About the building

275 Slater is a 20-story office building located in the heart of Ottawa’s central business district. The building, which was originally built in 1968, required significant capital expenditure and operational improvements, creating opportunities to enhance its sustainability performance and overall value for the LaSalle Canada Property Fund.

Investment rationale

275 Slater is located in the heart of the central business district in Canada’s capital and fourth-largest city. It benefits not only from its proximity to transport links and access to amenities, but also from a diverse tenant base that includes foreign embassies, industry advocacy groups, professional services firms, and ground-floor food and retail. Occupancy rate has historically been in the 85%-90% range, demonstrating the asset’s utility in the market and desirability for tenants wanting a highly efficient CBD location.

The LaSalle Canada Property Fund’s management team believes that the high occupancy and rent rates at 275 Slater result in large part from delivering sustainability performance that meets the expectations of top tenants in the market.

Improvement works

LaSalle’s Canadian Asset Management team designed a multi-year capital improvement strategy, focused on making the asset more sustainable and energy efficient.

Their focus areas were:

• Improving energy efficiency by retrofitting LED lighting across the garage and building; installing heating curtains and new fans to better circulate air; converting HVAC damper and louvers; and upgrading elevator controls.
• Improving water efficiency by installing variable speed drives on the domestic cold-water pumps, replacing humidifiers and installing low-flow toilets and auto faucets
• Installing six electric vehicle charging stations in 2023.

Recognition

275 Slater has achieved ENERGY STAR certifications annually since 2020, with a recent score of 77, placing it in the top 25% of comparable buildings across Canada. Additionally, it has obtained LEED Platinum certification, the highest level of recognition.

Please see the important information regarding ratings and certifications at the bottom of this page.

About the building

Located at 900 De Maisonneuve Ouest in the heart of Canada’s second-largest city, Maison Manuvie is a 27-story, award-winning office building that is home to Manulife’s Quebec headquarters. Built between 2015 and 2017, the building includes a café, a conference centre, an outdoor terrace, more than 125 bicycle parking spaces and 45,200 square meters of office space. Its convenient location provides tenants direct access to the amenities at RÉSO and underground connections to both McGill and Peel subway stations.  

Investment rationale

In 2021, LaSalle obtained a 50% stake in Maison Manuvie as part of a joint venture alongside lead tenant Manulife. Its prime location in downtown Montréal and range of amenities meant that it was 97% leased at the time of acquisition, with well over a decade remaining on the average lease.  

Strong environmental credentials  

Like LaSalle, Manulife incorporates ESG considerations into each stage of the real estate value chain and in June 2021, announced its strategy to meet a greenhouse gas reduction target of 80% by 2050 as they work to transition to a low carbon economy. This complements LaSalle’s commitment to net zero carbon by the same year. 

At the time LaSalle acquired its stake in the building, it already boasted exceptional sustainability credentials, including LEED Gold CS and ENERGY STAR® certifications, Building Energy Challenge’s Improved Energy Performance Award and a 2019 BOMA BEST® certification, making it the only building in Greater Montréal that had been awarded the Platinum level. 

Working together, LaSalle and Manulife have helped Maison Manuvie achieve LEED Platinum, the highest distinction for sustainable buildings on the Leadership in Energy and Environmental Design Certification Green Building rating system. The system is recognized globally as an indicator of sustainability achievement and leadership. Maison Manuvie was the first building in Québec to achieve Wired Platinum certification as well, for buildings with the most reliable and secure internet connections. 

Maison Manuvie was also recognized by the Canada Green Building Council as a Net Zero Carbon Building (ZCB). Achieving ZCB-performance certification means taking responsibility for all carbon emissions associated with building operations and eliminating climate impacts. Using utility and other data sources, this certification evaluates building performance annually.

About the development opportunity

The proposal comprises a number of shops on the pre-eminent shopping street in Edinburgh, that have become vacant due to the opening of a new shopping centre in the city. Subject to planning permission being gained, these ex-retail units will be converted to a high-quality hotel scheme, providing over 300 keys and will overlook the world-famous Edinburgh Castle and Old Town.

Investment rationale and value creation

Princes Street is suffering currently from a number of vacant units, following the opening of the St James Centre, which has attracted many retailers to locate there. The city would like to see the regeneration of Princes Street and the creation of a brand-new hotel can be an integral part of this scheme.

