Portfolio Summary

Cobalt Square - Sold

• 17 floor, 73,118 square foot office building in Edgbaston, Birmingham



• Patron Capital and Princeton Investments Acquire Hagley House 
  (Press Article - PDF, 99KB)



• Significantly vacant building. Refurbishment, relet and exit



• Refurbishment Plan Photos
  August 2006
  (1)  (2) (3)  (4)  (5)  (6) (7)  (8) (9)



• Refurbishment Plan Photos - January 2005
  (1) (2) (3)



• Cobalt Square Brochure



• Cobalt Square Website

• 17,000 square foot office building in Leeds



• Grade II listed building in Central Business District



• Relet, refurbishment and exit

• Refurbishment Photos - August 2006

Birmingham– “City Plaza ”

• Comprises of approximately 96,000 sq ft, 9 storey mixed-use (office and retail) building located in the centre of the CBD of Birmingham.
  
• Strategic repositioning plan includes:
  •  Refurbishment on vacant office floors - completed
  •  Refurbishment of lower floors including removal of escalator and creation of 4,500 sq. ft of new office space and 2,000 sq. ft of retail space - all completed
  
• The attraction of this investment is its absolute prime location in central Birmingham, opportunistic repositioning of retail into office to achieve highest and best use, and potential for substantial ERV gain post refurbishment programme.
  
  This investment by Patron represents the third investment in Fund II in its UK Small Office Program which currently holds the Delek portfolio located in Croydon, Sheffield, Birmingham and Manchester and the Cloth Hall building in Leeds.

• View Investment Memorandum (PDF, 1.5MB)
• St. Philips Square Office Launched! (View Brochure)
• View More Images of St. Philips Square Office (View Slideshow)

• Acquisition of portfolio of 2 office buildings (Cloth Hall A and Cloth Hall C) with a total of 101,524 square feet in Leeds City Centre


• Acquired 100% occupied with under market rent levels.


• Top quality covenants (Ernst & Young and Eversheds)


• Opportunities include:
  Cloth Hall A Building - Refurbish interior to A credit level once Eversheds vacates in 2007 and raise rents to market level, planning permission granted
  Cloth Hall C Building - Refurbish interior to A credit level and raise rents to market level
• Sold both buildings to separate buyers in Autumn 2007

• View New Plans (PDF, 6.7MB)

• View Investment Memorandum (PDF, 1.5MB)

• Delek JV Investment Memorandum (PDF, 6MB)


• Delek JV Press Release

Centre City – “Centre City”

• City Centre is a large (207,393 sq. feet) multi-tenanted 1960's office tower located in Birmingham's inner ring road.
  The asset serves as the regional headquarters for various tenants including Legal & General who are mostly on reversionary leases.
  
• The building needs active management to take advantage of its proximity to the new Bullring shopping centre.
  
• The principal opportunity is to create additional value from extending the occupancy of key tenant Legal and General, as well as improving certain leases and turning around a mismanaged car park.

• Centre City Refurbishment - October 2006
  

Croydon "NLA Tower"

• The NLA Tower is a landmark concrete office tower (170,000 sq. feet) built in the early 1970s located adjacent to a major regeneration site.
  
  
• In the process of current refurbishment and reletting.
  

• No. 1 Croydon Images - June 2008 (View Slideshow)
• Croydon Refurbishment - May 2007 (View Slideshow)

• SimChem House is a 1960s office building (79,444 sq. feet) in a prestigious residential suburb of Manchester.
  
• The asset is let on a 16 year lease to a UK plc, former sister company to Simon Storage, with a guarantee from its parent, a blue chip Singaporean holding company.
  
• The building's current use as a UK plc head office is inappropriate due to its condition, functionality, and image. The intention is to refurbish and re-clad for tenant in exchange for a re-gearing of the lease.
  
• Redevelopment and change of use opportunities also exist.