Author: Hana Ruttkayova

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MiddleCap Advisory has successfully completed another M&A transaction. This time we were behind   the acquisition of Blumental Offices, an office complex in Bratislava’s Old Town, which has wound up in the portfolio of a real estate fund run by the Czech investment company ZFP Investments.

 

The open-end mutual fund ZFP realitní fond, otevřený podílový fond, ZFP Investments, investiční společnost, a.s., managed by ZFP Investments, has purchased 100% stakes in BLUMENTAL OFFICE I, s.r.o., BLUMENTAL OFFICE II, s. r. o., and BLUMENTAL PROPERTY, s. r. o. Together, these companies own the Blumental mixed-use office complex located in Bratislava’s Old Town. The seller was Corwin, a Slovak developer group that operates primarily on the Slovak and Slovenian markets.

“We are honoured that ZFP Investments appointed us as its main adviser for the purchase of Blumental Offices. Both the buyer and the seller were assisted by companies boasting a long-standing formidable reputation and experienced teams of consultants, which went a long way to smoothing the entire transaction,” said Martin Proksa, Head of Private Equity MiddleCap, who led the buyer’s team of advisers in the purchase of the office building.

The MiddleCap team of advisers was led by Martin Proksa in partnership with Petr Panáček and Petr Bukáček. Havel & Partners provided legal services, KPMG handled tax and financial advisory services, and Grinity conducted technical due diligence on behalf of ZFP Investments.

“We are happy that by closing the transaction, our client acquired an administrative building in the heart of Bratislava, which was built according to the highest standards in the field of sustainability and thanks to which Blumental Offices received one of the most important certifications for sustainable buildings, LEED GOLD.” adds Petr Panáček.

“We at ZFP Investments are very pleased to have the opportunity to further expand our portfolio of Class A office buildings. Blumental Offices ticks all the prime real estate boxes and is a perfect fit for our diversified portfolio. The building is ideally located, features high-end technology, offers a pleasant and flexible working environment, is modern, and places a premium on greenery and public space. We have every confidence that such a quality building with reputable tenants will deliver a prosperous future for our clients.” added Peter Lukáč, vice-chair of the board of ZFP Investments, investiční společnost, a.s.

Blumental Offices, an office building situated in Bratislava’s Old Town and a short distance from the Račianske mýto transport hub, was completed in 2018 and offers more than 21,000 m2 of lettable space over twelve floors. Blumental Offices is a premium-category office building that has been awarded LEED Gold certification. The largest companies occupying this new building in the ZFP Investments portfolio include Zurich Insurance Company Ltd., the Slovak Banking Association, TPA AUDIT, s.r.o. and P3 Logistics.

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Southworks has been shortlisted in the category Best New-Build City at OAS Awards. 

Southworks is located in Southwark in an area with a strong industrial legacy and a history to be inspired by. The seven storey 70,000 sqft scheme, which completed in June 2021, has state-of-the-art facilities, bringing together technological and natural features to create the optimum space for employees and the environment. The building balances matters of scale, material quality and functionality to create a building that has its own distinct architectural style while sensitively cohabiting with its surrounding heritage context. To add to the building’s appeal, its design is inspired by a warehouse aesthetic, which is achieved through several high-quality design and specification details, including a stunning double height entrance formed from handcrafted Italian glass bricks.

Its technology-first approach and number of integrated design and management features provide a responsive and productive environment that enhances users’ wellbeing and improves its sustainable credentials. 

Sustainability considerations were considered at every step of our development cycle. After initially targeting a BREEAM Excellent rating, Southworks has recently achieved Outstanding. This is a significant achievement, propelling Southworks into the top 1% of sustainable office buildings. Southworks’ demand-driven technology acts on the real time data which leads to much greater energy efficiency and dramatically decreases the operational carbon of the building. 

