Feldberg Capital has achieved the second close on its ReForm ‘brown to green’ Central London workplace fund, raising a further £50m.
The fund, which launched in October last year, is targeting energy inefficient ‘brown’ offices in Central London zone one locations and, using Feldberg’s ESG framework, it will retrofit and reposition these assets into modern green workplaces.
The ReForm fund, which has so far raised £100m and is targeting a total equity raise of £300m, providing firepower of £500m including leverage, acquired its first asset – 8 Bloomsbury Street (pictured) – at the end of last year.
Will Amies, head of business development at Feldberg Capital, said: “The successful second close of ReForm underscores our and our partners’ dedication to driving positive change in London’s office sector by decarbonising buildings while delivering social benefit and positive community impact.
“With backing from major investors, we are well-positioned to leverage our expertise in brown-to-green asset management and deliver impactful ESG-led results at a time when market dislocation is creating a once-in-a-generation opportunity to invest in some of central London’s best commercial real estate assets at attractive values.”
David Turner, head of investment at Feldberg, added: “London is busy and thriving which is positive for offices, but employers realise that in order to attract their workers back long term and to attract the best talent, they need to provide high-quality space in the best locations that supports employee wellbeing.
“According to Knight Frank there will be a 16% increase in UK full-time undergraduates in London between now and 2030, and when these younger socially conscious individuals enter the world of work they will want to be in ESG-led workplaces with thriving amenities on the doorstep. This is the kind of workspace ReForm is setting out to create while having a genuine positive impact on communities and the environment.”
