The Threadneedle Low-Carbon Workplace Trust (LCW) has secured a
significant equity commitment from The Townsend Group, a premier
provider of global real estate investment solutions. Together
with an additional equity commitment LCW is at £100m.
Launched in 2010, LCW is a partnership between Threadneedle
Investments, a leading UK property investment manager, Stanhope,
one of the UK's leading commercial real estate developers and the
Carbon Trust, a not-for-profit company with the mission to
accelerate the move to a low carbon economy.
LCW capitalises on the growing demand from investors for
socially responsible investment opportunities, which also possess
the attributes for delivery of outperformance, as well as the
growing demand from occupiers for workplaces that deliver
efficiency in use, both in terms of lower carbon outputs and
reduced occupancy costs. It looks to refurbish properties to
best practice low carbon standards and uniquely offers occupiers
ongoing advice and support to ensure the building's energy
efficiency specification is achieved in-use. It targets
outperformance for investors through generating strong returns from
its refurbishment activities, in addition to completed low carbon
properties satisfying the considerable demand from high quality
occupiers, delivering a secure, long term income stream to
investors from its investment portfolio.
LCW currently has a portfolio of four projects which are:
Premier House, Twickenham; Grove House, Hammersmith; Mansel Court,
Wimbledon and The Billings, Guildford. The Billings will officially
be launched as the UK's first completed low carbon workplace in
February and is already occupied in part by Investec Wealth and
Investment Ltd. The forecasted return on equity across the four
projects is well in excess of 20% against fund target of 15%. In
addition, LCW is in advance stages of securing two more
projects.
Damien Smith, Principal of The Townsend Group
comments: "This strategy is extremely relevant in
promoting both responsible investment, which we are committed to
under the United Nations PRI, and importantly providing occupiers
with efficient modern workspace and lower occupancy costs. This
investment is consistent with our objective of working with and
investing alongside management teams who focus on active property
management and have track records which provide investors with
excess returns above market."
Don Jordison, Managing Director of Threadneedle Property
said: "We have reached critical mass with LCW. Since
its launch 18 months ago, LCW has rapidly completed the acquisition
and refitting of four buildings and secured high quality
tenants. Townsend's investment further validates the strength
of the investment case for this fund."
Tom Delay, Chief Executive of the Carbon Trust,
said: "This is great news and a major shot in the arm for
the sector. With this new investment and with LCW's first
building scheduled to open in a matter of weeks we believe the
market for low carbon commercial properties is now well and truly
open."
David Camp, CEO of Stanhope, said: "With projects delivered and
occupiers secured combined with the endorsement of such an
important investor, we are now well advanced in establishing an
industry norm for low carbon refurbishment."
For further information
For further information please contact:
Ella Tekdag, Threadneedle - 020 7464 5082
Rob Watts, Stanhope - 020 7170 1700
Marcus Rand, Carbon Trust - 020 7544 3100
Notes to Editors
The roles of the partners:
Threadneedle is the fund manager for the
Threadneedle LCW Trust. Threadneedle has one of the largest
and most experienced property teams operating in the UK today with
26 investment professionals.
Threadneedle has been investing in commercial property since
1994 and currently manage more than £5.8 billion in property assets
(as at 30.09.2011). Our property team have an average of 17
years' market experience and have been with Threadneedle for more
than nine years on average. This stability has been a key
factor in the team's success. The team was awarded the
Property Asset Manager of the Year at the 2011 Financial News
Awards, Property Fund Manager of the Year at the 2011 Property Week
Awards for the second time in 3 years and the fifth time in 16
years. Fund Manager of the Year at the 2009 Property Week Awards -
the fourth time they have won this high profile award, and were
also awarded Europroperty's Fund Manager of the Year 2009.
Stanhope Plc is a specialist UK real estate
developer of major commercial and mixed-use projects. With 25
years experience, and more than £10 billion of completed projects
behind it, Stanhope has built an unrivalled specialist in-house
team which has earned a reputation for quality and integrity that
is second to none.
Stanhope will devise and deliver all the refurbishment work for
LCW. With a strong focus on research and innovation, Stanhope
has been at the forefront of sustainable innovation in the built
environment for over a decade. Stanhope's experience in the
field and established supply chain, along with a commitment to
working with the occupier throughout the design process, will
reduce both financial and material waste.
Stanhope's completed projects include Broadgate, the Royal Opera
House, Tate Modern, HM Treasury and Paternoster Square and totals
more than 30 office buildings delivered for owner occupiers or
pre-lets. The team is currently working on a pipeline of 10million
sq ft across 17 projects with partners including the Crown Estate,
Legal & General, BSkyB and Schroders.
The Carbon Trust is a not-for-profit company
with the mission to accelerate the move to a low carbon economy,
providing specialist support to business and the public sector to
help cut carbon emissions, save energy and commercialise low carbon
technologies.
Low Carbon Workplace Limited is the exclusive
Carbon Advisor to the Low Carbon Workplace Fund and a wholly-owned
subsidiary of Carbon Trust. It contributes low carbon design
advice for refurbishments, coordinates the Low Carbon Workplace
Standard and provides ongoing low-carbon assistance to occupiers
under the Low Carbon Workplace Charter.
Notes to Editors
About Threadneedle
Threadneedle is a leading international investment manager with
a strong track record of outperformance across asset classes. We
actively manage £61.9bn (as at 30 Sep 2011) of assets, investing on
behalf of individuals, pension funds, insurers and corporations. We
are the 4th largest UK retail fund manager1 and the 11th largest UK
fund manager1 by AUM. In Europe we rank in the top 402. Established
in 1994 in London, Threadneedle operates in 15 countries across
Europe, the Middle East, Asia Pacific and North America.
Threadneedle's distinctive investment approach is based on
creative thinking, sharing of ideas and rigorous debate. Our 120
investment professionals invest across developed and emerging
market equities, fixed income, commodities and UK property. As at
30 Sep 2011, 59% of Threadneedle funds outperformed over 1 year,
69% over 3 years and 84% over 5 years3. Year-to-date, Threadneedle
has won 125 prestigious fund management industry awards
globally4.
Threadneedle is owned by Ameriprise Financial (NYSE: AMP), a
leading US diversified financial services company with over
US$600bn (as at 30 Sep 2011) in owned, managed and administered
assets. As its international investment platform, Threadneedle
provides Ameriprise and its retail and institutional clients with
world class investment solutions.
This press release includes forward looking statements,
including projections of future economic and financial
conditions. None of Threadneedle, its directors, officers or
employees make any representation, warranty, guaranty, or other
assurance that any of these forward looking statements will prove
to be accurate. Please note that the performance target may not be
attained. Threadneedle Investments is a brand name and both the
Threadneedle Investments name and logo are trademarks or registered
trademarks of the Threadneedle group of companies.
1 UK IMA ranking, Sep 2011, see www.investmentfunds.org.uk
2 Europe ranking, Morningstar Sep 2011
3 All funds managed by Threadneedle, including
segregated accounts/portfolios. The data does not include funds
sub-advised by third parties or guest funds on a Threadneedle
platform. All figures are as at 30 Sep 2011, in GBP unless
stated otherwise. Total value of funds outperforming their relevant
benchmark expressed as a percentage of total assets under
management. This information aims to demonstrate the overall
performance capabilities of Threadneedle's asset management team.
It is not intended to indicate the performance of individual funds
or products. Please refer to product specific documentation in
relation to individual funds. Past performance is not a guide to
future performance. The value of investments and any income is not
guaranteed and can go down as well as up.
4 For details see: www.threadneedle.com/awards