The Deal Sheet is a weekly compilation of Greater London and beyond’s biggest leases, sales, financing deals, construction updates and personnel moves. Have news you’d like to submit? Email mark.faithfull@bisnow.com.
Kennedy Wilson has exchanged on the purchase of approximately 275 units via three transactions on behalf of its single-family rental housing joint venture with the Canada Pension Plan Investment Board for a total of approximately £100M.
The units sit across three UK development sites in Milton Keynes, Derby and Cheltenham and have been acquired from independent housebuilder Dandara and existing partner Miller Homes.
Courtesy of Kennedy Wilson
More single-family rental homes for Kennedy Wilson and the Canada Pension Plan Investment Board.
The purchases contribute to the growth of the platform to approximately 1,180 homes since its launch in October 2024, and the JV has now committed to deploying approximately £390M across 13 sites in locations including Bedford, Cambridge, Derby, Didcot, Great Dunmow, Ipswich and Wolverhampton with a total of five housebuilders including Barratt Redrow and Cala Homes.
Kennedy Wilson said it believes it has the potential capacity for the platform to reach 2,000 units by the end of 2025 and 4,000 units at full capital deployment.
“The platform’s first newly completed homes, located in Norwich and Bedford, are now available to rent, and we have seen high levels of demand from the rental market,” Kennedy Wilson Europe President Mike Pegler said in a statement. “We expect these strong foundations to underpin our future pipeline as we continue to deploy capital and scale the platform.”
DEALS
Legal & General has acquired Hyatt Place and Hyatt House, a 305-bed dual-branded hotel in central Leeds, on behalf of its Managed Property Fund.
Located opposite Leeds City train station, the hotel includes all-electric operations and a BREEAM Excellent rating. The newly developed hotel, opened in March 2025, comprises 88 Hyatt House long-stay rooms and 217 hotel bedrooms, with a rooftop bar and restaurant.
The hotel will be operated by Aimbridge and is subject to a franchise agreement with Hyatt.
“This acquisition reaffirms our belief that the hotel sector offers attractive fundamentals, with potential to outperform the wider property markets in the long term,” L&G Head of UK Institutional Funds, Private Markets Rob Codling said in a statement.
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DTZ Investors has completed the acquisition of Solar Park in Solihull from Aberdeen for £61M, reflecting a net initial yield of 3.5%.
The property was developed in phases between 2000 and 2005 and comprises a prime midbox logistics park with seven units totalling approximately 282K SF on a site area of 18.5 acres.
The estate is fully let to seven tenants at a low average passing rent of £8 per SF. However, DTZ Investors said the most recent letting on the park was at £13 per SF, representing a 62% uplift on the average passing rent.
“With 87% of the contracted income subject to rent review or lease expiry within the next 18 months, we anticipate the fund will be able to capture significant rental growth in the near term,” Newmark partner John Prichard said in a statement.
LEASING
Flex operator InfinitSpace has announced a 103K SF management agreement at Fox Court, Holborn, marking the operator’s largest site globally and its fourth in London under its premium Beyond brand.
It is expected to open in August across nine floors almost adjacent to Chancery Lane station. It will offer 1,700 workstations, communal areas and an outdoor garden space.
Beyond takes over the site from flex operator NewFlex. It is Beyond’s second location in Holborn. Globally, the Dutch group operates 10 sites, including in Amsterdam, Berlin and the United Arab Emirates.
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Swiss watchmaker Swatch Group has agreed on terms for 9,500 SF to establish its new London headquarters at Sierra Quebec Bravo, real estate developer General Projects’ 70K SF office development.
Swatch Group will take a five-year lease for Category A-plus space on Level 12, with General Projects conducting the fit-out ahead of the company’s move into the building.
Located by Canary Wharf, SQB made a £9M investment to revamp the building into a mix of flexible, fully serviced coworking space, Category A and B office space, and well-being and lifestyle amenities.
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Native Land has completed the letting of 6K SF of fully fitted workspace with a 264 SF covered outdoor terrace to Mark Anthony Brands, within its flagship office development Arbor at Bankside Yards on London’s South Bank.
The space launched to agents in May and was subject to an offer from the company behind drinks brands that include White Claw Hard Seltzer and Glendalough Distillery, which plans to move into its new space this month.
FINANCE
Pegasus Homes has secured financing that includes an £88M debt facility from Barclays UK Corporate Bank, alongside a £32M loan from lender Leumi UK.
The loan from Barclays increases the bank’s previous £29M facility and will support the company’s expansion into the later living rental market, enabling its sister company, Pegasus Homes Rental Group, to purchase 172 rental apartments, increasing its portfolio to 332 homes valued at £132M.
The Leumi loan will refinance part of Pegasus Homes’ remaining for-sale portfolio, reduce the number of lenders and, alongside the sale of rental homes to the Rental Group and an undisclosed additional investment from Oaktree Capital Management, reduce Pegasus Homes’ overall debt, the company said.
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Supermarket Income REIT has announced the issuance of its debut £250M sterling-denominated senior unsecured bond with a term of six years.
The bonds will bear a coupon of 5.125% and were priced at a spread of 115 basis points over the relevant benchmark. The net proceeds of the bonds will be used for general corporate purposes, including the refinancing of existing debt facilities, the company said.
Following the issuance of the bonds, the company’s loan-to-value ratio will be 34% on a pro forma basis, with a weighted average debt maturity of 4.6 years.
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Ortus Secured Finance has completed a £25M loan to support the refinance and redevelopment of Dumbleton Hall Hotel, a Grade II-listed country house hotel in the Cotswolds.
Dumbleton Hall Hotel is owned by Chatham Park Development, a U.S.-based development firm that acquired the hotel in April 2021.
The facility refinances an existing lender and will support the completion of extensive renovation and repositioning works at the 34-bed property, which sits on 15.8 acres of parkland near Evesham. A multimillion-pound transformation to become a premium hospitality destination is underway.
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Maslow Capital has closed a £27.4M, 12-month facility for Kier Property, secured against the developer’s newly completed 104K SF industrial and warehouse unit in Bracknell.
The facility refinances Kier Property’s equity investment in the scheme, replacing capital the company deployed during construction. By recycling this equity, Kier can pursue a growing pipeline of commercial and residential projects across the UK, the company said.
DEVELOPMENT
London Mayor Sadiq Khan has launched the formal search for a master developer to lead the transformation of Royal Albert Dock in East London.
Within the borough of Newham, the 30-acre site sits within the Royal Docks and covers over 4M SF for a new waterside neighbourhood with an anticipated gross development value of around £3B.
The mayor is seeking a “forward-thinking partner to shape and deliver a mixed-use, innovative place” and is looking for proposals that will capitalise on the site’s dockside setting, green and blue space, and road, rail and air transport links.
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Developer-operator Placefirst and homebuilder Strata, in partnership with Auxesia Homes, have announced a second deal under their joint venture to deliver 104 single-family rental homes in Bilborough, Nottingham.
The deal forms part of their ambition to build 500 rental homes across the UK by 2028, and the scheme, called Chingford Meadows, includes 70 three-bedroom homes and 34 four-bedroom homes, all of which will be managed and maintained by Placefirst.
The forward-funded scheme will bring the total number of homes delivered through its JV with Strata to 232. The first homes are expected to be delivered in July 2026, with site completion due in July 2028.