An agreement for lease has been signed with a well-known hotel operator to take the completed building. Over the next few years, planning permission will be obtained to change the use of the scheme, followed by construction, with completion expected in 2025. A brand-new hotel in the centre of Edinburgh, off a long lease to a high-quality hotel operator, should be well received by the investment market.

LaSalle Global Solutions has pooled commitments from our clients to be the lead investors on the scheme, alongside the underlying General Partner.

Environmental credentials

The intention is that the development will be one of Scotland’s first net zero carbon hotels with a BREEAM rating of “Excellent.”

The project is being delivered with the following additional objectives:

• 100% diversion of all construction and demolition waste from landfill.

• Maximise the reuse of existing on-site materials to reduce embodied carbon and create social value.

• Design for energy efficiency in operation including the use of renewable technologies and water efficiency.

• Design for future reuse and adaptability.

About the building

Maison Bayard is a landmark office building of just over 8,000 square meters located on Rue Bayard in the 8th arrondissement in Paris. It is exceptionally well-located in the heart of the Central Business District and close to the renowned avenues of Champs-Élysées, Montaigne and George V.

Investment rationale

The asset was acquired in December 2017 following a highly competitive tender process with co-exclusivity granted to the four best bidders. The aim was to undergo a significant refurbishment program upon the departure of the then-tenant and develop a prime office building. The project was designed in parallel to the acquisition process by architect Axel Schoenert and a fixed-price development contract was secured with Nexity.

Refurbishment

The refurbishment comprised the redevelopment of the historic buildings and the demolition of the 1970s building to raise a new building with a low-carbon wooden structure. The property now comprises eight upper floors with large, flexible office floor plates, one garden level offering various amenities, double-height lobby, rooftop with a 360-degree view of Paris, 740 square meters of terraces and one basement level comprising car and bike parking spaces.

Environmental credentials

The property has been certified BBCA, Effinergie E+C- “E2C2”, HQE “Excellent”, BREEAM “Very Good”, WELL Shell and Core “Gold” and Wired Score “Gold.”

What we achieved

Despite the pandemic, the asset management team exceeded expectations, with a high-quality refurbishment and the innovative scope of services delivered. The building was leased to a range of Grade A tenants, including an international law firm, a renewable energy company, an alternative asset management company and a real estate firm.

The building was sold in December 2022 and generated a record-breaking capital value per square meter in the central business district of Paris, exceeding initial underwriting and fund targets.

About the building

Located in the Golden Triangle of Washington’s downtown core near George Washington University and Washington Circle, 2020 K Street is an 11-story office and retail building originally built in 1974 and renovated in 2004. It has over 400,000 rentable square feet, with an additional area of nearly 11,000 square feet given over to various amenities, including a conference center/tenant lounge area, a fitness center, bike room and rooftop terrace.

Investment rationale

Washington’s downtown core is the fourth largest central business district in the United States, and 2020 K Street’s prime location in the west end of downtown is conveniently located less than four blocks from the Farragut North, Farragut West, and Foggy Bottom Metro stations, which provide access to four of Washington’s Metro lines (Blue, Orange, Red and Silver).

Like many downtowns in recent years, Washington’s Golden Triangle has seen a resurgence in the number of people living in the area as well as working there. This means that it not only benefits from having prime office space in a desirable location, but that its restaurant and retail outlets benefit from the daily working population as well as the increasing resident population.

2020 K Street is owned by one of LaSalle’s custom accounts clients.

Improvement works

In an effort to strengthen the building’s sustainability credentials and lower operating costs, LaSalle’s asset management team undertook a series of improvement works, which included:

• Implementing a comprehensive recycling program including e-waste disposal by a certified vendor
• Installing variable frequency drives on relief fans, cooling-tower fan and condenser water pumps
• Replacing chiller plant controls
• Reducing actual HVAC hours with tenants to lower energy consumption
• Installing wireless lighting control system throughout the building and in the parking garage
• Retrofitting light fixtures with energy-efficient light bulbs
• Installing efficient water closets in the restrooms

As a result of the improvement works undertaken, over 80% of the building’s total solid waste being recycled. Energy consumption has also been substantially reduced – by over 500,000 kWh per year – which has meant annual utility savings of over $150,000.

Recognition

2020 K Street achieved LEED for Existing Buildings Gold certification in 2013; and its ENERGY STAR score increased from 67 to 83. The building is also WELL Health + Safety rated.

