Whilst there have been numerous events, the more significant of these are:
• RB has acquired three bordering properties at 4, 6, and 8 Shepherds Market which form a contiguous block together the recent purchase of 10 Shepherd Market. This acquisition complements RB’s existing estate within Mayfair’s 18th-century square, which includes three island blocks bounded by Hertford Street on the west side, amongst other properties.
• RB, through its wholly owned subsidiary Arena Racing Company (ARC), has acquired the Welsh racecourse, Ffos Las Racecourse. A flat oval, a mile and a half around, Ffos Las hosts a total of 19 fixtures in 2018, six flat and thirteen jumps. Feature races include the Ladbrokes Welsh Champion Hurdle in October as well as the West Wales National, which takes place during Easter. At the time of opening in 2009, it was the first new racecourse in Britain in over 80 years. ARC is the largest racecourse group in the UK which operates at 16 venues, across a mix of flat, jump and all-weather tracks.
• RB has acquired the freehold property 346 Kensington High Street. The 20,112 sq ft NIA building is well positioned to benefit from a number of nearby developments, including London’s largest mixed-use regeneration scheme at Earl’s Court and the enhancement of Olympia London. Sainsbury’s supermarket occupies the ground, whilst various office tenants are based over the first to seventh floors.
• RB has acquired the grade II-listed Burlington Arcade on Piccadilly. The Mayfair shopping centre was built in 1819 by Lord George Cavendish and boasts c. 37,000 square feet of retail space with a combined frontage of over 1,100 feet. It is the longest covered shopping street in the UK, attracts over 4m visitors a year, and houses luxury outlets such as; Church’s, Chanel, Eres, Mulberry & Manolo Blahnik. The asset was purchased from Thor Equities & Meyer Bergman.
• RB has completed on two further London property acquisitions. The first purchase is 10 Shepherd Market which is home to Kitty Fishers on the ground floor, Mayfair’s iconic atmospheric bar & dining room, and which complements RB’s existing estate within the 18th-century square. The second purchase is a 2.75 acre site situated on the northern side of the iconic Grand Union Canal in Little Venice, which comprises of seven blocks of flats let on a long lease to Westminster City Council.
• RB, through its wholly owned Arena Racing Company (ARC), has acquired a majority stake in Vermantia, an Athens based provider of multi-channel content solutions. The deal ensures ARC expands its international distribution capacity through Vermantia’s global partnership reach of 31 countries & agreements with more than 20 major gaming operators. The acquisition of Vermantia supports ARC’s position, along with its media partner At The Races, as the number one UK & international horse and greyhound content rights’ holder & distributor in the international market. ARC is the largest racecourse group in the UK.
• RB has acquired a freehold 40,000 sq ft building with air rights granted to build up to 64,400 sq ft, near Union Square in New York, which has permission to be used as a high end members club and hotel. The building is to be let out, and will undergo a substantial redevelopment & fit out.
• RB has agreed to sell its share in its development project in Hoxton, London, to its joint venture partner PPHE Hotel Group. The site is located by Old Street, Rivington Street, Great Eastern Street & Bath Place, London, EC1 and its mixed-use scheme consists of the 318 room art’otel, office and commercial space plus ancillaries. The sale is expected to complete by the end of March 2018. PPHE originally acquired its stake in the development from RB in 2008.
• 69-70 Pall Mall, in the heart of London’s West End, has been acquired by Reuben Brothers. The building is divided into two independent elements, a banking hall let to HSBC Plc at 69 Pall Mall and five floors of offices accessed from an independent reception area at 70 Pall Mall, which was formally HSBC’s headquarter office building. The 15,155 sq ft vacant offices will now undergo a substantial refurbishment led by agent Motcomb Estates. This purchase follows last month’s acquisition in nearby King Street, also in the St James area of central London.
• Westminster Council have approved plans to turn part of RB’s Piccadilly estate into one of London’s grandest hotels. The scheme includes the conversion of three historic buildings: the Grade I listed 94 Piccadilly, formerly home of the In & Out Club, 90-93 Piccadilly (Green Park Chambers) and 95 Piccadilly (the former American Club). It also involves the adjacent non-listed buildings at 42 Half Moon Street and 10 – 12 White Horse Street. This five-star Mayfair hotel development with stunning views over Green Park will feature 102 keys, a 2,360 sq ft grand ballroom, restaurant, bars, a spa, pool and gym, and seven residential apartments which will benefit from all the hotel amenities.
• Global Switch has launched its new HK$5 billion data centre in Hong Kong, in partnership with China Telecom Global , who has become its anchor tenant, and Daily-Tech, China’s leading integrated service provider of innovative internet infrastructure solutions. Once fully developed, the data centre in in Tseung Kwan will provide 765,000 sq ft of gross space with 100MVA utility power supply. In response to market demand, construction of Stage 2 is already underway and scheduled for operations in 2019. With its launch of Stage 1 of the data centre, Global Switch’s global portfolio has increased to 3,450,000 sq ft. Global Switch is the highest credit rated data centre company in the world, and RB its majority shareholder.
• RB has acquired a 15th century palazzo in the heart of Venice, just a stone throw away from St Mark’s Square. The building has tall ceilings that allow for airy bedrooms and a unique design. The site is expected to receive planning potential for a 4 star hotel boasting 33 keys with high ceilings, 70-cover restaurant, 40-cover terrace & 30-cover cocktail bar. The construction project is anticipated to take 18 months, and like RB’s Verbier hotel, Hotel Adriatica will then be operated in partnership with boutique hospitality group, Experimental.
• 22 King Street in St James, the heart of London’s West End, has been acquired by Reuben Brothers. The Grade II listed freehold provides a total of 14,189 sq ft (GIA) office accommodation over lower ground, ground and four upper floors. The Georgian townhouse incorporates a rear modern extension, with the two sections interconnected via a triple height glazed roof atrium. The building was occupied by RBS’s private banking division, Adam & Company, until it moved in September.
• RB has acquired the Hotel Nevai in Swizerland. The hotel has 35 existing keys which will be increased to 40, a spa & wellness center, 2 F&B areas, and hosts the Number 1 night club, Le Farm Club, in Verbier. The hotel will now be operated in partnership with boutique hospitality group Experimental. The site is only 1 minute from the resort center and a 5 minute drive to the ski lifts. Verbier is one of the most exclusive Alpine ski resort located in South-West Switzerland close to the French and Italian borders.
• Plans have been approved for the redevelopment of the NCP car park on Carrington Street together with associated buildings at Brick Street and Yarmouth Place. This major new development will contain 30 homes, 31,000 sq ft of offices, a gym with 20m swimming pool, an art gallery, restaurant and shops. The 208,000 sq ft scheme will result in a new pedestrian link through the site connecting Shepherd Market with Piccadilly. The project which is 8 storeys tall with a further 3 basement levels will deliver significant public realm and regeneration benefits. An automatic car parking system accommodates 60 vehicles. RB acquired the Carrington Street car park in 2015 and the Brick Street/Yarmouth Place properties in 2012.
• The Racing Partnership (“TRP”) has followed its Ladbrokes Coral agreement, by signing up Betfred to a new media rights deal. Betfred’s 1,668 betting shops in the UK can now show racing from all 15 Arena Racing Company owned racecourses and seven independent tracks, as well as South African racing. TRP has now signed up 100% of the UK & Irish retail betting market.
