Onside Issue 6 - 8

Seneca launch in to Property

What types of property are Seneca
looking to invest in?

How do you source investment

There is no single answer to that question and we
are certainly very agile in the way we look for and
appraise investment opportunities. We like to be
opportunistic and to try and identify sectors with
sound property fundamentals and good growth
prospects, particularly in relation to long-term
trend analysis. Having said this, any property can
be a good investment at the right price! Buying
well is key and there are very few sectors that
we would actively look to avoid. We focus our
attention on deliverable opportunities and work the
relationships that we have very hard so we receive
opportunities that often our competitors don't see.

Like all property investors we look to maintain
exceptionally strong relationships with both
national and regional agents who play a vital role
in the investment market. We pay market fees,
remain loyal and communicate well. We are highly
collaborative and inclusive for the long-term.
Where possible we seek to structure deals on an
off-market basis, in order to deliver security to
our investors and to lock in the value at an early
stage. Alongside the wider Seneca team, we are
also fortunate to have direct relationships with a
number of principals which is another great source
of potential deals for us. We have acquired two
portfolios comprising a total of nine properties,
some strategic land, an office in Trafford Park and
a further office in the North which have all been
done off market and on a one to one basis.

"We've had a busy first six months
and have closed transactions worth
in excess of £30 million"

Generally, I have preferred value buying, contra
cyclical, added value and reposition plays alongside
targeting joint ventures and working with other
highly focused partners, which is accretive to
performance. Examples include owning Premier
Marinas Limited (PML) comprising eight marinas
and some 5,000 berths on the south coast of
England and setting up the BlackRock Workspace
Property Unit Trust. At present we continue to seek
strategic partners across the investment spectrum.
We have recently invested in Serviced Offices
which is a sector that has already, and I believe will
continue to experience tremendous growth. The
centres are underpinned by strong fundamentals,
not least the vast income diversity that such a
broad customer base provides which brings good
risk protection.

You mentioned a recent Serviced
Office investment, can you tell us
more about this?
Yes, we launched our business by announcing
a £20 million acquisition in the Serviced Office
sector. This is a portfolio of business centres
in the North and the Midlands and we serve a
really diverse range of customers of all sizes and
sectors. It's certainly a management intensive
investment as we have a lot of customers that we
are spending time with in order to get to know
better, and we provide many additional services
including broadband, telephony, stationery and
meeting rooms. We are however very fortunate to
have a great team in place and we try to have fun
and make our centres places that customers have
a pride in, and enjoy coming to work at. We have
plans to grow this business further and faster by
acquiring additional centres.


Table of Contents for the Digital Edition of Onside Issue 6

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Onside Issue 6 - Contents
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