About the building

Rising over 29 levels including parking, retail and commercial spaces, 222 Exhibition Street boasts stunning, protected views across Melbourne. Its convenient location is just 300 meters to Parliament Station and a short walk to the Bourke Street Tram, with direct accessibility to some of Melbourne’s best parks, gardens, gymnasiums and bicycle paths. The building has a strong focus on wellness in the workplace. With a brand-new end-of-trip facility delivered in early 2017, including 300 lockers, 222 bike racks and 14 showers.

Investment rationale

In 2010, the building underwent a plant and equipment overhaul, elevating the overall offering and paving the way for the new rejuvenation works which will see it better meet the needs of the modern workforce and offer one of the most compelling leasing opportunities within the Melbourne central business district. The investment management team for the custom account client believes that this prime location in a highly sought-after office market, when combined with the building’s strong environmental credentials, will make it a strong and reliable asset for many years to come.

LaSalle’s client owns a 50% stake in 222 Exhibition Street.

Environmental credentials

In line with LaSalle’s and its client’s sustainable investment objectives, occupants benefit from the ability of 222 Exhibition Street’s predictive maintenance system to reduce the property’s energy consumption by reducing the amount of unnecessary maintenance work typically carried out at commercial buildings. Using continuous monitoring equipment, the system also alerts property management electronically of the need to carry out maintenance at a scheduled point in time when the maintenance activity is most cost-effective and before the equipment loses performance within a certain threshold. The system enables service technicians to immediately find the root causes of problems, resulting in a more efficient use of their time. The predictive maintenance system has resulted in energy saving of 11.5% (weather adjusted) and a 68% reduction in maintenance costs over an assessment period between September 2016 to July 2017, despite occupancy increasing by 13% over the same period.

Recognition

In 2017, 222 Exhibition Street won the Collaborative Partnerships Award presented by the Facilities Management Association (FMA) for the building’s predictive maintenance system. The building has also been certified “Carbon Neutral,” Climate Active’s top certification in Australia and, in partnership with the property manager, LaSalle planned and delivered a 5.5-star Energy and 6-star Water NABERS rated asset, ahead of schedule. This significant commitment includes extensive environmental performance upgrades to improve the energy, waste, water and indoor environmental performance of the building.

About the building

Sixty London Wall is a Grade A office building in the heart of the City of London, one of the biggest financial districts in the world and was acquired on behalf of a LaSalle custom accounts client. The building provides accommodation over 10 floors totalling 325,000 square feet with flexible uses at ground floor level. The floors range from 18,000 to 40,000 square feet with terraces spanning nearly 23,000 square feet on five upper floors designed around a single atrium. Sixty London Wall’s amenity list is impressive, featuring 38 showers and changing facilities at ground floor level, 380 lockers, 418 bike spaces, 27 folding bike lockers and 16 electric charging bike lockers. There is also dedicated visitor bike parking and the building is smart technology enabled.

Investment rationale

Sixty London Wall’s prime location in London’s financial district is within a five-minute walk of Bank, Liverpool Street and Moorgate stations, which all offer access to London’s Underground network, as well as mainline train stations and the Docklands Light Railway. The investment management team for the custom accounts client believes that this prime location in a highly sought-after office market, when combined with the building’s strong environmental credentials, will make it a strong and reliable asset for many years to come.

Environmental credentials

The embodied carbon of Sixty London Wall is 40% less than a typical new office building as a result of reusing the existing sub-structure and part of the super structure. The building has four additional floors which step back to provide five stunning roof terraces with planters for occupiers to enjoy plus a green roof – all promoting biodiversity. The terraces and roof are “blue” roofs; the most energy efficient way of installing a sustainable urban drainage solution.

The operational energy performance of the building is also considerably lower than similar size buildings due to the energy efficient design of the building fabric and building services, exceeding the required energy performance of a new building significantly. The building envelope has been carefully designed to optimise energy performance with daylight and views out, including carefully considered non-visible fritted glass, to reduce solar gain.

Recognition

Sixty London Wall has received a number of outstanding ratings, including the prestigious BREEAM “Outstanding” sustainability rating based on the building’s support for health and wellbeing, energy and water efficiency, use of materials. waste management, transportation and ecological features. It has also received a WiredScore “Platinum” rating and is also CyclingScore “Certified Platinum.”

