Sellar to launch investment arm for £5bn pipeline
Developer Sellar is launching an investment business focused on green, office-led schemes in London, with new chair Duncan Owen reconnecting with former colleagues to join the push alongside chief executive James Sellar.
The new business will look for long-term partners for its £5bn development pipeline. Likely seed assets include the redevelopment of Liverpool Street Station, land around Paddington Square and Grand Union House in Camden Town.
Owen has been working with the company as a senior adviser for the past two years. He revealed that he would take the chair in an EG interview at this year’s MIPIM.
Developer Sellar is launching an investment business focused on green, office-led schemes in London, with new chair Duncan Owen reconnecting with former colleagues to join the push alongside chief executive James Sellar.
The new business will look for long-term partners for its £5bn development pipeline. Likely seed assets include the redevelopment of Liverpool Street Station, land around Paddington Square and Grand Union House in Camden Town.
Owen has been working with the company as a senior adviser for the past two years. He revealed that he would take the chair in an EG interview at this year’s MIPIM.
He has now hired two former colleagues who worked with him at Schroders and, more recently, at Immobel Capital Partners, which all have now left. Andrew MacDonald joins Sellar as head of investment and joint ventures, while Melinda Knatchbull joins as chief financial officer. Both have worked alongside Owen for 20 years.
In his EG interview, Owen described the greening of brown offices as “the best opportunity in the real estate market since logistics and distribution 10 years ago”.
“I’m not sure now that the phraseology of green premium and brown discount is relevant – I think it’s just a chasm,” he said. “Ninety-nine per cent of occupiers want green, sustainable, perfect renewable energy, social amenities – and only 10% of office properties provide that. That’s why there’s the opportunity. That’s why there’s polarisation in the markets.”
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Photo © Loïc Thébaud
