s + - Opus Real Estate Fund

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O P U S
R E A L
E S T A T E
OPUS REAL ESTATE FUND
MANSARD CAPITAL / SELLAR DEVELOPMENTS
F U N D
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“London real estate provides unrivalled opportunities
for investors. We bring together extensive experience,
world-class architects and a track record of delivering
internationally recognised developments.”
- James Sellar
CEO OF SELLAR DEVELOPMENTS
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O P U S R E A L E S TAT E F U N D
Opportunity to invest in Central
London developments through a
strategic partnership with Sellar
Developments (SD), the property
developers of the Shard.
The Shard has just been awarded
the Emporis Skyscraper Award
for 2014.
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S E L L A R D E V E LO P M E N T S
• CEO James Sellar has spent many years pioneering
• Sellar are one of the leading UK development
companies, taking a comprehensive approach to
high-profile property projects in central London and
property investment.
the South East, and as a result has developed working
relationships with the leading professionals in the
• Sellar adopt an integrated approach to Real Estate
industry.
Investment and development. The company
comprises professionals across a range of disciplines
• Sellar have a number of visionary design-led projects
enabling a full life-cycle assessment covering existing
in the pipeline – setting itself apart from other
investment value, asset enhancement, planning,
property investors – which will create significant value
construction and through to post completion asset
uplift for both investors and the local community.
management strategies.
• Sellar was the pivotal force behind the iconic Shard
development from concept to execution, securing
renowned architect Renzo Piano to develop their
vision for the tallest building in Western Europe.
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THE SELLAR TEAM
JAMES SELLAR
MRICS – CEO
As chief executive of Sellar Property Group and founder of its residential-led development business Sellar
Developments, James has experience working across all principal real estate sectors. James has more than
15 years post-qualification experience, and prior to joining SPG worked with CB Richard Ellis in valuation and
investment management where he qualified as a chartered surveyor. Over the past decade he has overseen the Sellar
development business and the planning and delivery of the London Bridge Quarter, including the Shard.
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THE SELLAR TEAM
FLAN MCNAMARA
Construction Director
ANDREW STOREY
Development Director
Flan has over 35 years varied experience in design and
Andrew has extensive knowledge of the Property and
construction management. He has been responsible
Construction industry spanning 30 years, with key
for delivering the Shard and the Place prior to which he
contacts in both sectors. Andrew’s experience allows
was Construction Director of the Westfield Shopping
him to control the whole development/construction
Mall for Westfield/Multiplex and Project Director for
process to maximise profits and returns on investment.
the £330m Peterborough Hospitals PFI. Previously
He has extensive knowledge of Development
Flan worked on the Royal Opera House, Hotel Arts
Appraisals, Funding and Joint Venture Agreements,
Barcelona, Albion Riverside and has extensive
Planning legislation and Building Contracts gained from
experience in Indonesia, Spain, Oman, Abu Dhabi, Saudi
being responsible for development and construction
Arabia and Yemen.
of numerous multi-million pound urban development
schemes at Lend Lease Europe and Taylor Woodrow.
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W H Y C E N T R A L LO N D O N P R O P E R T Y ?
• London is a safe haven for the world’s elite, boasting
• British banks accounted for 43% of commercial
tax advantages for foreign ownership and a stable
property loans in 2013, down from 72% at the market
political environment, making the city the world’s
peak in 2008 † and nearly a third of commercial
premier financial centre.
property loans originated from non-bank lenders last
year.
• Banks are retreating from European real estate
lending as they focus on recapitalising their balance
sheets. There is expected to be a €350-€600bn debt
• OPUS is exploiting this market imbalance and
addressing the inherent funding gap.
shortfall for European commercial property over
the next five years*, creating opportunities for retail
investors.
* According to Morgan Stanley. From PwC’s Emerging Trends In Real Estate 2013 report.
† According to research from De Montford University, May 2014
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W H Y C E N T R A L LO N D O N P R O P E R T Y ?
• London residential property continues to outperform the rest of the UK.
• The average prime London home will be worth more than £2m by the end of 2015 †.
• The commercial property market has risen almost 8% in value over the year to May 2014,
with London markets leading the way ‡.
† data from estate agency Marsh & Parsons, April 2014
‡ data from the IPD UK Monthly Property Index,16 May 2014
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C E N T R A L LO N D O N P R O P E R T Y - S U P P LY A N D D E M A N D
• London’s population is set to swell by
13% over the next decade *.
• It will reach almost 9.4m by 2022, up
from 8.3m in 2013, and is predicted to
• But only 16,800 new homes were
completed over 2013/14 across all
London boroughs†, creating a market
imbalance between supply and demand,
and boosting investor returns.
reach 10m by 2029 *.
• More than 800,000 new homes need
to be built before 2021 to keep up with
demand †.
* Data from ONS, 29 May 2014
† Live data from the Department for Communities and Local Government
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THE OPPORTUNITY
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THE OPPORTUNITY
•
Providing investors with exclusive access to a diversified pipeline of real estate deals.
