The billionaire Issa brothers, Mohsin and Zuber, with the backing of TDR Capital, are said to be in negotiations with Australian firm Macquarie Asset Management regarding a sale.

The deal would see Macquarie purchase the ground rent leases of around 50 Asda stores, with a clause allowing the supermarket retailer to reassume control of the sites at the end of the 50-year term.

Asda would then be able to pay lower rents at these stores while raising higher amounts of equity.

The Issa brothers acquired the Asda estate from Walmart in 2021 in a deal worth £6.8bn, however some £2.75bn of debt was included in the transaction.

In March, it was reported that the billionaire brothers were eyeing the sale-and-leaseback of the entire Asda estate, worth £8.6bn.

The supermarket retailer then disposed of 25 stores to American investor Realty Income in a sale-and-leaseback deal worth £650m.

Asda recently reported an increase in sales during the second quarter, which the supermarket said reflected the “strength” of its customer proposition.

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A further £3 million of funding has been made available from the Mayor of London to support organisations to deliver clean and flexible local energy projects and help to meet London’s ambition of being net zero carbon by 2030. 

Buro Happold will work closely with partners Turner & Townsend and communications consultancy Camargue to continue the work done to date to decarbonise London and tackle the climate emergency. 

Through the continued programme, funded support and expertise will be provided to organisations including local authorities, government departments, NHS Trusts, and housing associations to develop projects such as district heat networks and technologies, including heat pumps and solar PV.  

Buro Happold will continue to lead on the delivery of the programme, working closely with beneficiary organisations across London and providing technical expertise to support the development of projects. Their extensive energy consulting work will help guide organisations across London to benefit from low carbon, low-cost energy solutions that are suited to the challenges faced because of climate change.  

Turner & Townsend will continue to provide programme management services for the GLA and support the Local Energy Accelerator’s beneficiaries.  As well as supporting the application process, the firm will provide guidance and oversight throughout the projects to help ensure effective delivery. 

Camargue will continue to provide communications and engagement support, including promoting the programme to potential beneficiaries across London and driving applications for funding.  

Shirley Rodrigues, Deputy Mayor for Environment and Energy said: “The Mayor is committed to making London net zero by 2030 and as we see the growing impacts of climate change on our world and our city we know we must accelerate our work on this target. We all need to work together and make the bold decisions now.  

“I’m pleased that the Mayor is providing further funding to support the delivery and development of local energy projects and that Buro Happold will continue their excellent work as lead consultant for the Mayor’s Local Energy Accelerator. This programme has already helped hundreds of London based organisations to reduce their carbon footprint and work towards achieving net zero in 2030. Working together we can build a better London for everyone – a safer, fairer, greener and more prosperous city for all Londoners.”  

Alasdair Young, Director of Energy at Buro Happold said: “We are delighted to be able to continue our work, along with our partners, to support organisations across London developing clean and locally generated energy projects. The Mayor has set ambitious targets to decarbonise London. Scaling up local net-zero carbon energy systems requires a step change in the pace of deployment. It is an exciting time, but there are huge challenges for councils looking to transition to low carbon energy. However, with the right guidance and leadership, the opportunities to reduce energy, reduce cost and cut carbon are real. We have found that many organisations are committed to reducing their emissions but often struggle to access specialist, independent expertise. Buro Happold is relishing the opportunity to lead in this critical area for London to deliver on important net zero targets and are delighted to be supporting the GLA in providing access to skills which will help to tackle this huge challenge.”  

Matt Sutton, Director at Camargue, said: “It’s brilliant to see the progress that has been made over the last few years by organisations across London to decarbonise the city, and to have worked closely with the GLA to support this work through the Local Energy Accelerator programme.   

“Over the coming months we’ll be helping the GLA to promote the extended programme and drive applications for funding – supporting the delivery of more essential clean energy projects.  We’ll also be telling the story of the success of the programme to date and fostering collaboration between beneficiaries to continue the move towards net zero over the coming years.” 

Richard McWilliams, Director of Sustainability at Turner & Townsend, said: “Decarbonising the UK’s energy and heat networks is central to achieving our net zero ambitions, and strengthening national energy security.  This award demonstrates our ability to drive complex programmes and it’s fantastic to be able to continue our work in supporting the delivery of essential local energy projects.    

“Our long-standing relationship with the GLA and strong track record of working in partnership with local authorities makes us well placed to support the energy transition across the capital.” 

Buro Happold is leading the design and deployment of innovative net-zero carbon heat and renewable energy systems across the UK. This ranges from river, lake and mine water source heat pumps to district energy schemes which recycle waste heat from sewage to provide hot water and heating to homes and workplaces. Their specialists work with clients to tackle technical and commercial challenges. They prepare investment cases and high-performance designs which enable clients to decarbonise the built environment across scale – buildings, campuses, and cities.  

Buro Happold is committed to developing and sharing knowledge of this critical issue across engineering and construction. They were among the first signatories to the World Green Building Council Net Zero Carbon Buildings Declaration and have a seat on the steering group for the UK Green Building Council net zero carbon buildings framework definition task group.  

