Residential Land Press and Media Section

Nobody wants to be seen as token

Emma Whitby-Smith, Head of Investment at Residential Land talks to Estate Gazette about diversity within the property industry.

Emma Whitby-Smith, Head of Investment

Emma Whitby-Smith, Head of Investment

When I first started in the property industry 30 years ago, diversity on any scale didn’t really exist, or if it did, it wasn’t high on the list of management priorities.

Any industry that is reliant on building relationships needs people who are representative and have a broad mix of gender, sexual orientation, race, religion, personalities and opinions. Thankfully, on the whole, the working environment has changed in a positive way in the past ten years. While there is always scope for improvement there is certainly broader diversity at senior levels in the property industry.

But diversity is not a buzzword. There is a difference between “complying” and truly understanding. Nobody wants to be viewed as a token individual within a company.

Employers should understand that employee welfare is a priority, and should review company policy regularly and engage with employees at all levels to improve working relationships. An individual who feels accepted, included and understood will in turn be happier and feel more valued. Understanding business is understanding people.

The London property industry is embracing diversity and companies are taking huge steps to introduce and improve diversity programmes. Freehold’s work has been a game-changer. The LGBT property networking group holds monthly events hosted by industry giants such as British Land, Savills, Cluttons, JLL, Shaftesbury and RICS, to name but a few. These respected companies understand that diversity is not about fixing a problem – it is about ensuring business sustainability and improved performance.

I can of course, only comment on the London property scene; other areas in the UK are sadly not as progressive. It is even worse in other countries.

While my sexuality doesn’t define me, it is absolutely an integral part of who I am and it is an enormous relief I can be honest about the fact I have a long-term female partner with my colleagues and associates. Twenty-five years ago, I would have thought twice about being so open for fear of prejudiced assumptions or worse.

People have been discriminated against, and sadly continue to be so, for no other reason than for being different. I have the support of my chief executive, who values my contribution to the company and respects me for who I am. He recognises that a one-size-fits all approach to managing people does not achieve fairness and equality for everyone.

People have different needs, values and beliefs. Good management demands fairness and equality but also flexibility and inclusiveness.

Read the article on the Estates Gazette website here.

Residential Land buys 4b Merchant Square, Paddington

Residential Land can confirm that it has bought 60 luxury flats for long leasehold at 4b Merchant Square, Paddington. For further information please read the article by Estate Gazette and Property Week below.

EG - Residential LandRitchie buys Paddington PRS block

Bruce Ritchie’s Residential Land has bought a block of 60 luxury flats in Paddington, W2, for £60m from Malaysian investor Amcorp.

The privately rented residential block at 4b Merchant Square forms part of the 1.8m sq ft mixed-use scheme developed by European Land, a joint venture between the Reuben brothers and Bruce Jarvis’s family trust.

4b Merchant Squiare - Residential Land

60 flats in 4b Merchant Square – Residential Land

The deal comes as European Land is preparing a potential £250m sale of the three remaining development sites at Merchant Square, including the proposed residential tower nicknamed the Cucumber.

Ritchie plans to rebrand and reposition the flats to boost their rent roll to £2.7m. He said: “We are pleased to have made this strategic purchase at a time when West End Green [the 600-home project on Edgware Road being bought by Berkeley Homes] is finally moving forward and European Land’s plans for the Merchant Square Cucumber are also coming to the market.”

Amcorp acquired the building in 2013 from the Crown Estate for £47m. It financed the purchase with a loan from Singapore’s United Overseas Bank. The facility has now been carried over to Residential Land in one of the first such instances of a UK operator securing funding from UOB, according to Ritchie.

The deal follows Residential Land’s acquisition of Palace Wharf in Fulham, SW6, for £37m, taking the company’s prime London rental portfolio to more than 1,200 homes.

Residential Land is backed by Canadian pension fund Ivanhoé Cambridge.

By Alexander Peace, Estates Gazette | Residential | 26-06-2015 | 08:00

 

Residential Land featured in Property Week

Residential Land featured in Property Week

 

 

 

Residential Land swoops on £60m Paddington block
Bruce Ritchie’s Residential Land has acquired a luxury flat scheme in Paddington for £60m.

The 60 unit block at 4b Merchant Square was bought from Native Land which is backed by Malaysian investor Amcorp.

The building forms part of a 1.8m sq ft European Land scheme which includes the Cucumber.

Residential Land will undertake a programme of refurbishment at the site which is around five years old.