Find out more about Southworks on the link below:

www.whysouthworks.london

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Spilka Offices is the only building that has been preserved from the area of former Stein brewery in Bratislava. After the #refurbishment of the fermentation room a unique #office and retail premises have been created in the #Bratislava Old Town, with an extraordinary clear height around five metres. The office space is equipped with everything necessary for ensuring the highest standard and #wellbeing for companies and their employees. The layout of the space plans allows flexible solutions tailored to the client’s needs, offering the best services.

Vote for Spilka Offices 👇🏻
https://lnkd.in/d_UZGBM6

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The MIPIM Awards 2022 judges shortlisted 45 finalists representing the most outstanding projects of the real estate industry in the world, and celebrating ground-breaking innovation, architecture, environmental qualities, integration and impact on the community.

 

Southworks is on of 4 shortlisted projects in the Best Office& Business Development!

 

This category rewards office buildings and business parks that offer owners and users increased worker satisfaction and productivity, improved health, greater flexibility and enhanced energy and environmental performance of the workplace. Through an integrated design, the focus must be on the ability to accommodate the specific space and equipment needs of the tenant.

https://mipimawards.com/mipimawards2022/en/page/shortlist

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Global plant-based company Upfield signs lease for 10,000 sq ft of office space

Southworks sets a benchmark for sustainability and ESG in commercial office developments 

Southworks, the landmark smart office building in London developed by MiddleCap, has signed sustainable food pioneer Upfield as its second tenant. 

The plant-based consumer goods company has signed a lease for 10,000 sq ft of the new development, encompassing the entire fourth floor and adjacent roof terrace. 

Upfield selected Southworks to align with its purpose of delivering a better plant-based future for people and planet. As the largest plant-based consumer product company in the world, the move will support the company’s aim to be carbon neutral by 2030, including a 25% reduction in total footprint. Its team will move into Southworks this summer. 

Developed by MiddleCap and designed by SPPARC, Southworks is a seven-storey, 70,000 sq ft scheme located on Rushworth Street in Southwark, close to Borough Market. 

The building was named “the smartest office in the world” at the Real Estate & Building Futureproof awards, as it brings together technological and natural features to form a landmark post-pandemic, future-proofed office. Sustainability and wellbeing factors were prioritised throughout design and construction to create an optimum space for companies, employees and the environment. 

Southworks became the first UK building to achieve the Smart Building Certification Platinum certificate, only the second globally, and has recently also been certified as BREEAM Outstanding.

The new building features a number of technologically innovative measures (more info below), which when combined with high-quality architecture and design elements, create a responsive and productive environment that enhances users’ safety and wellbeing.

 

 

Tomáš Jurdák, Head of Real Estate at MiddleCap, said: 

“Upfield’s decision to sign at Southworks highlights how the building’s smart and sustainable credentials are attracting environmentally-conscious tenants from a whole range of industries. 

“As our first commercial development in London, it’s fantastic that organisations are keen to move into this exemplary workspace and create a new green business community in this exciting neighbourhood. 

“As part of MiddleCap’s ESG commitments, Southworks sets a benchmark for sustainable and smart offices in London, which in turn is attracting tenants who are looking for space which helps them achieve their own ESG targets.” 

Damian Guha, General Manager UK & Ireland at Upfield, said:

“All of us at Upfield are looking forward to moving into our new office space in Southworks. Some of us have had the chance to visit the building and the feedback has been great! 

 

“As a plant-based foods company sustainability is at the core of our purpose. Moving into a sustainable office is perfectly aligned to our own ESG agenda, part of which is to achieve net zero office based-emissions by 2030. In addition, Southworks also offers a wonderful and inspiring space for us to come together in probably the smartest office building in London, allowing us to support our new approach to work and combining the best of two worlds by supporting an environment for face-to-face collaboration as well as flexibility for all our employees.”

 

Colliers and Knight Frank advised MiddleCap while Cushman & Wakefield acted for Upfield.