About the building

Guildford Town Centre is highly productive, dominant super-regional mall of nearly 1.2 million square feet located in Surrey, British Columbia. In 2013, the mall underwent a major renovation and expansion with $280 million of capital investments which boosted mall traffic to 14.6 million visitors in 2019. The renovation included a Walmart Supercenter expansion, new parking structure and renovated 1,000 seat foot court. The mall is home to over 120 retailers, including many of Canada’s top brands. 

Investment rationale

The city of Surrey is the Greater Vancouver Area’s fastest growing regional trade area, with population growth of 300,000 forecast over the next 30 years. Surrey is set to surpass Vancouver as the most populous city in British Columbia by 2041. 

Guildford Town Centre has been ranked as one of the 20 most productive shopping centres in Canada with commercial retail unit (CRU) sales of C$906 per square foot.  

The LaSalle Canada Property Fund’s management team believes that the strong demographic trends in Surrey, combined with the desirability of the Guildford Town Centre for retailers means that it will be a strong core asset for the fund and provide reliable rental income for the long term. 

Recognition 

Following its 2013 renovation, the Guildford Town Centre was awarded LEED Gold status in 2015. 

About the building

Heinrich-Barth-Straße is a state-of-the-art logistics facility of nearly 45,000 square meters. Its current tenant, a third-party logistics company, has a 10-year fixed lease. The property is located in the greater Cologne-Bonn area. The site is very well connected to the major highways A1, A61 and A565 which form an integral part of a dense motorway network that crosses the region. A nearby bus stop ensures access to public transportation as well.

Investment rationale

The LaSalle E-REGI team has invested in the facility as it is a state-of-the-art property capable of generating a long-term stable cash flow with very good re-leasing options due to its high flexibility.

The property’s prime location near three major cities and three major motorways makes it particularly desirable to logistics companies such as the current tenant, and the expected growth of e-commerce will continue to drive the importance of well-located logistics assets such as Heinrich-Barth-Straße.

Improvement works

Heinrich-Barth-Straße was selected as the first asset held by the LaSalle E-REGI Fund to have a solar panel system installed on its roof as it is both relatively new (built in 2019) and offers an ample amount of roof space (40,000 square meters). The solar power system is due to be installed in late 2022 and comes with a 20-year lease agreement.

Due to the size of the installation, enough energy should be produced to power the equivalent of 1,400 homes and reduce carbon dioxide emissions by over 2,000 tons per year. The energy will be made available to the tenant at stable and low prices, which gives the building another competitive advantage.

Recognition

Heinrich-Barth-Straße has been certified DGNB Gold. Once the solar panel system has been installed, the asset will be re-assessed.

About the development

Fulton & Fifth is a high-quality residential-led development located in the Wembley area of London, one of the largest regeneration areas in Europe and is less than 15-minutes from Central London via public transport. The project consists of five buildings ranging from 14 to 23 stories, with 846 residential units (of which 35% are affordable housing) as well as industrial and retail space. Amenities will include a gym and yoga studio, swimming pool, gardens, golf simulator, cinema room and lounges, far exceeding the offering in other local projects.

In addition to the significant component of affordable housing, the project includes a range of other environmental and social initiatives, including sustainable building materials and renewable energy provision and is targeting a score of BREEAM “Excellent” for the commercial element.

There is also an on-site training academy, set up alongside Building Heroes, a charity which provides skills training to military veterans and supports them into employment in the building trade.

Investment Rationale

The Project benefits from being located in a well-connected, highly sought-after and gentrifying London location with strong underlying supply/demand dynamics. The Wembley area has relatively low levels of residential units earmarked “for-sale,” with pre-sales achieved by comparable projects demonstrating high demand for new-build product.

The LaSalle value-add investments team has partnered with a best-in-class London developer with a strong track record delivering market-leading projects.

The deal was structured as a “preferred equity” investment with meaningful downside protections which partially insulate the investment from sales slowdowns and declines, construction cost increases, and project delays.

About the building

Morrow is a recently refurbished, high-quality office building that benefits from a privileged downtown location and convenient connections to public transport and is close to Frankfurt’s central business district. The building has several roof terraces with unobstructed views of Rothschild Park and the Frankfurt skyline.

Investment rationale

The Morrow building is a first-class core office property located in the financial center of Germany and thus one of the most important investment markets in Europe. LaSalle E-REGI was drawn to the property because the attractive sub-market has a high demand from well-known tenants, which is expected to lead to long term, stable cash flows for the fund.