Native Land acquired the building in 2013 from the Crown Estate for £47m.

Residential Land goes offplan in west London

Residential Land is proud to announce that it has completed on Palace Wharf, a deal for a riverside scheme in Fulham that has planning permission for 27 residential units.

For further information please read the article in Property Week below or follow the link to read it on the Property Week website

Ritchie’s Residential Land goes offplan in west London

Bruce Ritchie’s Residential Land has completed a major off-plan residential purchase in west London, after taking advantage of a lull in the Asian forward-sales market.

Backed by Canadian pension fund giant Ivanhoé Cambridge, the private rented sector (PRS) specialist has forward-purchased Chase New Homes’ scheme at Palace Wharf in Fulham at £1,250/sq ft – with the deal worth around £37m in total.

Palace Wharf, Fulham

Palace Wharf, Fulham

The site, near the famous River Café, has planning consent for 27 residential units, comprising five townhouses and 22 flats. “We see that to fulfil our stock requirements we need to be buying new as well as existing [stock],” Residential Land chief executive Ritchie told Property Week. “There’s an opportunity while Asian markets cool for us to replace that Far Eastern buyer with investor money, PRS money, rather than ‘export money’.”

The deal is Ritchie’s first off-plan purchase with Ivanhoé Cambridge and comes after Ivanhoé invested in a fifth Residential Land fund in February. The new £650m fund is focused on a broader area of prime central London, and its upper price point for investment has increased from £1,500/sq ft to £1,650/sq ft.

As well as buying the Fulham scheme, Residential Land has sold a £47m residential block in Marylebone to a group of Middle Eastern investors. Elliott House, 1 Molyneux Street, has been sold to developer Coronado – with backing from Shariah-compliant Al-Rayan bank.

Residential Land had already stripped out the building after receiving planning permission in 2012 to increase the size of the 1930s block from 28,500 sq ft to 35,500 sq ft – increasing the number of flats from 23 to 31.

Coronado will now take over the redevelopment to create the enlarged building, with Residential Land exiting at a price of £1,650 on the existing square footage.

Ritchie said it was a sign Shariah-compliant purchasers were becoming more comfortable with development.

RESI Awards 2015

Residential Land was recently featured in a Property Week article about the Resi Awards 2015.

Residential Consultancy Practise of the Year winner Savills and Residential Land CEO Bruce Ritchie

Savills stood out for the judges, who noted that 30% increase in turnover and 9% rise in fee income. Instrumental in the development of the Private Rented Sector  (PRS) and active in the Student Housing sector, the firm was also praised for its ” conception to crematorium” range of services and for having the largest commercial valuation practice in the UK. ” They are leading the built-to-rent sector advisers” said the judges.

Highly commended Delloite Real Estate Praised for “coming at things from a different angle” and its work as lead adviser to the National Grid and Berkeley on their St William joint venture, launched in November.

 

Residential Land headline sponsors of RESI Awards for fourth year in a row

 

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As headline sponsors of the RESI Awards 2015, Residential Land CEO Bruce Ritchie opened the awards with a short introduction.

 

Residential Land were headline sponsors for the RESI Awards on Wednesday 13 May 2015 for the fourth consecutive year.  Property Week RESI Awards was another huge success and saw over 1200 property professionals fill the Grosvenor House Hotel, Park Lane.

The awards are a fantastic opportunity to recognise excellence within the residential property industry

and celebrate the successes of that year. The event is an extension of the popular annual RESI conference, and has instantly established itself as an equally important networking event for the residential property sector.

Residential Land would like to say a very well done to all of this year’s winners!

This year’s winners included:

Residential Consultancy Practice of the Year – Savills (Sponsored by Residential Land)

Ritchie also presented the award for Residential Consultancy Practice of the Year which was awarded to Savills.

Ritchie presented the award for Residential Consultancy Practice of the Year which was awarded to Savills.

International Sales Agency of the Year – JLL

UK Sales Agency of the Year – Savills

Letting Agency of the Year – Knight Frank

Property Manager of the Year – Ringley Chartered Surveyors

Residential Investment Agency of the Year – Knight Frank

Asset Manager of the Year – Grainger

PRS Deal of the Year – Mace

Deal of the Year – Deloitte Real Estate

Large Developer of the Year – The Berkeley Group

Small Developer of the Year – Mount Anvil

Development of the Year – Royal Wharf – Ballymore and Oxley

Newcomer of the Year – Resonance

Landlord of the Year (Privately Owned) – Get Living London

Landlord of the Year (Registered Social) – A2Dominion Group

Residential Financier of the Year – The Royal Bank of Scotland

Student Accommodation Operator of the Year – Unite Students

Residential Personality of the Year – Sean Mulryan - Ballymore Group

Residential Land are big supporters of Property Week and what the RESI conference’s and Award shows have done for the residential market. We are already looking forward to this year’s RESI conference at the Celtic Manor on 7th - 9th September 2015.