 

Smart features

Embedded with an Internet of Things (IoT) technology developed by Dutch proptech company bGrid, Southworks features a central sensor platform functioning as the building’s ‘brain’, with the sensors plugged into the HVAC system and lighting controls. The system also measures other environmental variables such as internal and external air quality, density, occupancy and noise levels.

The use of smart sensors and IoT-based technologies helps to ensure air, water and electricity resources are delivered cleanly and efficiently throughout the building, therefore reducing energy use and maximising environmental performance.

The office building is also equipped with the global tenant engagement platform OfficeApp’s smartphone app, which provides the building’s tenants with seamless access to a variety of services and amenities, including on-demand desk and room booking, F&B ordering, community engagement, issues reporting and communications. It enables touchless building access, live occupancy, environmental and air quality information and contactless temperature and lighting controls. 

 

About Upfield

At Upfield, we make people healthier and happier with great tasting, plant-based nutrition products that are better for the planet. As a global plant-based company, Upfield is the #1 producer of plant-based spreads & cheeses with more than 100 brands, including iconic brands Flora™, Rama, Blue Band, ProActiv, Becel, I Can’t Believe It’s Not Butter, Country Crock and Violife®. With headquarters in Amsterdam, we sell our products in over 95 countries and have 15 manufacturing sites throughout the world. The company employs over 4200 Associates. Since 1871, we have been the authority in the spreads category which gives us unmatched experience, know-how, and inspiration. We are focused on leading in this new era focused on delivering healthier products that are great tasting and have superior quality and help us deliver on our mission to create a “Better Plant-based Future.” For more information, please visit our website at www.upfield.com.  

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Global consultancy firm Steer signs ten-year lease for over 17,000 sq ft of office space

Southworks sets a benchmark for commercial office developments as we look to a 
safe and social return to the office

MiddleCap has secured Steer as its first tenant for Southworks, the landmark smart office building in London. 

The consultancy firm has signed a ten-year lease for over 17,000 sq ft of the new development, including part of the ground floor and the entire first floor. 

Steer selected Southworks as part of its commitment to being net zero by 2025. The building, which has been named as “the smartest office in the world” at the Real Estate & Building Futureproof awards, brings together technological and natural features to form a landmark post-pandemic, future-proofed office. Sustainability, natural elements in combination with latest technology prioritise wellbeing and enhance an optimum space for companies, employees and the environment. 

Steer, which comprises commercial, economic, technical and planning consultants, will be moving its team of over 200 London-based consultants into Southworks from early 2022, having previously been based in Upper Ground, Southbank.

Developed by MiddleCap and designed by SPPARC, Southworks is a seven-storey, 70,000 sq ft scheme located on Rushworth Street in Southwark, close to Borough Market. 

Southworks became the first UK building to achieve the Smart Building Certification Platinum certificate, only the second globally, and is on target to achieve a BREEAM Outstanding rating.

The new building features a number of technologically innovative measures (more info below), which when combined with high-quality architecture and design elements, create a responsive and productive environment that enhances users’ safety and wellbeing.

 

 

Tomáš Jurdák, Head of Real Estate at MiddleCap, said: 

“Securing Steer as our first tenant is a huge testament to what we have achieved at Southworks, our first commercial development in London. Our commitment to sustainability and our aim to combine natural elements with top notch technology  truly sets the building apart as an exemplary workspace that increase wellbeing and serves employees, the environment and the city, which is attracting interest from occupiers across a whole range of sectors. 

“As we return to our offices over the coming months, we’re looking forward to seeing the new business community come to life at Southworks.”

Sharon Daly, COO at Steer, said:

“Our commitment to being a net zero company by 2025 meant that we had demanding criteria for our new office space. We are pleased that Southworks, with its smart and sustainable technological features, ticked all of our boxes. MiddleCap has developed an innovative building and we can’t wait to move into our new home next year.”

Knight Frank and Addleshaw Goddard advised MiddleCap while Hanover Green acted for Steer.