• RB has acquired Golden Cross House along the Strand in Central London. The 66,500 sq ft building is a mix of retail, leisure and offices usages. The property is let off low passing rents and offers significant future rental growth prospects with the potential to add further accommodation. A new 125 year head lease was acquired from the Crown Estate for a price in the region of £70 million.
• RB Shipping has taken delivery of RB ARIANA. This Kamsarmax dry-bulk vessel has begun her maiden voyage towards Singapore, and follows the delivery in April & May this year of sister vessels RB LEAH & RB MYA. All three Kamsarmaxes were built by Sungdong Shipbuilding & Marine Engineering in South Korea and boast 81,300 deadweight tonnage.
• The Racing Partnership (“TRP”) has agreed a media rights deal with Ladbrokes Coral plc, the UK’s largest licensed betting office estate. The deal with immediate effect will ensure Ladbrokes Coral’s 3,820 betting shops in UK & Ireland will show racing from RB’s Arena Racing Company 15 racecourses, seven independent racecourse, and South African Racing. The provision of TRP streaming content will also re-commence shortly. The profit-shared deal is a watershed for the industry based with both parties incentivised to work together to grow betting on British Racing.
• Fitch Ratings has affirmed Global Switch’s long term issuer default rating (IDR)and senior unsecured rating at ‘BBB+’. The short-term IDR has also been affirmed at ‘F2’. The company’s outlook was classified stable. The credit agency highlighted the company’s cash flow continued to be resilient, driven by a geographically diverse portfolio of large-scale data centres that generate stable, contractual rental income. It has regarded the Chinese consortium of new shareholders as providing support for portfolio diversification & development, particularly in accessing telecommunications and internet providers expanding outside of China. RB is Global Switch’s majority shareholder.
• Global Switch, the leading owner, operator and developer of large scale, carrier and cloud neutral, multi-tenanted data centre properties in Europe & Asia-Pacific, has issued two Euro denominated bonds sized at €500m each. The 2027 maturity is priced at 2.25%, and the 2024 maturity at 1.5%. Meanwhile, the company has announced a tender for its €600m 5.5% bonds due 2018. Global Switch is the highest credit rated data centre company in the world, and RB its majority shareholder.
• ARC has agreed to buy Newcastle & Sunderland greyhound stadiums from bookmakers William Hill, subject to regulatory approval. ARC has also joined Greyhound Media Group, which will represent the media rights of 12 greyhound tracks & close to 70% of greyhound fixtures shown in betting shops. These developments follow the recent launch of The Racing Partnership, which represents media rights from all ARC owned racecourses & seven independent racecourses. ARC is a RB company, and owns & operates 15 racecourses, hosting 39% of the UK’s annual horseracing fixtures.
• RB has acquired a landmark Knightsbridge office building fronting onto Hyde Park. Located adjacent to Mayfair & Belgravia, 27 Knightsbridge’s 65,174 sq ft is arranged over lower ground, ground and 6 upper floors. Oaktree Captial have been recent occupiers and now the building is set to be be refurbished to high standards.
• RB has acquired a 257k sq meter strip of prime Ibiza beachfront. The 2015 purchases of Ibiza plots include the Cala Bassa Beach Club and the Sunset Ashram. The new deal gives RB a total of around four miles of almost uninterrupted beachfront in the southwest of the island.
• Global Switch has signed co-operation framework agreement focused with China Telecom Global (CTG) & Daily-Tech. The businesses will enter into various co-operation arrangements with respect to data centre facilities, including collaboration in developing new markets, adding to Global Switch’s international footprint; joint marketing; one-stop service & system access; as well as data centre, network and systems integration services. The agreement was officially signed in Hong Kong in a ceremony attended by: Deng Xiaofeng, CEO of China Telecom Global; Li Qiang, CEO of Daily-Tech; & Simon and David Reuben. A group of Chinese investors, assembled by Li Qiang, acquired a 49% stake of Global Switch in December 2016.
• RB Jordana has been nominated by The Royal Naval Institution of Naval Architects as one of the Significant Ships of 2016. RB Shipping took delivery of the Kamsarmax last year, which is the first of a new generation of the G-type 82,000 dwt Eco bulk carrier built at Sungdong’s Korean Shipyard. RB Shipping is the ship-owning company of Reuben Brothers.
• Reuben Brothers has disclosed an increased equity ownership of NYSE listed company Belmond. Belmond is a hotel company and sophisticated adventure travel operator delivering luxury experiences in some of the world’s most inspiring and enriching destinations. It embraces 45 hotel, river cruise, safari and luxury rail businesses in 23 countries, and the company was established in 1976 with the purchase of the Hotel Cipriani in Venice. RB now owns 12.24% of the company’s equity, and is Belmond’s largest reported investor.
• Reuben Brothers has agreed to refinance the debt held over the Grosvenor House Hotel London, the Plaza Hotel on 5th Avenue New York and the Dream New York Downtown. The two loans were acquired in June 2015 from the Bank of China. The deal allows the Grosvenor House’s owner, the Sahara Group, to emerge from its administrative status which began in March 2015. The Grosvenor House opened in 1929 on the site of the former London residence of the Dukes of Westminster. The hotel, which has been run by Marriott since 2004, features 494 keys. It completed a multi-million pound refurbishment of the Ballroom & Foyer in September 2015.
• A consortium of leading Chinese companies and institutional investors have invested into Global Switch through acquisition of a 49% stake for £2.4 billion in cash. The new investors have been assembled by Li Qiang, whose background includes a shareholding in one of China’s leading data centre companies, Daily Tech. Jiangsu Sha Steel Group, a member of Fortune’s Global 500 world biggest companies, is the lead investor and others include; AVIC Trust (AVIC Capital & OCBC Singapore), Essence Financial and Ping An Group. RB remains the largest shareholder in Global Switch, with a majority 51% stake.
Global Switch has underscored the transaction’s synergies by unveiling China Telecom Global as an end customer in Hong Kong & Singapore through direct service agreements with Daily-Tech. In addition Daily-Tech, will become Global Switch’s first major customer at its new 40 MVA Global Switch data centre at Woodlands, Singapore. Under a previous joint marketing agreement, further agreements & committed interest to take services in Global Switch data centres have also been reached with China Mobile & Alibaba.
Completion of the first stage of Hong Kong’s data centre is targeted for mid-2017, while construction at the Woodlands site will start in the coming months. Global Switch has also entered into a JV with Daily-Tech to develop a new data centre in Shanghai within the next 24 months.
• RB has acquired a controlling stake in Portosole Sanremo, Italy. The marina, located only 50km from Nice and under 150km from Genoa, is one of the largest in the Mediterranean and is used as a base by many mega yachts. The port has 788 berths, ranging between 6 to 90 meters. Servicing facilities include two shipyards and a mechanical workshop, whilst the property has over 3,000m2 of retail & office GLA and houses a luxury hotel.