•
Investing in high-return property projects in central London, from smaller scale single
buildings through to major central London commercial and residential property
developments.
•
Creating value throughout the various development stages of a building project, from
initial planning to final delivery.
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I N V E S T M E N T S T R AT E G Y
TARGETING ANNUALISED RETURNS OF 12%-14% OVER THE DEVELOPMENT CYCLE, BY:
• Investing in locations that people want
to live and work in, which are already
supported by existing or planned
infrastructure to create uplift for the
investor.
• Actively looking for quality
opportunities in the central London
residential and mixed-use market
to exploit the long-term structural
imbalance between supply and
demand.
• A trusted track record in delivering
quality projects allows a successful
dialogue with local communities and
planning departments enhancing their
support for the proposed schemes.
• Using Sellar’s in-house expertise and
established network of real estate
professionals.
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FUND LIQUIDITY
• Open-ended fund with asset realisations at set intervals.
• The fund mainly invests in development cycle projects, which, by their nature, provide
cyclical internal liquidity. This allows for capital to be redeployed in the best interests of
all shareholders.
• A proportion of assets under management will be held in short-term investments to
assist liquidity and redemptions.
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A S S E T R E A L I S AT I O N
•
Once planning consent has been given, typically around 12 months after acquisition.
•
When a partner comes on board and buys into the project, typically six months after
planning consent is given.
•
When the project is completed profits are distributed.
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CURRENT PROJECTS
•
Town centre development in Canada Water with 1,000 residential units.
•
Two year turnaround residential apartment block in Camden.
•
Landmark phased residential project in prime Southbank. In pre-planning stage.
Estimated Gross Development Value of £750M.*
*Market sensitive project. Supplemental information available upon signing of NDA.
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C A N A DA WAT E R , T O W N C E N T R E
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C A N A DA WAT E R , T O W N C E N T R E
• In 2011, Sellar was appointment the development
• More than 1,000 residential units and 150,000 sq ft
manager by Investec Private Bank to create an
of retail space planned over the next eight years, in a
exciting public space on the Thames between the
location with outstanding transport infrastructure.
major commercial hubs of London Bridge and
• The wider area is under transformation with the
Canary Wharf.
Printworks Shopping Centre and the Surrey Quays
• Sellar redesigned the space, liaised with planners
leisure centre being developed by British Land which
and brought in world-renowned architects David
will see Canada Water become one of the most
Chipperfield and Maccreanor Lavington to unlock the
exciting and vibrant central London neighbourhoods.
area’s full potential.
• With planning permission secured, the site increased
in value from £19m to £65m. Sellar forward sold
elements of the development, lowering the risk profile
of the project.
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C A M D E N , R E D E V E LO P M E N T O P P O R T U N I T Y
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C A M D E N , R E D E V E LO P M E N T O P P O R T U N I T Y
• Existing building of 20,000 square feet
light industrial / office.
• Significant value enhancement through
refurbishment and redevelopment.
• Located near major transport links.
• Proposed scheme: Extend building and
infill thereby increasing Net Internal Area
(NIA) from 20,000 square feet to 70,000
square feet.
• Forecast programme: Planning 18
months, Development period two years.
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A B O U T M A N S A R D C A P I TA L
• Mansard Capital is a specialist investment manager providing discretionary
management services, multi asset solutions and alternative investment funds to private
clients and institutions.
• Mansard currently manages on $425M** across a selection of investment strategies.
• Mansard has developed strategic partnerships with some of the largest banks and
investment institutions in the world.
• Mansard Capital Management will appoint Sellar Developments to act as property
adviser.
** AUM is for Mansard Group of Companies as at January 2015.
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FUND DIRECTORS
LEON DIAMOND
JOHN MORTER
RAYMOND BUSUTTIL
Mansard Capital founder and
CIO Leon Diamond has been
investing in global markets for the
past 17 years. Prior to founding
Mansard, Leon was co-portfolio
manager of the Porcupine Global
Macro Fund, during which it
was nominated for two industry
awards. Leon also formed part
of the investment committee of
Castlestone Management, and has
held positions with Folkes Asset
Management and EL & C Baillieu in
Australia.
John Morter has enjoyed a varied
career in the asset management
industry over the past 14 years.
John joined Mansard Capital from
Wadhwani Asset Management,
where he was instrumental in
the launch of their UCITS trading
vehicle. Previous experience
includes Folkes Asset Management
& Marubeni Corporation.
Raymond Busuttil, an associate of
the Chartered Institute of Bankers
in London, has more than 37
years of experience in financial
services and currently serves as
the managing director of IIG Bank.
Until 2007, he was executive head
of business development and
financial institutions at FIMBank.
Raymond holds an International
Banking Diploma, and is qualified in
trust administration.
Leon, John and Raymond are also members of the Mansard Investment Committee
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A D V I S O R Y B OA R D
RICK ABBOTT
ROBERT HANNINGTON
JAMES JEFFERY
Currently serving as Mansard
Capital’s non-executive chairman,
Rick Abbott has also served as
executive director of Morgan
Grenfell & Co Ltd, and held high
level positions with Deutsche Bank
and ABN-AMRO. More recently,
Rick advised Knight Frank Group
on its involvement in financial
services and following this, he cofounded Rutley Capital Partners
– the Knight Frank Private Equity
Real Estate business.