See more pictures and video HERE

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Residential Land CEO Bruce Ritchie with Fiona Freeman (left) and Susan Geddes

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Residential Land guests

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Residential Land Sales Consultants Sibel Osman (left) and Vanessa Vaara

Residential Land host the RESI Awards 2015 shortlist party

On the 14th April, more than 120 property professionals gathered in the Residential Land garden at 59-60 Grosvenor Street for the RESI Awards drinks reception which was attended by all the shortlisted nominees. It was a fantastic evening, with much to celebrate for the residential property market.

Here is a short video of how the evening unfolded with short speeches from Bruce Ritchie, CEO of Residential Land and Liz Hamson, Editor of Property Week.

Click on the video to start watching:

resi awards 2015

Below are the names of those who have made the RESI Award’s 2015 shortlist including Residential Land who have been nominated once again for ‘Landlord of the Year.’ Residential Land are headline sponsors of the event and are presenting the award for ‘Residential Consultancy Practice of the Year’ at the awards ceremony on the 14th May at the Grosvenor House Hotel on Park Lane.

Categories:

Landlord of the Year (Privately Owned) – Sponsored by FirstPort
• Residential Land
• Grainger
• Get Living London
• Wellcome Trust
• RBS Real Estate Management

International Sales Agency of the Year – Sponsored by Accouter Group
• Chestertons
• Knight Frank
• Colliers International
• JLL

UK Sales Agency of the Year – Sponsored by Giles Landscapes CMS
• Savills
• CBRE
• Knight Frank
• Chestertons
• Assetz for Investors
• Strutt & Parker

Letting Agency of the Year
• Countrywide
• Knight Frank
• Chestertons
• Savills
• JLL

Residential Consultancy Practice of the Year – Sponsored by Residential Land
• Knight Frank
• CBRE
• BNP Paribas Real Estate
• EC Harris
• Savills
• Strutt & Parker
• AECOM
• Deloitte Real Estate

Property Manager of the Year – Sponsored by SLC Solicitors
• Rendall and Rittner
• Gordon &Co
• Burlington Estates (London)
• FirstPort
• Warwick Estates
• Savills – Prime Estates
• Ringley Chartered Surveyors

Residential Investment Agency of the Year – Sponsored by Deverell Smith
• Knight Frank
• CBRE
• Knight Knox International
• Savills

Asset Manager of the Year – Sponsored by Yardi Systems
• Grainger
• Inspired Asset Management
• Legal & General
• Knight Frank
• RBS Real Estate

PRS Deal of the Year – Sponsored by Savills
• Fizzy Living
• Grainger
• Muse Developments
• Mill Group
• CBRE
• Royal Bank of Scotland/Apollo Global Management
• Mace

Deal of the Year – Sponsored by Investec Structured Property Finance
• Grainger plc
• M&G Real Estate and HUB
• CBRE
• Essential Living
• Deloitte Real Estate
• JLL

Large Developer of the Year – Sponsored by CBRE
• L&Q
• Redrow Homes
• Hill
• Linden Homes
• The Berkeley Group
• Ballymore Group

Small Developer of the Year – Sponsored by LSL Land & New Homes
• Pocket
• A2Dominion Group
• Alchemi Group
• Mount Anvil
• Mar City Homes
• Regal Homes

Development of the Year – Sponsored by Knight Frank
Banyan Wharf – Regal Homes
Macaulay Walk – Grainger
Royal Wharf – Ballymore and Oxley
South Bank Tower – CIT
The Eagle – Mount Anvil
The Malt House – Mar City Homes

Newcomer of the Year – Sponsored by Mount Anvil
• The Countrywide & Hermes Residential Property Fund (Vista Residential Real Estate Fund )
• Mill Group
• Resonance
• Essential Living
• NEAT Developments
• The Accouter Group
• Greystar Europe Holdings Limited

Landlord of the Year (Registered Social)
• Home Group
• A2Dominion Group
• CityWest Homes
• L&Q
• Nottinghill
• Genesis