• The Racing Partnership (TRP) has agreed a long-term media-rights deal with key bookmaker, William Hill. William Hill’s 2,371 betting shops will have access to pictures from all 15 Arena Racing Company owned racecourses and 7 independent racecourses from 1st January 2017. The TRP channel, set up by ARC to sell pictures direct to bookmakers, was launched at the beginning of September and more than 1,800 betting shops have now signed, including 600 Paddy Power shops in the UK and Ireland. Since September the TRP channel has broadcast horse racing from South Africa and coverage of Towcester greyhounds will commence this weekend. In 2017 TRP is expected to broadcast 35% of British horse racing fixtures. ARC is fully owned by Reuben Brothers.
• RB Shipping has taken delivery of two of its eco-newbuilds from Japan Marine United. The 80,000 dwt Kamsarmaxes, MV RB JAKE and MV RB EDEN, were delivered at Maizuru shipyard, Japan. Both ships are proceeding to undertake maiden voyages with a ballast across to West Coast SA and expect to be some of the first vessels to transit the new Panama Canal. MV RB LISA was delivered at end of this month from Sungdong Shipbuilding & Marine Engineering, Korea. Sister to MV RB JORDANA delivered in May, she is the second of five of the eco-kamsarmax vessels being built in the shipyard.
• RB, through its wholly owned Arena Racing Company (ARC), has completed its first raceday at Newcastle on its new tapeta all-weather surface. The new track has raised ARC’s recent investment at Newcastle to nearly £12 million, with the rollout of the first ever floodlit straight mile and a series of improvements to the course’s equine facilities. In 2016 Newcastle Racecourse will host 37 all-weather fixtures. In addition to the improved infrastructure, the RB company has made a significant contribution to Newcastle’s prize money, including £150,000 towards the Northumberland Plate next month.
• RB Shipping has taken delivery of the first of its Eco-vessels from Sungdong Shipbuilding & Marine Engineering. The Kamsarmax MV RB JORDANA is the first of a new generation of the G-type 82,000 dwt bulk carrier to be built at the Korean Shipyard. She will proceed to undertake her maiden voyage with a grain cargo in the North Pacific.
• NetJets Europe have commenced a branding agreement with The London Heliport. The RB owned Battersea site will be known as NetJets London Heliport and feature extensive branding for both NetJets and its sister company, Executive Jet Management Europe (EJME), within the building and around the landing site. The Heliport recently celebrated its 500,000th movement over the course of its 59-year history, and handled over 10,500 movements in FY 2015/6, the highest numbers seen since 2008. NetJets Europe is a Berkshire Hathaway-backed company. The London Heliport was purchased by the Reuben Brothers in 2012, and was formally sponsored by Barclays.
• Westminster council has granted permission to turn the Millbank Tower complex near the Palace of Westminster into residential units. The RB scheme will see the 32-storey, grade II listed tower on the banks of the Thames converted into 207 predominately one and two-bedroom apartments. The project, also includes a 150-bedroom hotel, public & private gardens, and a new cultural facility will also be a part of the scheme, The tower near the Tate Britain was completed in 1963 as London’s tallest building. Occupants have included both the Labour & Conservative party.
• RB’s company Global Switch has begun construction on the last two stages of its Sydney East data centre, following a pre-commitment made by a leading cloud provider, which will be delivered in Q2 2017. The RB company has completed stage 1 of Sydney East already, which is adjacent to the Sydney Central Business District (CBD) and next to its existing Sydney West data centre. Stage 1 of Sydney East received a Leadership in Energy & Environmental Design (LEED) Gold rating, and the environmental concepts and construction standards used in the first stage will be applied to next phases. On completion of the final stages of the $300m development, Global Switch’s Sydney campus will span 73,000m² and 83 MVA of utility power capacity.
• Reuben Brothers has acquired the long leasehold interest at 105 Piccadilly from Sir Richard Sutton Estates. The office block was bought for £50m. The acquisition follows last month’s addition of the NCP car park on Carrington Street and expands RB’s Piccadilly footprint further.
• Reuben Brothers has disclosed an increased equity ownership of NYSE listed company Belmond. Established nearly four decades ago with the acquisition of Belmond Hotel Cipriani in Venice, Belmond offers a curated portfolio that includes luxury hotel, tourist train, river cruise, safari and restaurant experiences in many of the world’s most celebrated locales. RB now owns 10.6% of the company’s equity, and was Belmond’s largest reported investor at the end of 2015.
• RB through its wholly owned company Arena Racing Company (ARC) has increased its Executive Contribution from £11.3m in 2015 to £14m in 2016, ensuring over £28m prize money available across the 512 fixtures at ARC racecourses throughout the new calendar year. ARC will support the industry through prize money rises at; Fontwell Park’s National Spirit Hurdle, Chepstow’s October Jumps Festival, Chepstow’s Coral Welsh Grand National, Uttoxter’s Betfred Midland’s Grand National, Newcastle’s Northumberland Plate, Royal Windsor, Doncaster & Sedgefield. The RB owned business also recently announced a new all-weather track at Newcastle, an improved turf track at Great Yarmouth, a new restaurant at Uttoxeter and a new grandstand at Bath Racecourse.
• Reuben Brothers has bought a Mayfair car park from Blackstone. The site has potential for a major residential scheme with views over Green Park, including possibilities of a hotel, private members club and casino. The Carrington Street site is currently let to National Car Parks until 2037, with vacant possession options exercisable by the landlord. The new asset will complement RB’s existing Piccadilly portfolio, including the “In and Out Club” at 94 Piccadilly, the former ‘American Club’ at 95 Piccadilly, 90-93 & 100 Piccadilly.
• Plans have been approved for a new art’otel branded hotel in London’s trendy Hoxton, just a stone’s throw from the City’s Square Mile. The 22 storey/4 basement level building is expected to start construction next year. It will include 346 guest rooms, a wellness area, arthouse cinema & gallery, 4 office floors, retail, restaurants and bars. There will be a gallery available for community use, which will include the site’s two Banksy murals to be preserved for the public’s enjoyment. The design is based on a pure cylindrical form which maximises views of the City and beyond in all directions. The development is an RB joint venture with the PPHE Hotel Group.
• Reuben Brothers has submitted plans for the conversion of London’s iconic Grade II-listed Millbank Tower & Complex, a prime 3.5 acre site on the Thames next to Tate Britain. Westminster City Council will consider 3 storey extensions to both the 32 storey skyscraper and the adjoining 9 storey Y shaped building known as 30 Millbank. The tower will be converted to 215 flats, whilst 30 Millbank will become a 195 room 5 star hotel with luxury spa, 25 m swimming pool and a sky bar offering panoramic views across the city. A landmark arts & cultural centre will span over 4 floors. The additional storeys would extend the block to 132.5 m – retaining its status as Westminster’s tallest building. Millbank Tower was London’s highest structure following its construction in 1963.
• Reuben Brothers has acquired 1.5 million square metres of prime land in south western Ibiza, spanning 6.3 kilometres of coastline. The acquisition comprises 3 plots; Cala Bassa, over 1 million square metres, which includes a license to the Cala Bassa Beach Club’s 4 restaurants ; Cala Conta, around 350k square metres, which features one of Spain’s best beaches and provides spectacular sunsets-drawing huge crowds every evening; and finally Es Penyal, comprising 60k square metres of coastal land.