 

Smart features

Embedded with an Internet of Things (IoT) technology developed by Dutch proptech company bGrid, Southworks features a central sensor platform functioning as the building’s ‘brain’, with the sensors plugged into the HVAC system and lighting controls. The system also measures other environmental variables such as internal and external air quality, density, occupancy and noise levels.

The use of smart sensors and IoT-based technologies helps to ensure air, water and electricity resources are delivered cleanly and efficiently throughout the building, therefore reducing energy use and maximising environmental performance.

The office building is also equipped with the global tenant engagement platform OfficeApp’s smartphone app, which provides the building’s tenants with seamless access to a variety of services and amenities, including on-demand desk and room booking, F&B ordering, community engagement, issues reporting and communications. It enables touchless building access, live occupancy, environmental and air quality information and contactless temperature and lighting controls. 

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The completion of yet another large transaction on the domestic market was finalised by Sabina Matzenauerová’s team from the Czech office of international consulting company MiddleCap. Following successful completion of the sale of both Brands Morava, a.s. and Silverton, s.r.o. in March, MiddleCap has successfully helped in completing the sale of yet another large regional player operating in the field of construction, maintenance, and reconstruction of roads – Silnice Morava, s.r.o. The new owner became the joint-stock company IMOS Brno, the general contractor of a wide range of construction projects. 

“So far, we are reaping the success of our work done mainly in 2020. For the sale of Silnice Morava, we worked with our colleagues Petr Panáček and Jan Vrabčák. It was a year-long transaction process which, thanks to the cooperation of both parties, led to its successful completion,” said Sabina Matzenauerová of MiddleCap’s second transaction this year. “The seller was cresco&finance, a regional holding company engaged in asset management, acquisitions, real estate transactions and financing. The buyer turned out to be the major universal construction company IMOS Brno which, thanks to this acquisition, will expand its geographical coverage within the Czech Republic and supplement its existing activities as a general contractor of transport construction in a complete, vertical acquisition format.”

“All our activities are focused on the quality of work, customer needs, the reduction of customer risks, environmental protection and, last but not least, occupational health and safety. That’s why Silnice Morava is the perfect fit for our portfolio,” said Robert Suchánek, CEO of IMOS Brno, commenting on the decision to purchase the company. 

 

“We appreciate the professionalism of all parties involved in the transaction. The deal was struck during a very difficult period when COVID-19 made it virtually impossible to meet in person, resulting in negotiations that were much more time-consuming than necessary. That’s why we’re now all the more grateful to be able to add Silnice Morava to the IMOS Brno portfolio,” adds Robert Suchánek.

 

Silnice Morava has been active on the market for more than 20 years. Its main line of business is the construction, maintenance, and reconstruction of road infrastructure. The company owns a packaging plant for asphalt-concrete mixtures in Neplachovice, the Tisová Kajlovec quarry, and a mining area for aggregate dredging in Deštná. 

“This is now just one of several transactions confirming our expertise and specialisation in companies that operate within the construction sector. For the time being, we’ve managed to uphold our 100% success rate in completing transactions,” says Sabina Matzenauerová, adding: “We currently have several more transactions in progress, and it seems 2021 could very well be a record year in terms of order volume. In the second half of the year, we expect an increase in transaction activity, which will be driven, among other things, by the sale of companies facing structural problems caused by the pandemic.”

The law firm JŠK provided the seller with legal advice. The JŠK transaction team was led by partner Tomáš Doležil in cooperation with attorney-at-law Helena Hailichová and paralegal Jan Koprnický.

 

 

 

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SOUTHWORKS NAMED THE WORLD’S SMARTEST BUILDING AT 
THE FUTUREPROOF AWARDS

OFFICE SCHEME ALSO ACHIEVES WIREDSCORE GOLD STANDARD 

MiddleCap, the real estate-focused investment group, announced today that its Southworks office development on Rushworth Street, London has been named the world’s smartest building and achieved WiredScore Gold rating for its digital connectivity. 

