St Bride's Key Cities Partnership An Introduction - March 2019 - St Bride's Managers
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St Bride's Key Cities Partnership
An Introduction
March 2019
Partnership Summary
Key Information
St Bride’s Managers closed their second UK Limited Partnership with £75.25 million of commitments in November 2015.
Name St Bride’s Key Cities LP
Background The investment strategy is based upon collaborative research between St Bride’s Managers
and Ramidus Consulting which has identified those cities outside London with the best
long-term growth prospects
Investors St Bride’s Managers and Local Government Pension Funds
Commitments £75.25m
Life of Partnership 7 years (with annual extensions)
Investment Period 3 years
Target Return 6.00% pa net
Price Range £3m - £8m
Investment Types Offices, Retail and Industrial
Style Assets in established and improving locations with asset enhancement potential
Target Cities
Offices Retail Industrial
Bristol Bristol Bristol
Cambridge Guildford Cardiff
Edinburgh Edinburgh Milton Keynes
Leeds Leeds Leeds
Manchester Manchester Manchester
Shaded boxes illustrate where assets have already been acquired.
Comment
Ian Houston, Fund Manager at St Bride’s Managers commented:
‘The strategy for the Key Cities Partnership is imaginative and well-researched and we expect the partnership to deliver strong
long-term performance for our investors. For some time, we have considered the traditional ‘catch-all’ regional approach to
property portfolio diversification to be unreliable. We therefore measured and ranked 65 UK cities and towns for their long term
sustainability and vitality to determine our favoured long-term cities.
The results are generated from three levels of screening: 7 strategic regional themes; 8 demand proxies and 3-4 property
specific indicators (including long-term total returns, yields and rental growth figures).
We believe that the Key Cities strategy offers a clear pathway to achieve selective and controlled long-term exposure to property
in the UK regions’.
Property Portfolio
Current Assets
24-28 Frederick Street, Edinburgh 68/70/72 Sackville Street, Manchester
• mixed-use investment located in the heart of the “Golden
A • wo adjacent office buildings situated in Manchester City
T
Triangle” in Edinburgh. Centre.
• period, terraced property comprising ground floor retail,
A • 7,775 sq. ft. (NIA) of refurbished offices with ancillary
2
four floors of offices and a nightclub in the basement. basement accommodation.
• he majority of the income is secured against Vision Express
T • he property is multi-let to 9 office tenants and a basement
T
Ltd and the Food Group. gym operator.
• The property was acquired in March 2016. • The property was acquired in June 2016.
25 King Street, Bristol Broadway House, Trafford Wharf Road, Manchester
• modern and fully refurbished office building totalling 17,973
A • he property is located on Trafford Park in Manchester and
T
sq. ft. (NIA) arranged over ground and five upper floors. comprises a single let warehouse and interconnected three
storey headquarters office building extending to 56,940 sq.
• he property was refurbished in 2013 and is let to six office
T ft. (GIA).
tenants.
• he property is let to Brand Addition Ltd by way of a
T
• The property was acquired in March 2016. reversionary lease expiring on 24th March 2027.
• The property was acquired in September 2016.
Property Portfolio
Current Assets
92-94 High Street, Guildford Selco Trade Centres, Bristol
• wo adjacent prime retail units totalling 5,469 sq. ft. situated
T • A new build trade warehouse totalling 35,056 sq. ft.
on the pedestrianised section of High Street.
• et to Selco Trade Centres on a 15 year FRI lease expiring
L
• he property is let to EE Limited and Nimogen Limited (t/a
T November 2032.
Prestons Jewellers).
• he property was acquired in March 2017 by way of a
T
• The property was acquired in January 2017. forward commitment.
College Trade Park, Leeds Dominions Way Trading Estate, Cardiff
• A new-build, multi-let trade park totalling 78,977 sq ft. • partly refurbished, multi-let industrial estate totalling 94,923
A
sq. ft. (GIA) comprising ten light industrial/trade warehouse
• ajority let to six occupiers, including Edmundson
M
Electrical, Selco, Screwfix, Topps Tiles and Toolstation. units.
• he property was acquired in July 2017 by way of a forward
T • et to ten occupiers including Europcar Group, Wolseley UK,
L
commitment. Smith Brothers and Cardiff Council.
• The Partnership acquired the property in November 2017.
Property Portfolio
Current Assets
54-55 Briggate, Leeds
• prime retail unit situated on a pedestrianised pitch at the
A
junction of Briggate and Commercial Street.
• Let to H Samuel until September 2022.
• The Partnership acquired the property in January 2018.
Contact Details St Bride’s Managers LLP 5 St Bride Street London EC4A 4AS UK T +44 (0)20 7078 1958 E tim.burke-murphy@stbridesmanagers. www.stbridesmanagers.com St Bride’s Global Alliance St Bride’s Managers LLC, USA Morgan Capital Partners, London, UK E Richard Saunders - richard.saunders@stbridesmanagersus.com E Trevor Morgan - trevor@morgancapital.london T +1 203 905 6724 T +44 (0)20 7084 9571 EG, Australia Oxygen, London, UK E Roger Parker - rparker@eg.com.au E Mike Harris - mike.harris@oxygenam.com T +61 (0)2 9220 7055 T +44 (0)20 7427 6992 BEI Capital, Hong Kong E Collin Lau - cl@beicapital.com T +852 3417 9222 St Bride’s Managers is a limited liability partnership registered in England and Wales, registration number OC350592, registered office 5 St Bride Street London EC4A 4AS. St Bride’s Managers LLP is regulated and authorised by the Financial Conduct Authority. This document is only made available to professional clients and eligible counterparties, as defined by the FCA. Disclaimer: Detailed specialist advice should be obtained before taking action as a result of comments made in this document which are intended as a brief introduction to a particular subject. Although the information in this document is believed to be materially correct, no representation or warranty is given as to the accuracy of any of the information provided. Certain information included in this document is based on information obtained from sources considered to be reliable.
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