New offices for Labour HQ at WELPUT's Southside
WELPUT, the specialist real estate fund managed by Schroder Real Estate and advised by Quintain Estates and Development, has agreed a new letting for a full floor of its office building at Southside, 105 Victoria Street, SW1 to The Labour Party. The 7,633 sq ft floor has been let on a seven year lease and will serve as The Labour Party’s new headquarters.
Nick Montgomery, Head of UK Investment at Schroder Real Estate comments: “This letting is in line with WELPUT’s strategic aim of executing asset management initiatives to capitalise on a strong occupational market.”
Ker Gilchrist, Head of London Investment Property at Quintain adds: “We continue to see strong demand across the central London market which this letting demonstrates. The strength of tenant demand is reflected in the speed at which this deal has been secured.”
Jones Shackel Oldham acted for The Labour Party; Tuckerman and Strutt & Parker acted for WELPUT.
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Notes to Editors
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WELPUT was established in 2001 as a closed ended property unit trust under the laws of Jersey. WELPUT was converted to a more open ended structure in 2014 with the approval of its Holders. The aim of WELPUT is to provide investors with an exposure to the central London office market. The objective is to outperform the market as measured by Investment Property Databank (IPD).
The primary investment focus is office properties in central London. Due to the nature of properties within central London there will be elements of other uses such as retail and residential. The intention is to focus the portfolio on large multi-let buildings. WELPUT is reserved for experienced investors who must be aware of the risks attaching to the investment.
The manager of WELPUT is Schroder Property Managers (Jersey) Limited, one of the largest managers of Jersey Property Unit Trusts, covering various sectors of the UK market.
Quintain Estates and Development plc is the property adviser to WELPUT having acquired Grafton Advisors (2006) LLP, a partnership formed by the former senior management of Benchmark Group PLC who founded WELPUT in 2001.
Schroder Real Estate
Schroders has managed real estate funds since 1971 and currently has £12.4 billioni (€16.8 billion /US$18.7 billion) of gross real estate assets under management as at 30 September 2015.
Most of the property funds referred to are unauthorised collective investment schemes as defined in the Financial Services and Markets Act 2000. Promotion of these funds is restricted and access to full information about these funds is only available to those exempt from the restriction. For further information about Schroders’ property business visit www.schroders.com/realestate
Schroders is a global asset management company with £294.8 billion (EUR 400.0 billion/$446.5 billion) under management as at 30 September 2015. Our clients are major financial institutions including pension funds, banks and insurance companies, local and public authorities, governments, charities, high net worth individuals and retail investors.
With one of the largest networks of offices of any dedicated asset management company, we operate from 37 offices in 27 countries across Europe, the Americas, Asia and the Middle East. Schroders has developed under stable ownership for over 200 years and long-term thinking governs our approach to investing, building client relationships and growing our business.
Further information about Schroders can be found at www.schroders.com.
Issued by Schroder Investment Management Ltd, which is authorised and regulated by the Financial Conduct Authority. For regular updates by e-mail please register online at www.schroders.com for our alerting service.
i Includes holdings of Real Estate Capital Partners and Schroders Multi-asset Funds in the Real Estate AUM