Bywater has completed the first acquisition for its Fulcrum-backed value add fund.
The newly established Bywater Fulcrum Value Add Real Estate LP has purchased the 30,626 sq ft 1 Frying Pan Alley office building in Spitalfields, London, for an undisclosed price.
The building, which is arranged over ground and five upper floors, has been stripped to shell and core, providing a blank canvas for a comprehensive repositioning of the building, with a focus on embodied carbon reduction, operational energy performance and timber integration.
The fund, which is targeting sustainability-led office repositioning opportunities across prime UK locations, has no fixed end date and has been established to receive capital from sub-funds of Fulcrum Asset Management’s WS Fulcrum LTAF umbrella fund.
Patrick O’Gorman, CEO of Bywater, said: “Getting the fund established and completing our first acquisition marks the start of something we’ve been building towards for a long time. We have a strong pipeline as we look to grow the fund, showing the quality of deal flow we can generate in this market. This is exactly the kind of platform the fund was created for: acquiring well-located buildings in supply-constrained markets, with clear sustainability ambition and the right risk-adjusted returns. Working with Fulcrum as our capital partner gives us the ability to do more of this at pace.”
Matt Roberts, partner and head of Fulcrum Alternative Solutions, added: “We are excited for the partnership with Bywater to build a portfolio of resilient, future-ready UK real estate assets. At Fulcrum, we have long held the belief that buying is good, but building is better. As the forces of climate change and AI reshape the built environment, we are committed to creating assets that are not merely relevant today, but genuinely robust for tomorrow. Bywater brings the experience, expertise and market acumen to select, manage and deliver a truly differentiated product, and we look forward to what we will build together”.
Bywater SFC Advisor acts as investment adviser to the fund with JTC GAS UK appointed as regulated AIFM.
