Pan-European investment manager Sienna Real Estate has revamped its London office ready for a “re-emergence into the UK” to capitalise on office-buying opportunities.
Co-managing directors Richard Linnell and Sarina Dwek, who had been running the UK arm, have left to set up their own independent advisory business and Sienna has promoted recently recruited talent to take it forward in the UK.
It will now be led by Henry Timmis (above left) and Chris Rees (above right) as co-managing directors. Both joined earlier this year. Timmis brings with him 11 years’ experience in the Savills central London investment team, where he advised on more than 70 transactions totalling in excess of £2.5bn. Rees joined from Praxis, having previously held investment and asset management roles at UK REITS including Hammerson.
After limited buying opportunities over the previous 12 months, Timmis said this was “effectively a re-emergence into the UK” for Sienna. He added that the UK office would be co-investing funds from publicly listed parent company Groupe Bruxelles Lambert alongside established overseas investment partners. It hopes to plough more than £100m of capital into the UK office market over the coming year.
“We are already seeing UK institutions having to dispose of assets due to redemptions and they will do that until things stabilise. I think we will also see a lot of pressure from refinancing,” Timmis said.
With the UK political and economic landscape now stabilising, Timmis said investors were beginning to feel more comfortable about seizing on opportunities as they emerge.
Rees said the focus would be on offices with asset management potential, initially in London but also in major regional cities. Opportunities are likely to include part-vacant offices and stock which needs to be brought up to standard to meet tenant ESG expectations. Development opportunities were considered too high up the risk curve, he added.
Sienna Real Estate, formerly L’Etoile Properties, has more than €7bn (£6bn) in assets under management and eight offices across Europe and Asia. It is part of Sienna Investment Managers.
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