CBRE Global Investment Partners and Palmer Capital dispose West Drayton residential site

22 Feb 2018

Palmer Capital Development Fund III - a programmatic venture between CBRE Global Investment Partners (GIP) and Palmer Capital alongside Danescroft are pleased to announce the sale of their 1-acre redevelopment site in the centre of West Drayton.

The former industrial site was unconditionally acquired in January 2016 in a transaction arranged by Danescroft, a development partner of Palmer Capital. Danescroft co-invested in the transaction and were retained as the fund’s asset and development manager.

Danescroft successfully secured planning consent for 87 residential units.  The site sits within a prime location adjacent to the Grand Union Canal and immediately opposite the new West Drayton Crossrail Station.

The apartments will be designed to offer attractive water views and high levels of amenity, just two minutes’ walk to the new station with journey times to Central London (Bond Street) of only 23 minutes.

The property has been sold to Shepherd’s Bush Housing Association.

Danescroft Director James Trelfa commented: “The sale concludes a successful business plan for Danescroft & Palmer Capital Development Fund III, on what is a prominent yet challenging site. The site was assembled from four separate parcels each acquired unconditionally over a period of months.

“Having secured vacant possession, we then negotiated a complex planning consent for the scheme which comprises 87 apartments in three attractive residential blocks. The site represents the regeneration of the final piece of undeveloped land adjacent to the West Drayton Elizabeth Line (Crossrail) station.  We are actively seeking similarly constrained sites which present the opportunity for considered redevelopment and regeneration.”

Alex Bignell, Region Head of UK, CBRE Global Investment Partners said: “The successful execution of the business plan for the West Drayton site by Danescroft represents another strong result for CBRE GIP’s third programmatic venture with Palmer Capital. Other projects in this fund are also progressing well and we are committing significant capital to the fourth venture in this series.”

Chris Button, Fund Manager & Head of Value Add REIM at Palmer Capital commented:
“This transaction illustrates our track record in acquiring residential change of use of obsolete commercial buildings and our focus on good infrastructure links and strong demographic trends. We have c. £300m to invest in similar projects during 2018.”

Mohit Jain, Director of Finance and Development at Shepherds Bush Housing Association commented: “This site presents a fantastic opportunity for us to provide much needed affordable housing in London. We are working with PDR Construction to deliver these homes as part of a package deal.  The thoroughness of the work carried out by the Danescroft team mean that we will very quickly be able to start on site and provide homes to local residents.”

Notes to Editor

About CBRE Global Investment Partners (“GIP”)

CBRE Global Investment Partners (“GIP”) is a division of CBRE Global Investors that delivers investment solutions customised for clients’ individual objectives, using private funds, club deals, secondaries, co-investments and programmatic ventures, partnering with leading operators for each strategy. Investments cover the risk spectrum from core to enhanced and use a variety of investment vehicles based on clients’ preferences.

GIP had equity AUM of $21.3 billion* at December 31, 2017. Clients invest via separate accounts, which have a regional or global remit, and GIP’s pooled funds. Pooled solutions include a global perpetual core fund and regional enhanced return funds.

Notes: CBRE Global Investment Partners Limited is authorised and regulated in the United Kingdom by the Financial Conduct Authority (FCA).

*Assets under management (AUM) includes investments in programs managed by the direct side of the CBRE Global Investors. APAC AUM is included in both Direct and Indirect Real Estate.

About Palmer Capital

Palmer Capital is a UK focused real estate investment management company with >£876m of AUM (as at 30th September 2017). Founded in 1992, the company is privately owned and has c. 25 years of experience in direct real estate.

The business has two distinct divisions – minority share holdings in property asset and development management companies (Asset Management Platform) and the fund management of pooled or segregated property vehicles (Funds Management Platform).  These complementary activities provide Palmer Capital with the advantage of being able to source and execute property transactions from the Asset Management Platform and to fund and structure these with the investors whose capital it manages in its Fund Management Platform, or utilising equity from its own balance sheet.

About Danescroft land

Originally established by David Civil in 1997, the Company’s development and investment portfolio has grown substantially since teaming up with the boutique investment manager, Palmer Capital in 1999. The financial and management support of Palmer Capital has enabled Danescroft to undertake larger and more complex projects incorporating both commercial and residential uses.

Focussed on residential and mixed use opportunities in Greater London and the South-East, they have established a considerable track record in acquiring sites unconditionally and negotiating complex planning consents. They have particular expertise in working with landowners, local authorities and stakeholder groups to maximise the development potential and value of a variety of brownfield and greenfield opportunities. Danescroft has an open and straightforward approach to doing business and is proud of its reputation for honesty, professionalism and performance.