fund's achievement of the highest GRESB rating of 5-stars, reflects upper quantile performance compared with the entire universe of GRESB participants.

Note: Target returns are not guaranteed and past performance is not a guide to future performance.
Source: TH Real Estate, December 2016.

 
Clive Castle

Clive Castle

Fund Manager

Clive's biography
While short-term performance will continue to be influenced by economic cycles, we believe that London real estate is underpinned by global structural trends and well-positioned to deliver long-term value growth. We continue to focus on active management in locations which are expected to benefit from strong occupier demand and attractive rental growth.
Leadenhall Triangle, City of London

40 Leadenhall Street, City of London

Planning permission was achieved in 2014 for a 900,000 sq ft (c.84,500 sq m) NIA high quality building at 40 Leadenhall Street, London, UK. The development varies between 7 and 34 storeys, with its highest point 154m above ground level.  

Sustainability is high on the design agenda: The building will reduce carbon emissions by over 40% compared to current regulations, and will achieve Excellent BREEAM standard with measures to reduce solar gain, parking for 1,067 cycles and almost 100 showers. 

The scheme is capable of being brought forward this year with completion anticipated by autumn 2019.

The Steward Building

The Steward Building, London, UK

On behalf of our Central London Office Fund, we recently completed development of The Steward Building, a c.75,000 sq ft (c.7,000 sq m) mixed-use scheme, located close to the edge of Spitalfields Market in London. In line with our commitment to deliver high quality and sustainable buildings fit for Tomorrow’s World, the scheme has been designed to achieve BREEAM Excellent. The top three floors have been let to an office tenant, and the retail units have been let to Anthropologie, COS and Hotel Chocolat. Both office and retail rents set a new benchmark record for the City.

Note: Past performance is not a guide to future performance.

Michael Neal

Michael Neal

Fund Director

Michael joined the business in June 2008 and has 20 years' experience in commercial real estate fund management, development and asset management. He is the Fund Director for the business' flagship £1bn+ UK Retail Warehouse Fund and Chair of the Investment Committee and Real Estate Debt Investment Committee.

+44 (0) 20 3727 8172 More about Michael
Clive Castle

Clive Castle

Fund Manager

Clive has over 30 years' experience specialising in the Central London office market. Since joining the company in 1996, he has delivered consistent performance against his benchmarks and been involved in a wide range of successful investment, development and active management.

+442037278127 More about Clive
Nick Deacon

Nick Deacon

Director of Central London Offices

Nick is the co-fund manager for CLOF and has been highly involved in the growth of the London office franchise since joining in 2004. Nick has over 13 years' experience within the Central London markets and has a broad network of relationships with agents and principals. Notable investment transactions include 27 Knightsbridge, the Soho Project and Project Vanquish.

+44 (0) 203 727 8135 More about Nick
Ilan Patel

Ilna Patel

Senior Portfolio Manager

Ilna has nine years' experience within the property market, with a strong valuation and analytical background, She has been specialising in asset management, acquisitions and disposal activity in the Central London office market since joining the Business in 2011.

+442037278256 More about Ilna
Alex Williamson

Alex Williamson

Fund Analyst

Alex is a Fund Analyst, responsible for portfolio and investment analysis, portfolio and asset modelling and forecasting, and investor reporting.

+44 (0)20 3727 8225 More about Alex
Christina Swann

Christina Swann

Finance Manager

With over 10 years of experience in Finance, Christina is responsible for pricing, reporting and financial statements for the Central London Office Fund.

+442037278210 More about Christina
Wayne Saville

Wayne Saville

Senior Client Services Manager

Wayne Saville is Senior Client Services Manager within Investor Relations at TH Real Estate. He is responsible for client services across a range of segregated clients, UK and European funds and fund of funds.

+44 (0) 20 3727 8201 More about Wayne