Climate Change Capital’s Property Fund Fully Invested
(London, 22 June 2010) Climate Change Capital (CCC), the environmental investment manager and advisory group, has announced that its property fund (CCPF) is fully invested following the acquisition of 40 Springardens in Manchester.
The 100,000 sq ft property located on Manchester's Spring Gardens in the city's commercial core was bought off-market for £45m reflecting a net initial yield of 6%.
CCPF was launched in August 2008 and reached final close with equity commitments of c. £69m and has now been invested with a gross asset value of around £150m in commercial property in the UK.
Tim Mockett, joint Founder Partner of the fund said: "We're very pleased we have been able to commit this capital so efficiently. This validates our investment thesis and demonstrates the potential for growth of this burgeoning market. We look forward to driving sustainable asset management wins across our portfolio."
Esme Lowe, joint Founder Partner of the fund, said: "Property owners and tenants are coming under increased government pressure to reduce energy consumption. This will create more opportunities for investors and we are reviewing our strategic options to capitalise on this for investors"
Daniel Cremin +44 (0)20 7939 5319 firstname.lastname@example.org
NOTES TO EDITORS
Climate Change Capital Ltd (www.climatechangecapital.com)
Climate Change Capital (CCC) is an environmental investment manager and advisory group specialising in the opportunities created by the global transition to a low carbon economy. As of December 31st 2009, CCC manages commitments totalling US$1.5 billion focussed on the asset classes Carbon Finance, Private Equity, Property and Energy Infrastructure.
Climate Change Capital's property fund (CCPF) invests in mainstream commercial property, managing property risk as we transition to the low carbon economy. The fund managers' investment strategy anticipates a two-tier market will emerge where future-proofed energy efficient buildings are likely to outperform non-compliant buildings that run the risk of accelerated obsolescence and loss of value.
40 Springardens, Manchester, M2 1EN
- Purchased: May 2010 from HIMOR Group
- Tenants: HBoS, Premier Foods, Hervia (retail)
- Floor Area: 99,104 sq ft total