Improvement works

LaSalle E-REGI acquired Morrow in December 2020. At the time, the asset, which was built in 1976, was being re-developed across its 11 floors. LaSalle enhanced the re-development plans as the plans in place at the time fell short of the fund’s high standards for environmental performance.

Measures enhancing environmental performance and usability included:

• Installing automated LED systems that consume less energy when on and turn off when not in use
• Replacing the existing windows with high-quality, triple-glazed and insulated aluminum units for maximum efficiency
• Installing energy-efficient, individual room heating and cooling systems
• Improved ventilation systems with heat recovery
• Installing charging stations for electric cars and bicycles
• Ensuring full-coverage wifi and mobile telephone reception, from the underground car park to all office floors.

LaSalle believes that any additional costs incurred as a result of these improvements will add positive value going forward for the fund’s investors, the building’s tenants and the environment in general. As of August 2022, the building is fully let.

Recognition

The Morrow building has achieved the highest possible standard set by the German Sustainable Building Council: DGNB Platinum. The Morrow building was the first to achieve this recognition for a refurbishment. The building has also achieved a platinum rating from WiredScore, meaning that Morrow meets exceptional standards for the quality of its wired infrastructure, resilience and wireless network.

About the buildings

2 and 30 International Boulevard comprise approximately 122,400 square feet near Toronto’s Pearson International Airport.

Recently constructed and with first occupancy occurring in 2019, 2 International Boulevard represents a best-in-class flex-office building with LEED Gold status. The building boasts numerous positive physical attributes, including efficient floor plate design, ample natural light and a low common area gross-up factor.

30 International Boulevard represents a complementary flex-office building and adjoins 2 International Boulevard. An extensive ground-up renovation and modernization was recently completed, including new energy efficient exterior glazing and cladding. The first occupancy following renovation occurred in 2018.

Located in the “Airport Mega Zone” which forms the second largest employment concentration in Canada, the two properties benefit from ample food services, hotel and conference facilities and a variety of entertainment options, all within a short distance from the site which support the needs of occupiers.

Investment rationale and value creation

The Canadian value-add investments team developed the assets based on a vision to create new generation flex-office buildings that would meet the needs of high-value corporate occupiers. The flex-office nature of the assets offers large open floorplates to suit the free movement of employees. Most units are self-contained with direct exterior access points, allowing tenants to park and access space without the need for common areas. The HVAC system features high efficiency MERV 13 filters recommended in the wake of the Covid-19 pandemic.

The buildings are now occupied by diverse corporate tenants in thriving industries, including life sciences, professional services, construction and leaders in food and beverage. The diversity of the tenancies insulates the two properties from sector-specific volatility to provide stability, and tenants have invested considerable capital into their spaces through extensive interior fit-outs and have made long-term lease commitments.

What we achieved

At the time of sale in Q3 2021, 2 and 30 International Boulevard were 97% leased with a long-term weighted-average lease term, making them less susceptible to any perceived near-term market volatility. This both made them an attractive asset for the purchaser’s portfolio and meant the team was able to achieve a robust selling price.

About the building

25 Rue de Clichy is a historical, 19^th century office building in the heart of the tech cluster of Paris, near the central business district. The property was significantly renovated in 2012 and has its own underground car park with a very high parking space per square meter ratio as well as a private garden and auditorium, among many other unique selling points for single-tenant use. It also has excellent connections and is within a five-minute walk to Gare St Lazare providing access to the Paris Métro, RER and mainline rail connections, making it a well located and connected urban office building.

Investment rationale

25 Rue de Clichy is located in one of the most attractive investment markets in Europe, with a large number of high-tech companies in the immediate vicinity. At the time of acquisition in late 2017, the property was rented at rates well below the market level, with a short remaining lease term. The LaSalle E-REGI team believed that there was significant unrealized value in the building, and in early 2020, a new nine-year lease was signed with a top-quality tenant at a rate that reflected the asset’s true value. The tenant has commenced large refurbishments to develop highest-standard office space with state-of-the-art technology facilities.

Recognition

25 Rue de Clichy has been certified as “Excellent” by BREEAM due to its strong environmental credentials.

About the building

Built in 1975, Airport Square is a 14-story office tower in South Vancouver, conveniently located within 20 minutes of Downtown Vancouver, Richmond, Burnaby and New Westminster. With 226,000 square feet of Class A office space, the building is home to a wide variety of tenants and offers an on-site gym and 460 covered parking spaces.