Residential Financier of the Year – Sponsored by Colliers International
• Barclays Real Estate
• Investec Bank
• Omni Capital
• Pluto Finance
• The Royal Bank of Scotland
• Urban Exposure

Student Accommodation Operator of the Year – Sponsored by Roomservice by CORT
• iQ Student Accommodation
• The Student Housing Company
• Scape Student Living
• CRM Students
• The Nido Collection
• Vita Student
• McLaren Property
• Unite Students

Residential Personality of the Year – Sponsored by Chestertons
• To be announced on the evening

Residential Land seals landmark debt deal and launches £650m fund

Residential Land was recently featured in a Property Week article detailing the backing received by HSBC and their new venture with Ivanhoé Cambridge.

Read the full article below:

Bruce Ritchie article 27th Feb 2015

 

 

 

 

 

 

 

 

 

 

Bruce Ritchie’s Residential Land has secured one of the largest refinancing deals ever in the UK private rented sector and embarked on a fresh £650m push into prime central London

Residential Land066

HSBC has backed Residential Land with a five-year £320m facility at a loan-to-value of 55%, with the debt secured against homes held in Residential Land’s four funds with Canadian pension giant Ivanhoé Cambridge and Apollo Global Management.

The deal marks the first time Residential Land has sourced external debt for the four funds, which have invested or committed £800m since 2012. The refinancing demonstrates the strong appetite among lenders for debt on rented holdings, with HSBC fighting off competition from 13 rivals, including shortlisted lenders Met Life and Crédit Agricole, to secure the deal.

Ritchie has also embarked on a new venture with Ivanhoé Cambridge, which will see the Canadians investing in a fifth fund with investment firepower of £650m. Ivanhoé will work directly with Residential Land, rather than through Apollo, for the first time.

Ivanhoé has committed to an initial three tranches of £90m of equity, coupled with equivalent debt, alongside investments from Residential Land and Apollo’s head of real estate in Europe Roger Orf, who is personally investing in the new fund. Each tranche is likely to be invested over six months and Ivanhoé has indicated its willingness to commit to additional tranches.

The new fund will invest in a much broader area of prime central London, taking in areas like the South Bank, parts of north and east London and the Isle of Dogs. It has already bought Circus Apartments, a 40,000 sq ft building attached to the Four Seasons Hotel in Canary Wharf, from City & Docklands, for £31.5m. The building has 45 existing apartments let to serviced apartment operator BridgeStreet until March this year, when Residential Land is open to a new operator coming on board.

Residential Land has also increased its upper price point for investment from £1,500/sq ft to £1,650/sq ft, and plans to invest in areas where there are opportunities to benefit from the ripple effect of prime central London moving outwards.

Ritchie told Property Week: “We are pleased that finally there is a successful example of long-term PRS investment in central London by an institution that shows with the right level of returns it can be as profitable as any commercial equivalent.”

 

 

 

 

Ritchie wraps up £140m of Residential Land joint venture buys

Residential Land was featured in another Property Week article which outlined the £140m worth of completed deals, made by Residential Land, for joint venture partners Ivanhoé Cambridge and Apollo Global Management.

Bruce Ritchie Article 28th Feb 2014

Read the full article below:

Bruce Ritchie’s Residential Land has completed £140m of deals for its joint venture with North American investors Ivanhoé Cambridge and Apollo Global Management

It has bought Strathmore Court on Park Road in St John’s Wood, north-west London for around £40m from Middle Eastern-backed company Messila House. The 43,000 sq ft property has 19 flats and ground-floor retail, and is vacant. Residential Land will refurbish and relet the flats.

It also paid just less than £100m for the Thurlow Estate, which comprises 140,000 sq ft of residential and retail property in South Kensington split into three blocks, totalling 144 flats.

It bought them from fund manager Brandeaux.

PERE – The 2012 Global Investor 30

PERE News - 2012 Global Investor 30

Residential Land were recently featured in a keynote interview with Macquaire Capital in the PERE 2012 Global Investor 30 supplement.

The article written by Jonathan Brasse discusses Macquarie Capital’s advisory role in $36 billion of private real estate transactions over the past 9 years.

Read the rest of this article »

Destination London – A guide to investing in prime London residential property


Property Week and Residential Land produce a guide to investing in prime London residential property

As the prime London residential property market continues to be a safe haven for investors across the world, Residential Land and Property Week have collaborated to create an insiders guide to investing in Prime central London.

Read the rest of this article »