• RB’s company Arena Racing Company (ARC) has appointed Martin Cruddace as Chief Executive Officer who will begin his role in August 2015. A qualified solicitor Martin brings over 25 years of experience of legal, regulatory & commercial matters across a range of industries and is a member of the Racehorse Owners Association. Martin was Chief Executive of the Association of British Bookmakers, and spent nearly a decade as a senior executive of Betfair ARCs Managing Director, Tony Kelly, will leave the business at the end of July to take up the role of Executive Director Racing Business & Operations at the Hong Kong Jockey Club. Tony, who originally joined Northern Racing, led the integration of Arena Leisure PLC following Reuben Brother’s acquisition of the former FTSE company in March 2012 to merge with Northern Racing & create ARC.
• Reuben Brothers has purchased loans with a nominal value in excess of $930m to finance three iconic global luxury hotels. A sterling loan is secured over the Grosvenor House Hotel, London, built in the 1920s featuring 494 keys, meeting spaces for over 6,000 people including the famous Great Room, The Bourbon Bar & Corrigan’s Mayfair restaurant. A dollar loan is secured over two New York luxury properties; the 20-story Plaza Hotel in Midtown Fifth Avenue, featuring 282 keys and 152 private condominium apartments; the Dream Downtown in the Meatpacking district featuring 315 keys, the Bodega Negra restaurant & the PH-D Rooftop Lounge.
• Reuben Brothers’ acquisition of Metro International Trade Services has been awarded the best cross border M&A deal of the year for 2015 by The M&A Advisor, at The New York Athletic Club, within the $100m-$250m category. Reuben Brothers was advised by Reed Smith for the December 2014 takeover of Metro from Goldman Sachs, who was advised by Sullivan & Cromwell.
• Plans have been approved to convert Reuben Brothers’ office building at 139 Piccadilly into an eight-bedroom mansion with swimming pool, sauna and staff quarters. Westminster council have granted permission for the Grade II listed building, within the Mayfair Conservation Area, to be extended & converted into a 1,655m2 single home. The property was originally built in the mid 18th century and at various times was the home of Lord Glensk, Lord Byron & the Duke of Queensbury. 139 Piccadilly is nearby to the former In & Out Club, which Reuben Brothers is also converting into to a mansion with over 5,000m2 square meters.
• 5 Merchant Square has become fully occupied, as BMG Chrysalis takes the 23,000 sq ft eighth floor. Over half the 15-storey office building of c. 425,000 sq ft, serves as Marks and Spencer corporate headquarters. Virgin Active will be opening a 21,000 sq ft health club in early 2015. Reuben Brothers own, in a 50:50 partnership with the Jarvis family, the mixed-use development of c.2 million sq ft Merchant Square development in Paddington, Central London.
• Moody upgrades RB’s company Global Switch’s long-term issuer rating to Baa2 from Baa3, with its outlook remaining stable. The company becomes the highest credit rated data centre company in the world. The further upgrade reflects the company’s consistent track record of delivery and its high quality portfolio benefiting from strong occupancy within irreplaceable locations. Moody’s recognised the company’s commitment to a highly focused investment strategy and its conservative approach to leverage & development. Meanwhile the company’s liquidity has been revised to “strong” from “adequate” by Standard and Poor’s.
• Reuben Brothers has purchased leading global metals warehouse operator, Metro International Trade Services, from Goldman Sachs. Metro specialises in non-ferrous metals for the London Metal Exchange, and the products stored include: Aluminum, Aluminum Alloy, Copper, Lead, Nickel, Steel, Tin, Zinc, & Steel Billet. The company operates from around 100 warehouses, located within eight countries across three continents.
• Fitch has upgraded RB’s company Global Switch’s credit rating from BBB to BBB+ with a stable outlook. The short-term credit rating has also been upgraded to F2 from F3. This further upgrade to Global Switch’s already strong investment grade credit rating is testament to the strength of the Company’s established business model and solid financial track record. Fitch highlights the Company’s prime portfolio of large scale data centres and conservative capital structure.
• RB owned company Global Switch has launched its tenth data centre, with the unveiling of first stage of Sydney East. The Tier III+ world class data has been built on Global Switch’s campus next to its existing Sydney West data centre and designed with a target annualised PUE of 1.35. Once the last two stages of the $300million development are complete, the campus will provide 67 MW of utility power with around 67,000 sq. m of gross space. Global Switch is fully owned by Reuben Brothers.
• More than 30,000 sq ft of retail space has now been let at Merchant Square. Virgin Active has signed up for just over 21,000 sq ft across three floors, Faucet Inn is launching its Scandinavian-focused ‘All Day Casual Dining’ concept, KuPP, and a day nursery run by All About Children should open in September. Merchant Square is a Reuben Brothers JV.
• Reuben Brothers’ shipping division has expanded its fleet of bulk carriers, with an order for 2 modern eco vessels from Japan Marine United for delivery in early 2016. Meanwhile, RB has expanded its order with Sungdong to five 82,000-dwt vessels through the exercise of an option with the Korean manufacturer.
• Reuben Brothers Resources Group (RBRG) has agreed to sell its bulk iron ore & steel trading divisions (formerly known as Metalloyd), as well as its stake within metals warehousing company (Erus Metals), to The Gerald Group. RBRG will now focus attention on growing its asset base in the natural resources and logistics sectors.
• RB owned company Global Switch’s initial phase of its Amsterdam data centre expansion has gone live and on time, successfully fulfilling its pre-let customer agreement with an international telecommunication services provider. The full €240m expansion will increase the data centre’s overall size by 275,000 sq. ft. Global Switch already owns and operates the largest carrier neutral, multi-tenant data centre in the Netherlands.
• Arena Racing Company, together with the British Horseracing Authority (BHA) and the Horsemen’s Group, have announced the signing of a significant prize money agreement. The 3 year commitment from 2014 is between ARC’s 14 racecourses and the sport’s participants. Under the terms of the agreement those participants will share in betting-related revenues generated by racecourses, of which ARC will host the largest number of fixtures. Total prize money in 2014, supported by ARC’s contribution, will increase by nearly £5m towards a record annual forecast of £123m.
• Total attendances at RB owned Arena Racing Company in 2013, its first full year of operation, have increased by 6.3% YoY. Average attendances at the Reuben Brothers’ 15 racecourses increased by 5.2% in 2013, outperforming the industry average which decreased by 2.6%. Chepstow racecourse posted a 24% increase in average attendance, and Doncaster a 10% rise.
• Reuben Brothers has contracted to buy up to 6 (4 firm & 2 options) modern Eco vessels from Sungdong, the Korean manufacturer. The 82,000 DWT bulk carriers will measure 229 metres in length, covering a breadth of 32.3 metres & depth of 21 metres. Simultaneously, RB have agreed to joint venture with British Marine, a private company with an existing fleet of seven ships to form RB British Marine UK.
• RB owned Global Switch has followed up on its Sterling bond with its first issue in Australian Dollars. The seven year $100m AUD bond has a 6.250% coupon, and like the company’s previous issues was oversubscribed. Global Switch appointed The Commonwealth Bank of Australia, Deutsche Bank & HSBC as its book runners.
• RB owned Global Switch, 100% owned by Reuben Brothers, has successfully sold its first Stirling bond. The nine year bond with a 4.375% coupon was substantially oversubscribed, like the company’s debut bond had been in 2011. Global Switch appointed Barclays, Credit Suisse, Deutsche Bank, Goldman Sachs & HSBC as its book runners.