Investment rationale and improvement works

Having managed Airport Square since 2001 on behalf of a client, LaSalle’s investment and asset management teams were well aware of the building’s full potential when it was purchased from the client in 2017. Working with a sustainability consultancy and in-house energy and sustainability experts, LaSalle’s Canadian asset management team undertook numerous sustainability projects to improve the building’s performance.

Some of the works included:

• Replacing the 250-ton chiller with more efficient 200-ton multi-stack units
• Installing modulating cooling valves on floor heating, ventilation and air conditioning (HVAC) fans
• Installing of variable frequencies drives on floor air handling units (AHUs)
• Replacing fluorescent lighting with LEDs
• Conducting a full review of building controls, including set points, unoccupied setback, outdoor temperature reset and free cooling
• Installation of six electric vehicle charging points in 2023

Additionally, the asset management team engaged with tenants to encourage them to make some simple changes, such as drawing blinds at the end of each day to reduce heat gain or loss and shutting down computer monitors at the end of each workday to conserve energy.

Recognition

Airport Square achieved a LEED ‘Gold’ certification for existing buildings in April 2016 (when LaSalle was undertaking improvements on behalf of the then-owner) and was recognized as one of the first-ever ENERGY STAR® Canada Building Certification certified office buildings in Canada. The ENERGY STAR® distinction signifies that the property performs in the top 25% of similar facilities nationwide for energy efficiency and meets strict energy efficiency performance levels set by Canada’s Office of Energy Efficiency.

About the building

Isle d’Abeau is a recently completed 21,248 square meter logistics development. The property was the first of three deliveries in a partnership with French logistics developer JMG. The facility consists of 19,966 square meters of warehouse space, 1,050 square meters of office space and 268 square meters of loading area. Specifications include a 10-meter clear height, 24 loading docks, ESFR (early suppression, fast response) sprinklers, and parking for 110 vehicles and 6 trucks.

Investment rationale

Adhering to LaSalle Encore+’s location-driven investment strategy, the asset is located along the French logistics backbone, 30 kilometres east of Lyon. It benefits from excellent connectivity to French population centers as well as major European markets, particularly in Italy and Switzerland.

Purchasing the building while it was still in a development stage provided an excellent opportunity to add an asset to the fund that had not yet reached its full value.

Achievements

On completion in 2019, the asset was fully let on a long-term basis with no break clause for eight years, meaning the building is able to offer long-term stable income, while its attractive location and new condition leaves space for rent reversion and capital appreciation.

The property has an insulated double skin on courier areas, a rainwater recovery system and the office areas have a reversible heating and cooling system. It has received a BREEAM “Very Good” environmental certification for new construction. BREEAM certifications are used to assess the design, construction, intended use and futureproofing of new building developments, including the local, natural or human-created environment surrounding the building.

The fund managers are currently (February 2022) exploring the possibility of further reducing the building’s environmental impact by installing solar panels on the roof and automating energy consumption.

About the building

Tigery is an industrial logistics development located southeast of Paris. The Class A building was completed in 2020 and includes 35,400 square meters of lettable area (33,900 square meters of warehouse space and 1,500 square meters of office space). The asset also benefits from various operating permissions to let to a variety of users. It offers 140 parking spaces for cars as well as trailer storage.

Investment rationale

The asset is in the Sénart logistics hub and complements LaSalle Encore+’s location-driven investment strategy. Sénart is 37 kilometers southeast of Paris and is the second largest logistics market in France with 1.4 million square meters of warehouse space. The site benefits from excellent road access to Paris and to the southern cities of France through the A5 Autoroute. The property also benefits from proximity to Orly airport and frontage on the “Francilienne”, the highway circling Paris.

Purchasing the building while it was still in a development stage provided an excellent opportunity to add an asset to the fund that had not yet reached its full value.

Achievements

On completion in 2020, half of the asset was fully let on a long term-basis with no break clause for nine years with the other half being let on similar terms in 2021. As result, the building is able to offer long-term stable income, while its attractive location and new condition leaves space for rent reversion and capital appreciation.

The property has 80mm insulation on the roof and facades, a reversible heating and cooling system in the office areas, a LED lighting system, and six charging units for electric vehicles. It has received a BREEAM “Very Good” environmental certification for new construction. BREEAM certifications are used to assess the design, construction, intended use and futureproofing of new building developments, including the local, natural or human-created environment surrounding the building.