The 70,000 sq ft office scheme beat off stiff competition at the 2021 Futureproof Awards (People’s Choice category), including EDGE Olympic in Amsterdam and Windmill Green in Manchester, thanks to its use of data to create the best possible user environment. 

The landmark office development, MiddleCap’s first in the UK, will be an exemplar smart building when it completes in June. It will provide an ideal working environment that enhances users’ health and wellbeing whilst optimising its sustainable credentials. 

Southworks achieved WiredScore Gold certification by meeting criteria in four key categories: infrastructure, wireless, power and connectivity. The assessment praises Southwork’s sufficient capacity and flexibility for tenant needs and highlights the vast measurements taken against potential service disruption. 

Earlier this year Southworks was announced as the first building to achieve a Platinum Smart Building Certification, being only the second building to globally secure this rating.

Southworks’ technology-first approach and number of integrated design and management features will create a responsive and productive environment promoting wellbeing and sustainability. Some of these include: 

  • A single ‘digital backbone’ – created through applied bGrid technology – links a series of sensors to the Internet of Things, which connect, measure and deliver feedback to building users. The sensors will be plugged into the HVAC system and lighting controls, and will also measure other environmental variables such as density, occupancy and noise levels. The data generated by this network is fed into the building management system, optimising the environment and ensuring it becomes completely demand-driven. 
  • A dedicated app (OfficeApp) through which occupiers will be able to directly control heating and lighting to their own preferences and book meeting rooms, creating the optimum working environment.
  • Facilitation of more effective communication between building managers and occupiers, with messages and notifications being able to be shared in both directions through the OfficeApp.
  • Technology optimised for risk management in the support of longer-term social distancing by monitoring the flow of people throughout the building together with real time information about indoor and outdoor air quality.

In addition to its integrated building technology, the design of the building enhances its users’ wellbeing combining technology with natural elements such as natural light, even in the secondary spaces, and fresh air intake through openable windows.

Tomáš Jurdák, Head of Real Estate at MiddleCap, said: 

“The safety and wellbeing of employees is now the top priority for businesses across the world, so pushing ahead with technological innovations is crucial to the future of offices. Southworks was designed and built around the natural elements and natural environment supported by top-notch technology.”

“We are thrilled to see Southworks achieving these awards and ratings, proving that our first UK project is setting a benchmark for commercial space in the city and we hope that others in the UK and across Europe will follow suit.”

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MIDDLECAP’S SOUTHWORKS OFFICE SCHEME BECOMES UK FIRST TO RECEIVE PLATINUM SMART BUILDING CERTIFICATION
Smart Building Certification is the first to measure the ‘smartness’ of buildings
Integrated building technology will enhance users’ wellbeing
MiddleCap, the real estate-focused investment group, announced today that its Southworks development in London has been awarded a Platinum Smart Building Certification. The 70,000 sq ft office scheme, which completes later this year, is the first in the UK to achieve the certification.
The Smart Building Certification, which has been developed to promote wellbeing, sustainability, performance, innovation, and health and safety in the built environment, recognises buildings that have smart tech infrastructure in place to evaluate a building’s behaviour and performance. The first building awarded Platinum Smart Building Certification was EDGE Olympic Amsterdam.
The Smart Building Certification is the first programme to objectively evaluate the ‘smartness’ of buildings by assessing six core areas: building usage; user behaviour and collaboration; building performance; building environment; integrative design and connectivity, and health, safety and security.
Southworks is the first building to be evaluated in the UK using the Smart Building Certification framework, and has achieved Platinum certification for Core & Shell. Its technology-first approach and number of integrated design and management features will create a responsive and productive environment that enhances users’ wellbeing. Some of these include:
● A single ‘digital backbone’ – created through applied bGrid technology – links a series of sensors to the Internet of Things, which connect, measure and deliver feedback to building users. The sensors will be plugged into the HVAC system and lighting controls, and will also measure other environmental variables such as density, occupancy and noise levels. The data generated by this network is fed into the building management system, optimising the environment and ensuring it becomes completely demand-driven.
● A dedicated app (OfficeApp) through which occupiers will be able to directly control heating and lighting to their own preferences and book meeting rooms, creating the optimum working environment.
● Facilitation of more effective communication between building managers and occupiers, with messages and notifications being able to be shared in both directions through the OfficeApp.
● Technology optimised for risk management in the support of longer-term social distancing by monitoring the flow of people throughout the building together with real time information about indoor and outdoor air quality.
The certification highlights MiddleCap’s commitment to delivering state of the art buildings as the business looks to expand its UK commercial office portfolio.
Tomáš Jurdák, Head of Real Estate at MiddleCap, said:
“It is a huge achievement for Southworks to achieve a Platinum Smart Building Certification. From the outset, we wanted our first UK project to present the London office market with a best in class building that really delivers what occupiers need from their workspace today, and in the future.
“By harnessing the tremendous technological advances that have been developed in recent years and bringing them together in one building, Southworks raises the bar for offices across London and creates a blueprint for post-Covid workspace.”
Nicholas White, Head of Operations and Strategy at Smart Building Certification, said:
“We are proud to award Southworks with a Platinum Smart Building Certification. A Core & Shell building with this extensive of an IT infrastructure is quite rare. We rarely see a Core & Shell building go this far to improve health, performance, sustainability, indoor environment, and a user’s ability to interact with the space. Hopefully Southworks is a look into the future of what we can expect from new builds and that progress is worth celebrating.”