• RB owned Global Switch, the leading owner and operator of large scale, multi-tenanted, carrier-neutral data centres in Europe and Asia-Pacific, has been assigned an investment grade credit rating by Standard & Poor’s (S&P). S&P noted the company’s stable and predictable earnings profile, as well the high quality of its assets in key markets. Meanwhile Moody’s guided that Global Switch could extend borrowings without affecting its existing credit rating, Baa3 with stable outlook. Similarly, Fitch affirmed the company’s BBB rating in the light of a prospective bond issue.
• A new dawn for horse racing has been unveiled backed by £2 million in prize money. RB owned Arena Racing Company have introduced the All-Weather Championships, a series of winter meetings at ARC’s three tracks of Lingfield, Wolverhampton & Southwell, as well the Jockey Club’s Kempton Park. The winners progress to the final held at RB’s Lingfield Park for a £1 million Good Friday fixture. Meanwhile, ARC have announced an offer of up to £11.3 million towards prize-money in 2014, a 24% annual increase.
• Delancey has agreed to purchase 185 Park Street for £55m from the Reuben Brothers. The site next to the Tate Modern on London’s South Bank is fully let as offices until 2018, when it is expected to be redeveloped.
• RB owned London Oxford Airport has retained its status a UK top tier business aviation hub, after daily movements grew by 98% since the industry’s 2007’s pre-recession peak. It now ranks fifth, according to Eurocontrol’s 2012 report, and handles more business aviation traffic than Stansted and London City Airports. The airport has recently gained two Global jets, which open up long-range charter to destinations such as Washington, Chicago, New York, the Caribbean or Mumbai. The US manufacturer, Cessna, has lately become London Oxford’s newest tenant.
• Plans have been approved to convert Cambridge House at 94 Piccadilly in London’s Mayfair into a grand home. Formerly in use as the Naval & Military Club, (aka “The In & Out Club”) the landmark Grade 1 listed building will be transformed into a residence which will extend over 5,000m², and will house the original 18th Century grand staircase, a 19th Century ballroom, formal receiving rooms and a vast wine cellar. The master suite will extend to 200m² and there will also be a swimming pool, spa, gym, and a garage. Two further related planning applications have also been approved. On the western corner of the site, the 1182m² Grade II listed former American Club will also to be converted back to its original use as a stately home. On the eastern flank the Grade II Listed Green Park Chambers at 90-93 Piccadilly, will be combined with 42 Half Moon Street to provide 6 large lateral apartments, plus retail & restaurant space. The properties were acquired by the Reuben Brothers in 2011, having sat empty and on the Heritage and Risk register since 1999.
• Scheduled services connecting RB owned London Oxford Airport to Edinburgh & Dublin have begun. Minoan Air will operate two daily rotations to/from each destination starting in May 2013 (6 days per week). The European carrier will be based at the Reuben Brothers’ airport, whilst London Oxford has added extra customer services, admin & ground personnel, to handle the new Fokker 50 flights.
• RB owned Global Switch has began construction phase of its new $300m data centre in Sydney. The first stage which constitutes about one third of the total project will be completed by the first quarter of 2014. The 260,000 sq. ft. Sydney East building will be adjacent to Global Switch’s existing Sydney West data centre, next to the city’s Central Business District, and will create a campus of around 700,000 sq. ft. of floor space with 64 MW of onsite power generation. A number of large multi-nationals have made pre commitment agreements to become anchor tenants for Sydney East. Sydney East will have best-in-class environmental credentials and will target a LEED (Leadership in Energy and Environmental Design) Gold Rating.
• Production of iron ore has commenced at RB Resources’ Ait Ammar Iron Ore Project in Morocco, with first exports expected in Q2 2013. RB Metalloyd is the exclusive marketer of all products from the Ait Ammar Project.
• RB owned Global Switch has unveiled plans to expand its Amsterdam data centre, already the largest carrier neutral multi-tenant data centre in the Netherlands. The investment will provide by a further 275,000 sq. ft., which will increase the data centre’s overall size to 690,000 sq. ft., with 100 MW of onsite power generation from two diverse 50kV high voltage feeders. Phase 1 of the planned expansion has been pre-let to a leading international telecommunication service provider and is expected operational in Q1 2014.
• RB owned Global Switch, the leading owner and operator of wholesale carrier neutral data centre space, has acquired a Hong Kong site with plans for a Tier III plus data centre. Once built the data centre will offer 375,000 sq ft gross space with 45MVA of utility power and have best-in-class environmental credentials targeting a LEED Platinum Rating. Global Switch intends to invest around HK$2.8 billion over the full course of the development, with further investment arising from specific customer requirements. Construction is planned to start in 2013, with the first phase of space becoming operational in Q1 2015. Hong Kong will be Global Switch’s tenth data centre.
• Merchant Square has won Highly Commended Award for its Mixed-use Development, in International Property’s 2012 Awards. In addition, 5 Merchant Square won Highly Commended Office Development Award. The development is a Reuben Brothers JV.
• Motcomb Estates, advisors to the Reuben Brothers, has submitted applications for planning, listed building and conservation area consent to bring the Grade I ‘In and Out Club’ and the neighbouring buildings on Piccadilly back into use, after over a decade of neglect. The three applications seek to refurbish 94 Piccadilly (the old ‘In and Out’ Club, and the former residence of Lord Palmerston) & 95 Piccadilly (the former American Club), and restore them to their former glory as grand residential properties. The proposals for 90-93 Piccadilly and 42 Half Moon Street are for use as six apartments with retail at ground floor, fronting Piccadilly.
• Over 50% of luxury apartments at 3 Merchant Square have been sold off plan, achieving over £100m. The marketing suite opened in March 2012, with construction well underway and completion due in 2014. The development is a Reuben Brothers JV.
• Reuben Brothers has completed the acquisition of 7-10 Adam Street, off the Strand. The property includes the famous members club, Adam Street, which was in administration & had been facing closure.
• Following the recent acquisition of Arena Leisure plc by Aldersgate Investments, Arena Leisure is merging with Northern Racing to form a new Company, Arena Racing Company (“ARC”). ARC is now the largest racecourse operator in the UK, operating approximately 38 per cent of the UK fixture list.
• London Oxford Airport has now ranked among the top five business aviation airports in the UK, according to latest Eurocontrol statistics. Over the five years since it was acquired by the Reuben Brothers in 2007, London Oxford Airport has experienced substantial growth with its daily business aircraft departures increasing 116.67% making it the fastest growing of any business aviation airport in the UK.
• Reuben Brothers has completed the purchase of Arena Leisure, the publicly listed owner of seven racecourses in the UK including Doncaster, Royal Windsor and Lingfield Park.
• Significant progress has been made with the Merchant Square development scheme in Paddington, Central London, which Reuben Brothers own in a 50:50 partnership with the Jarvis family. Following the launch of Building 3 off plan in the Far East in November 2011, pre-sales of 61 apartments have already been achieved at record rents for Paddington. Construction is now underway and the building will provide some 159 private apartments, a retail element, a nursery and community rooms.
• RB owned company Global Switch’s €600 million inaugural bond issue in April 2011 came highly commended in the 2011 Treasurer Deals of the Year Awards and was runner up in the prestigious Corporate Finance Deal of the Year category. Global Switch is the leading data centre provider in Europe and Asia Pacific which is fully owned by Reuben Brothers.