Robert spent 19 years as a
Proprietary Partner of Knight Frank
running the Investment Division
from 1991 to 2000. He has acted
as the adviser to the property
pension funds of the BBC pension
trust, the John Lewis Partnership,
Lancashire County Council. Robert
has also consulted to Citibank,
ADIA and the UK Government.
Following three years based in
Sydney as Chairman of Knight
Frank Australia and Deputy
Chairman of Knight Frank Asia
Pacific, he returned to London
to lead the firm’s investment
management team into the
creation of property funds under
the Rutley banner. James works as an adviser on
legal structuring. He founded
J P Jeffery Limited in 2009 to
provide consultancy, transaction
management and support services
to Triathlon Homes LLP, in respect
of their role in the funding and
delivery of the Olympic Athletes’
Village at Stratford, London. The
company also provides legal and
commercial advice and project
based consultancy services to
First Base Limited, an urban
development and investment
company based in London’s West
End. Prior to 2009 James worked
for Arhurst LLP, Hogan & Hartson
and Simmons & Simmons covering
real estate transactions.
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I N V E S T M E N T A P P R O VA L A N D D U E D I L I G E N C E P R O C C E S S
OPUS INVESTMENT ADVISORY
• Due diligence inspection of investment proposition.
• Check proposal versus the investment strategy benchmarks.
• Assess and challenge performance assumptions.
• Question risk analysis volatility.
• Assess likely holding period.
• Consider the Asset Management business plan.
• Make recommendation to Mansard Investment Committee.
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I N V E S T M E N T A P P R O VA L A N D D U E D I L I G E N C E P R O C C E S S
VESTMENT ADV
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SUMMARY
• A unique opportunity to partner with market-leading property developer, Sellar
Developments, in central London.
• Current project pipeline includes consented central London residential developments as
well as pre-planning opportunities.
• Targeted annualised returns of 12%-14%.
* Achieved / Expected returns are provided for indicative purposes only. Mansard Capital and Sellar Developments make no representations or
warranties of any kind, express or implied, that such information is accurate or complete.
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T H E R E G U L AT E D F R A M E W O R K
BANKER RBS
(Isle of Man)
OPUS REAL
ESTATE FUND
ADMINISTRATOR
Apex Fund Services (Malta) Ltd
AUDITOR
KPMG (Malta)
DEVELOPMENT SPV
SENIOR DEBT
INVEST IN
PHYSICAL PROPERTY
SELLAR DEVELOPMENT
DEVELOPMENT & EXECUTION
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C O N TAC T U S
Steven Raucher
Partner, Head of Sales
T: +44 (0) 20 3475 68 07
M: +44 (0) 7976 23 23 20
steven.raucher@mansardcap.com
Fielden House | 28 London Bridge Street | London SE1 9SG | info@mansardcap.com
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DISCLAIMER
This document is for professional investors and eligible counter
parties only and is not for distribution to the general public.
The document contains forward-looking statements concerning
the financial markets and relies on past performance of such
financial markets. Past performance of any kind is not a guide, or
reliable indicator, to future performance. Any statements, expressed
or implied, are based on Mansard Capitals expectations and
assumptions at the time of the document, which may change without
notice, and are no guarantee of future performance or financial
conditions. The value of investments and income from them may
fluctuate, may be affected by changes in rates of exchange and are
not guaranteed. Investors may not recoup any of the amount originally
invested.
This document is provided for information purposes only and
does not constitute an offer or an invitation to invest within the
company or any of its Funds. Any potential investors interested
in making an investment in any of the Funds detailed should seek
appropriate professional advice and refer to the Companies Offering
Memorandum and the relevant Funds Offering Supplement before
making any investment decision.
Potential Investors are obliged to consider the legal requirements
in the countries of their nationality, residence, ordinary residence
or domicile and any relevant tax consequences before making
any investments. This document does not constitute an offer or
solicitation to sell shares, in any jurisdiction in which such offer or
solicitation is not authorised or to any person to whom it is unlawful to
make such offer or solicitation.
Approved for issue in the United Kingdom by Mansard Capital LLP,
a limited liability partnership registered in England and Wales with
registered number OC355313, which is authorised and regulated
by the U.K. Financial Conduct Authority (FRN 518280). Mansard
Capital Management is authorised and regulated by the Maltese
FSA. The Opus Real Estate Fund is a Maltese regulated Fund and is
not a recognised collective investment scheme for the purposes of
the Financial Services and Markets Act 2000 of the United Kingdom
(the “Act” ). Content relating to the Mansard Capital SICAV plc. is
aimed solely at investors who meet the Financial Conduct Authority
definitions of Eligible Counter party or Professional Client or fall into
one of the categories of person listed in Conduct of Business Rules
Chapter 4.12.1(4).
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s + - Opus Real Estate Fund

Transcription

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