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ONLY SEVEN DAYS LEFT FOR YOUR GRANT APPLICATION SUBMISSION FOR THE SUM OF 30,000€ MADE POSSIBLE BY THE NO FINISH LINE CHARITY RUN.
BRATISLAVA, 23rd October 2020.
A number of companies working in the education and chidlrens’ sports sectors have applied for the grant. No Finish Line 2020 will take place online from November 5th. During the course of four days, runners and walkers will have the choice of selecting one of the numerous grant applicants as the recipient of their kilometers covered by running or walking.
The current situation, which does not allow for a big organized run, compelled the organizers to come up with a solution and not give up on their good intentions to simultaneously run and help children who really need it. Since the use of apps in smartphones or watches to record sports feats has become the norm, the organizational team of Children&Future Bratislava and MiddleCap decided to partner with the Slovak iWATT app in this year’s edition of the race. Participating in this year’s No Finish Line is therefore accessible to everyone around the world, all you need is your telephone and the iWATT app which you can download and register in for free.
“This year has brought a lot of changes for everyone and we have all realized that we cannot take things for granted, not even participating in an organized run. Sport is all about overcoming obstacles and defeating new challenges. From an organizational standpoint, we have accepted this challenge and the result is No Finish Line Bratislava in an online environment,” says Miroslav Výboh, chairman of the main partner of the run, MiddleCap Group.
“The atmosphere that we were able to create last year, during the first year of the run cannot transpire to an online environment but I believe that it will, nevertheless, find its audience and that we will be able to run up as many kilometers as last year,” adds Katarína Petrášová, manager of the non-profit organization Children&Future Bratislava, who has organized the No Finish Line race for its second year in a row now.
The online version of the race gives way to new incentives which the organizational team can implement in this year’s run. One of these incentives is to take part in the grant challenge. Companies, non-profit organizations and civic associations can submit their applications for the grant via email: grant@childrenandfuture.sk. The organizers will pick three finalists whom the runners can choose to support.
“The 2020 year of the run highlights two elements which strive to mobilize runners and organizations which are interested in this financial aid. We have already accepted submissions for a number of projects and I believe that this week we will receive even more submissions from which we will be able to select three finalists. These three finalists will then be in the hands of the runners, who will decide whom they allot their covered kilometers to and who receives the 30,000€,” adds Miroslav Výboh, chairman of MiddleCap Group, commenting upon this year’s changes.