The portfolio

Cambridge’s position at the forefront of innovation and education in the UK is aligned with our investment approach, and in September 2020 we announced that we would be forward funding the development of the One Cambridge Square scheme. A landmark 99,210 sq ft office development, One Cambridge Square provides Grade A workspace within the expanding Cambridge North urban quarter. This will eventually offer 900,000 sq ft of new office and lab space, a 217-room Novotel hotel, 425 residential units alongside leisure and retail amenities and a dedicated national rail station. Within months of its completion, One Cambridge Square was home to a selection of leading, international businesses.

SCREF is focused on enhancing its alternative asset exposure.  In 2017, the Fund acquired its own self-storage company, with five assets located around London and the M25.  We recognise the opportunity created by structural demographic shifts, including changing housing occupancy patterns, and our early entry into the self-storage market means the Fund is well-placed to capitalise on the expected growth within the sector.

SCREF’s investment focus in the industrial and logistics space is on identifying well located, multi-let estates that offer strong rental growth prospects and are well positioned to adapt to change, including demographic shifts, the growth of new technologies, and growing demand for assets with high sustainability credentials.  Located in London, Acorn Industrial Park provides last-mile logistics capabilities, and stands to benefit from the growth of e-commerce generating tenant demand for high-quality and well-located assets.

The Brewery, Romford is a prime, supermarket-anchored retail warehouse and leisure scheme. The asset occupies a 21-acre freehold site within the Romford Strategic Development Area, adjacent to Romford train station. The scheme offers 545,478 sq ft of retail and leisure space anchored by national operators including Sainsbury’s, The Range, Boots and Nuffield Health. The Brewery trades successfully in its current format, with high levels of customer footfall driven by a favourable tenant mix and a catchment dominant location. The scheme therefore delivers both resilient income and near-term asset management opportunities, whilst also offering SCREF longer-term upside potential through redevelopment to incorporate mixed-use retail and residential.

City Tower is a mixed-use asset in the heart of Manchester, offering 340,000 sq ft of workspace, a 280-bed four-star hotel, and 67,992 sq ft of retail space. The asset is located within walking distance to several train stations, including Manchester Piccadilly, as well as local bus and tram services. The scheme holds the following sustainability certifications: a BREEAM/In Use ‘Very Good’ certification (expiring February 2026) covering 306,890 sq ft, BREEAM/Refurbishment and Fit-out ‘Very Good’ certifications for office tower floors 6, 7, and 8 (issued in June 2019), and for office tower floors 23 and 24 (issued in June 2017), and a WiredScore ‘Platinum’ certification (expiring June 2025) covering 358,000 sq ft. Recent projects at City Tower include a recyclable waste storage area, an occupier wellbeing lounge, an on-site apiary for bees, and tenant cycle-storage and shower facilities.

Turner Rise Retail Park consists of 10 retail warehouse units and two restaurants, let to a diverse tenant mix. The park benefits from easy access to the local road network, whist the adjacent Asda supermarket makes it a highly convenient location for Colchester’s shoppers. The tenant mix at Turner Rise Retail Park is centred around discount and convenience-led occupiers, including B&M, Iceland, Dunelm and McDonalds, generating consistently strong footfall and strong retailer trading performance at the scheme.