• Reuben Brothers has completed the multi-million-pound acquisition of a data centre in Newark on Trent. Comprising c. 16,000 sq ft of state of the art space, the date centre was purchased on a sale and leaseback arrangement with the communications service provider, Timico. The acquisition marks the latest addition to the Reuben’s data centre portfolio outside of Global Switch, which now stands at four, all of which are in the UK. This means that the total data centre space under the Reubens’ control, including Global Switch, now exceeds 3.2 million sq ft, which is shortly to increase to around 4.2 million sq ft given the various initiatives underway at Global Switch.
• Reuben Brothers has acquired the London Heliport in Battersea. The acquisition extends the existing aviation interests of the Reuben Brothers, which include ownership of London Oxford Airport (voted the ‘Best British Business Aviation Airport’ in 2009). The London Heliport, which offers easy access to London’s West End and the City, represented a unique opportunity to acquire the only CAA licenced heliport in London. It provides luxurious facilities to passengers through its newly developed terminal and VIP lounge and also benefits from an exemption to the no-fly zone during the Olympics.
• Rainbow Medical, the investment company supporting the development of breakthrough medical device technologies in which Reuben Brothers are significant investors, has announced the closing of a $10 million equity investment by an institutional investment fund in its portfolio company, Vascular Dynamics. Vascular Dynamics, is a fully owned Rainbow Medical company developing a small implant for the treatment of hypertension (high blood pressure), a multi-billion USD market opportunity. This investment again validates Rainbow Medical’s value creation model of developing substantial medical devices in a short time and cost effectively.
• Reuben Brothers has acquired 1-6 Yarmouth Place and 51-53 Brick Street, a freehold property adjoining their existing holdings at 100 Piccadilly, and adjacent to the world-famous “In and Out Club”, which the Reubens bought in 2011. The purchase of this property adds significant value to their current Piccadilly area holdings, which include the iconic Piccadilly Estate as well as three further island sites in Mayfair and other properties on White Horse Street and in the Shepherd Market area. Yarmouth Place has current planning consent for 58,750 sq ft of residential which can be improved upon by combining it with their adjoining properties.
• Reuben Brothers Resources has acquired a 30% stake within Asian Metal Resources Corporation (AMRC), with an option to increase its equity to 49%. Transasia, owned by the Aslanov family from Uzbekistan, owns the balance of AMRC’s shares. The joint venture intends to acquire and develop mining interests across Indonesia; coal in Borneo, copper & gold in Sumbawa, & nickel on Sulawesi.
• RB owned Global Switch’s ninth data centre was launched in Paris, with an official opening reception hosted at the British Embassy by the British Ambassador to France. Global Switch’s second data centre in Paris, with floor space of over 182,000 sq. ft. over six floors, has created that city’s leading data centre campus of 540,000 sq. ft.
• RB owned company Global Switch, the leading data centre provider in Europe and Asia Pacific 100% owned by the Reuben Brothers, received Planning Consent to build a best-in-class 269,000 sq ft fully-fitted data centre in Singapore. This new data centre will be the second Global Switch facility in Singapore, and will be located approximately 15km from the existing 285,000 sq ft Global Switch data centre. This is the second major planning consent Global Switch has received within a year, Sydney having received full planning to build a second facility of 365,000 sq ft adjacent to its existing data centre, already the largest of its kind in the Southern Hemisphere, creating a campus of around 815,000 sq. ft. of floor space.
• RB Resources has purchased 50% of the Ait Ammar Iron Ore Project located in Morocco. The project is a brownfield project uniquely benefiting from existing transportation infrastructure, including dedicated port facilities at Jorf Lasfar Port. RB Resources committed to finance the redevelopment of the mine, including the installation of new processing equipment and the upgrade of existing facilities.
• Ventower Industries,the producer and supplier of industrial scale wind turbine towers in which the Reuben Brothers invested, completed the state of the art wind tower manufacturing facility in the Port of Monroe, Michigan, USA. The facility, Michigan’s newest addition to the wind energy industry, will bring both key wind energy component manufacturing and 21st Century Jobs to the region.
• Reuben Brothers acquired the iconic Piccadilly Estate in prime Mayfair, London, in an all-cash transaction. The West End estate, which has a c. 100m (328 ft) frontage to Piccadilly overlooking Green Park, comprises six freehold buildings including the world-famous “In and Out Club” originally built as a royal residence and once occupied by Lord Palmerston, as well as buildings on Half Moon Street and White Horse Street. The Piccadilly Estate adjoins a number of premises already owned by the Reuben Brothers and its acquisition extends the Reubens’ existing Mayfair estate, which already consists of three further island sites, as well as properties on White Horse Street and others in the Shepherd Market area.
• London Oxford Airport, fully owned by Aldersgate Investments Limited, a Reuben Brothers company, announced plans to install the latest generation radar system. The new radar system will allow faster throughput of flight activity as well as more efficient transits through local airspace. The investment represents one of the most significant infrastructure enhancements at London Oxford Airport, which was already voted ‘Best British Business Aviation Airport’ at the AOA Annual Awards in 2009.
• Westminster City Council’s planning committee resolved to grant planning consent for the revised Merchant Square scheme at Paddington. The scheme for four new buildings, includes the iconic 42 storey tower, 1 Merchant Square, all set around a new garden square next to the canal basin. The development is a Reuben Brothers JV.
• RB owned company Global Switch, the largest wholesale carrier neutral data centre owner and operator in Europe and Asia-Pacific which is 100% owned by Reuben Brothers, launched its inaugural bond offering. With strong investor interest from the outset, the issue was substantially oversubscribed and the deal was therefore increased to €600 million.
• Plans were announced for a €500 million debut bond offering by Global Switch, the data centre business wholly owned by the Reuben Brothers, which has been given investment grade ratings by Moody’s and Fitch.
• RB owned Fontwell Park Racecourse, one of the ten UK racecourses owned and operated by Northern Racing, was voted “Racecourse of the Year” at the Betview Awards 2011 held at the Grosvenor House Hotel in London. This honour was awarded to Fontwell Park by the industry for providing the best experience for the betting and racing public.
• Reuben Brothers acquired the remaining 50% interest in four 50:50 joint ventures with Brookfield to take full control of the Eden Shopping Centre in High Wycombe, the Newcastle city centre retail development scheme, the St James Retail Park near Newcastle and Western House, High Wycombe.
• The CAA have upgraded the status of the runway at RB owned London Oxford Airport to Code 3C, an endorsement that the airport is at full commercial operating capability.
• Plans were unveiled for a 42-storey skyscraper at the Merchant Square Paddington scheme, a Reuben Brothers JV. The c. 420,000 sq ft building, destined to be the tallest building in Westminster, will provide 222 apartments and a 90-room boutique hotel.
• RB owned company Global Switch has received planning approval for a second data centre in Sydney. Designed to meet the high Global Switch specification, the 365,000 sq. ft. building will be adjacent to Global Switch’s existing data centre creating a campus of around 815,000 sq. ft. of floor space. It will be a trigeneration data centre (utilising primary power from gas turbines) and will have best-in-class environmental credentials.
• The development of an additional c. 43,000 sq ft facility in Global Switch’s Singapore data centre is completed. This extension is just one of a number of new initiatives underway at the Reuben Brothers-owned Global Switch which will increase the overall floor space of the business to around 4,000,000 sq ft.
• RB through its racecourse business Northern Racing owned by Reuben Brothers, reached a ground-breaking agreement on pitch positions with on-course bookmakers. In striking an all-encompassing long-term agreement with on-course bookmakers, Northern Racing becomes the first major racecourse Group to have reached a commercial agreement in what is a first for the horse racing industry.
• The exciting new grandstand at Fontwell Park racecourse was unveiled to the public with an attendance of over 6,000 race goers. This is one of the most prominent developments in the racing industry in the past decade and is sure to impress anybody that is lucky enough to spend a day’s racing there. The grandstand has been sponsored by internet betting site 888Sport.com who were very keen to be part of the action, especially as the actual Fontwell Park steeplechase track is the only figure of eight jumps track left in the country. This new grandstand has really put Fontwell Park on the map in terms of providing a quality race experience and also provides a first class venue for conferencing, weddings and events.
• Work is under way on a brand new three-bay hangar at London Oxford Airport. The hangar will offer c. 50,000 sq ft of space, independent office space and car parking. It will be the largest single facility built at the airport to date and when complete the total hangarage at the airport will be c. 240,500 sq ft, an increase of c. 78% since 2005.
• RB owned company Global Switch announced that construction is well underway on new facilities in Singapore totalling over 47,300 sq. ft., which will bring the total Data Centre space in Singapore to over 300,000 square feet with power of 1,000 w/sq. m. At the same time it was announced that a preliminary design for a State of the Art second data centre has been completed. This second facility will be c. 270,000 sq. ft. and is innovative in its overall design, energy efficiency, sustainability and security. Separately, construction is progressing on program for a second data centre in Paris having in excess of 145,000 square feet and scheduled for completion by July 2011.
• Reuben Brothers have acquired a stake in Metro Bank Plc, which has just received the first license from the Financial Services Authority for over 100 years to open and operate retail banks in the United Kingdom. The first store is due to open in Holborn in 2010. Founded by Vernon Hill, the pioneer behind Commerce Bank in the US, Metro Bank has already been successfully rolled out in the US. The model, based around customer friendly service, extended hours of operation and other examples of fresh thinking, should provide an exciting new banking service in the UK.
• Reuben Brothers invested in Ventower Industries in the United States, a producer and supplier of industrial scale wind turbine towers. Ventower has commenced work on a groundbreaking 115,000 sq ft, state of the art, wind tower manufacturing facility in the Port of Monroe, Michigan.
• London Oxford Airport was voted the ‘Best British Business Aviation Airport 2009’ at the AOA Annual Awards Ceremony in London.
• European Land, the Reuben Brothers JV, behind the successful regeneration of Paddington, sold more than two thirds of its 93 Waterline House apartments within ten days of launch. In 2008, when the scheme was unveiled, an additional 60 units were pre-sold to the Crown Estate. The building completed in Nov 2010.
• Real Imaging, the technology company developing a comprehensive imaging solution for breast cancer detection, in which Reuben Brothers own a stake of over 32%, launched their website www.realimaging.com. The launch of the site comes in conjunction with the company’s first public presentation at the Israel Life Science Industry-Biomed 2009 conference in Tel Aviv.
• The racecourse company Reuben Brothers, Northern Racing took private in April 2007, has increased its number of fixtures and is now responsible for c. 15.5% of all UK racing fixtures. Northern Racing owns and operates ten racecourses in the UK.
• Reuben Brothers acquired the Freehold of a data centre of c. 233,500 sq ft in Madrid, which is leased to Global Switch, our data centre business. Global Switch will be spending c. €30 million in capital expenditure on the facility over the next 12 months to accommodate the leases that they have signed.
• The Mayor of London, Boris Johnson, performed the traditional topping out ceremony at the landmark Carmine building at Merchant Square. The ceremony marked the progress of the 15 storey office building and was another major milestone for the 2 million sq ft Paddington Basin development.
• The Business and Enterprise Committee published a report following a survey assessing the satisfaction of tenants with their pub companies. The report stated that the Wellington Pub Company achieved the best results in the survey and provided a striking exception to the other major ‘pubcos’. The Wellington Pub Company is the largest free-of-tie pub estate in the UK with approximately 850 tenanted pubs and is part of the Reuben Brothers group of companies.
• Reuben Brothers increased it’s stake in Arena Leisure, the owner of 7 racecourses in the UK , to over 26%
• Oxford Airport was named as one of Europe ’s top Fixed Base Operators (FBOs) in Altitudes Magazine, the only UK-based FBO to be listed, and an honour shared by only eight other FBO’s across Europe and the Middle East.
• RB owned company Northern Racing announced its 2008 results, showing an increase in earnings from £6.2 million in 2007 to £6.8 million in 2008, in spite of a high number of cancelled meetings across the UK due to bad weather.
• Reuben Brothers increased it’s stake in Real Imaging, the company developing a method and apparatus for displaying full color, high resolution images to be used to detect cancer and other diseases, to 32.2%.
• As a strategic investment Reuben Brothers became large investors in Rainbow Medical, an investment company supporting the development of breakthrough medical device technologies.
• Reuben Brothers completed the refinancing of the Eden Shopping Centre in High Wycombe , in which it has a 50% interest. The 825,000 sq ft shopping centre, which opened in March 2008, includes two anchor stores, 120 retail and restaurant units, cinema, bowl as well as 48 residential units and a car park.
• Various initiatives are underway at a subsidiary of the Reubens, Global Switch, which will increase the overall space from in excess of 2.8 million sq ft to over 3.2 million sq ft.
• Reuben Brothers acquired King’s House, St James’s. King’s House is a freehold building providing mixed use accommodation of c. 18,500 sq ft (c. 13,000 sq ft of offices and c. 5,500 sq ft of restaurants) on Haymarket in Central London.
• RB owned Northern Racing’s Fontwell Park Racecourse received planning permission to replace the existing grandstand with a new three storey grandstand / conference facility with restaurant, private boxes, conference and exhibition space. RB are continually looking for opportunities to improve its racecourses, including broadening the leisure facilities on the sites and developing the events and hospitality division.
• RB owned company Northern Racing was appointed to manage Ffos Las Racecourse in Wales.
• Reuben Brothers secured the ownership of Dawnay Day’s 50% interest in Oxford Airport, giving Reuben Brothers 100% of the business. This follows the opening of a brand new, first class business aviation terminal to cater for private jet passengers and crew. Along with other significant works undertaken, upgrading to Cat 4 RFFS and extending opening hours to 06:30 – 22:30, this has enabled Oxford Airport to become a premier business aviation facility and a convenient, easy access alternative to the established London airports.
• Marks & Spencer took a 30 year lease of 170,000 sq. ft. at £53.50 on a pre-let agreement. The landmark Carmine building at the Merchant Square Paddington scheme completed in Sept 2010, with M&S starting their fit out at the same time.
• Planning permission has been granted for three mixed use buildings designed by Foster & Partners to be located on London ’s Albert Embankment, adjacent to the newly-constructed Riverbank Park Plaza Hotel on the River Thames. They will have an area of 342,000 sq ft with the tallest building consisting of 27 storeys. The development will replace the present 1960’s office building, Hampton House.
• Reuben Brothers formed a 50:50 joint venture with Park Plaza Hotels Limited to develop a new apart-hotel and leisure destination under the ‘art’otel’ brand in Hoxton, in the City of London.
• Work has commenced on the construction of the mixed-use Merchant Square development at Paddington, which will provide in excess of 2,000,000 (2 million) sq ft of office space, residential units, hotel and leisure facilities in the heart of Westminster.
• Reuben Brothers invested in Silverjet, the UK-based all-business class airline, through issuance of a convertible bond.
• Reuben Brothers acquired Oxford Airport, located 40 miles from London and 6 miles from Oxford city centre. Significant works have recently been undertaken that will enable Oxford Airport to become a major player in the provision of top quality business and general aviation services. The airport is now owned in a joint venture with Dawnay Day.
• Aldersgate Investments Limited, a Reuben Brothers company, acquired three prime UK data centres totalling c. 175,000 sq ft, in Thurrock, Milton Keynes & Bedford.
• Reuben Brothers acquired Morley Fund Management’s 25% interest in Global Switch to own 100% of the company’s equity. Global Switch is the foremost European and Asia Pacific data centre business, consisting of around 3,000,000 (3 million) sq ft of freehold state of the art data centres situated in UK, France, Germany, Holland, Spain, Singapore and Australia.
• Reuben Brothers acquired Northern Racing plc, the publicly-listed racecourse company, in a c. £90,000,000 (£90 million) deal. Northern Racing owns nine racecourses in the UK and accounts for c. 15% of all racecourses in the UK. In the same sector, Reuben Brothers have a substantial minority stake in Arena Leisure, the owner of seven UK racecourses.
• Reuben Brothers, together with the Bank of Scotland, West Coast Capital and others took joint control of McCarthy & Stone, the construction company we took private in October 2006 in a £1,200,000,000 (£1.2 billion) transaction. Reuben Brothers and the Bank of Scotland each own 20% of the equity. Other shareholders that have taken equity stakes in the company are West Coast Capital (8.3%), Lehman Brothers (20%), ELQ Investors Limited (Goldman Sachs Private Equity) (8.3%), Richard Desmond (6.7%), Petrofac (6.7%), Michael Lewis (6.7%) and Prestbury (3.3%).
• Reuben Brothers underwrote, together with Dawnay Day, a £25,000,000 (£25 million) rights issue by Ultimate Leisure Group, the publicly-quoted bar and nightclub operator, to increase our shareholding in the group to 32.5%. It is Ultimate Leisure Group’s intention to use this capital for further acquisition opportunities to take the group forward to the next stage of its development.
• Reuben Brothers completed the purchase of a c. 235,000 sq ft mixed-use building in a prime Oxford Street Mayfair location. The building, Hereford House, includes the c. 122,000 sq ft flagship London Primark store, as well as c. 51,000 sq ft of offices, c. 52,000 sq ft of leisure and c. 10,000 sq ft of retail.
• Reuben Brothers set up with Deutsche Bank a €1,000,000,000 (€1 billion) predominantly retail property joint venture primarily investing in Germany. RB asset manage jointly with Deutsche Bank and have a 25% stake in the fund alongside Deutsche Bank and other financial investors.
• The sale of Reuben Brothers 50% holdings in Stratford City Developments Limited (“SCDL”) for the sum of £110 million. SCDL are involved in a £4,000,000,000 (£4 billion) development in Stratford.
• Reuben Brothers formed a 50:50 joint venture with the Bank of Scotland in Sapphire Retail Fund, in which RB had a 90% interest. Sapphire Retail Fund comprises three shopping centres across the UK , totalling some 1.3 million sq. ft.
• In a joint venture with Aerium FGG Capital, Reuben Brothers completed the acquisition of a retail portfolio spread across Germany in excess of €380,000,000 (€380 million), which is leased back to C&A.
• Agreed to pay Multiplex £82,500,000 (£82.5 million) for their interest in several assets held jointly with Reuben Brothers.
• In a Joint Venture with the Bank of Scotland, the acquisition from British Land of 1,500 residential units spread across the United Kingdom.
• Reuben Brothers gained control of Global Switch by buying out Multiplex’s interest, giving us a 75% interest in all European assets and a 100% interest in the Singapore and Australia assets. Global Switch is the foremost European and Asia / Pacific Data centre business consisting of over 2,800,000 (2.8 million) sq. ft. of Freehold state of the art data centres situated in UK, France, Germany, Holland, Spain, Singapore and Australia.
• In a joint venture with Multiplex, Reuben Brothers agreed to carry out the c. 612,000 sq ft. devloplment, already commenced, of the Eden Centre (formerly Octagon Centre), in High Wycombe town centre, financed by Royal Bank of Scotland.
• Reuben Brothers built up a 29.5% stake in Ultimate Leisure Group, the bar and club operator. Ultimate Leisure Group is a publicly-quoted company and is the predominant bar and club operator with assets spread over the North and North-East of England.
• The acquisition of an initial 9, then a subsequent 17 single and multi-tenanted retail centres spread across Germany in places such as Berlin and Leverkusen.
• In association with a consortium of investors, financing the acquisition of land and the building of hypermarkets in Romania , totalling some 60-70,000 sq. ft.
• Reuben Brothers concentrated our acquisitions in Western and Central Europe – in Germany, Romania and in France, with the acquisition of a large portfolio of properties with substantial holdings in the Champagne region. Our acquisitions in these regions have a value of several hundred million Euros.
• In a 50/50 joint venture with Multiplex, an agreement was entered into with the Gibraltar Government to carry out a development of approximately 6,000,000 (6 million) sq. ft. in Gibraltar Eastside.
• Jointly with West Coast Capital, Bank of Scotland and Prestbury, a sale and leaseback arrangement on a portfolio of 135 Travelodge properties valued in October 2004 at c. £405,000,000 (£405 million).
• The acquisition of the Wellington Pub Company from Sun Capital and Hugh Osmond. Wellington has approximately 840 tenanted pubs, mainly in the South-East of England , and is the largest Free of Tie pub estate.
• Joint bid with Multiplex and Westfield for Chelsfield/Duelguide. The successful transaction provided the Chelsfield investors with a 45% profit on their investments. We have subsequently been working closely with our consortium partners to realise maximum value for the Chelsfield assets.
• In association with a consortium of investors including the Bank of Scotland and Multiplex, the management buy-out of Chelsfield plc. This resulted in us becoming the largest shareholders with a stake of 35%. We also invested approximately £108,000,000 (£108 million) of mezzanine finance, representing 35% of the total mezzanine provided.
• With West Coast Capital, Bank of Scotland and Prestbury, the acquisition of a £500,000,000 (£500 million) portfolio of 220 pubs, which are leased back to Spirit for 30 years.
• Jointly with West Coast Capital and Bank of Scotland the purchase of a portfolio of shopping centres in excess of £310,000,000 (£310 million).
• Financing the acquisition of a 50.4% stake in ERMEWA, a rail freight business headquartered in Switzerland. SNCF, the French railway company is the owner of the remaining 49.6%. ERMEWA is one of the world’s leading tanker container companies and the largest of its kind in Europe. It is the second largest tank container rental company in the world.