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Those who previously lived at Paragon were successfully supported to find new homes and move on with their lives, following the difficult decision to ask them all to leave the estate in October 2020; due to Notting Hill Genesis’ concern that the buildings did not meet adequate levels of safety.

John Hughes, group director of development and sales and deputy chief executive of NHG said: “The safety of our residents is always our first priority and, as such, we felt moving residents from Paragon was the best course if action and has enabled us to assess the full scope of the proposed works. We know how much of an upheaval this was for everyone, so we established dedicated teams to work with every household to find a permanent solution.

“The subsequent thorough investigations give us a great deal of confidence that we have a robust plan and we are looking forward to working with Equans and our expert team of surveyors to deliver our remediation and reinvestment plan. We look forward to people once again calling the Paragon estate home and to it being a thriving west London neighbourhood once more.”

Equans will carry out remedial works across all six blocks, enhancing fire safety measures, by installing much thicker insulation and a new façade to dramatically improve the comfort and efficiency of the homes. Of the £72m investment, £36m will be spent on works to bring building services and finishes up to a modern standard, including the installation of sprinkler systems, upgraded mechanical, engineering, and public health systems, and completely refitted homes. The work also includes a complete internal refurbishment to all areas, including new lighting, ceilings, furniture, flooring, and landscaping.

Dan Germann, regional managing director for Equans added: “Following months of significant, intrusive investigations and comprehensive planning and testing, we are delighted to have been appointed to undertake the remedial and reinvestment works at the Paragon estate development.

“Equans is very much looking forward to continuing the proactive and collaborative working relationships which have developed over the past number of months with Notting Hill Genesis and their appointed professional team. We are committed to ensuring that this significant project provides both safe and modern accommodation for all residents at Paragon estate.”

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Energy Security Secretary Grant Shapps today hailed the “immense opportunities” available for companies and communities as the UK continues to invest in renewable and other clean technologies and strengthen national energy security.

At an industry roundtable in Downing Street this week energy firms across renewables, oil and gas and nuclear all outlined projects worth as much as up to £100 billion, to be built across the UK over the next decade.

Government and industry also agreed on the importance of working together across the entire energy sector to:

• boost the UK’s competitiveness and investment into home-grown clean energy
• create and safeguard jobs across the country
• reduce energy bills for consumers and households
• make progress towards net zero

The Secretary of State also outlined the government’s new powers to protect UK energy supplies.

Speaking after the event Energy Security Secretary Grant Shapps said:

We stand at a crucial point in the UK’s energy history: achieving our goals depends on continued close collaboration with the leaders in the industry.

This was the shared consensus at today’s industry roundtable, which I had the privilege of convening, where we discussed the path to strengthen the UK’s energy security and boost economic growth.

The consensus among energy firms was clear – there are immense opportunities ahead and these can only be seized if the UK government, industry and regulators work together across the sector to accelerate investment into renewables, bring down bills and deliver on net zero.

The investment projects discussed today will not only of safeguard hundreds of thousands of skilled jobs across the country but ensure a resilient and sustainable energy future for the Britain.

Attendee comments

Keith Anderson, CEO, ScottishPower said:

We welcomed the opportunity to hear the Secretary of State’s continued commitment to the UK’s world leading position on tackling climate change and delivering net zero, while growing the economy.  As one of the biggest renewables and electricity network investors, ScottishPower is helping drive that growth, creating over 1,000 job in 12 months alone and we look forward to continuing that for decades to come.

Tom Glover, RWE’s UK Country Chair said of today’s meeting:

With an ambition to invest up to £15 billion in the UK electricity market by 2030, it was good to discuss the issues facing the industry at the roundtable today with Grant Shapps, the Secretary of State for Energy Security and Net Zero, and very reassuring to hear him emphasise the government’s commitment to net zero targets and the UK’s carbon budgets.

We emphasised the need for more and regular engagement between government and industry, the continued commitment to net zero and the requirement for interim targets for the electricity sector. We also welcomed the announcement of the latest Track 2 CCS transport and storage projects, and encouraged the government to go further and faster with other CCS projects and CO2 shipping around the UK.

David Whitehouse, Offshore Energies UK said:  

I welcomed the opportunity to represent Offshore Energies UK’s membership of over 400 firms at Number 10 today. These companies’ investments in innovative projects across the sector, from oil and gas to offshore wind, carbon capture and hydrogen are the key getting to net zero and beyond.

Today’s energy summit re-iterated the UK’s commitment to achieving net zero, and recognised the key role that domestic oil and gas production and carbon capture and storage will play in that journey. Through ongoing collaboration and pragmatic policy, I am convinced that the UK can unlock the private investment necessary for an energy future that provides security, affordability, creates highly skilled jobs, and tackles climate change. The offshore energy sector’s proven track record over the last 5 decades shows what we can achieve when working collaboratively.

Jon Butterworth, CEO of National Gas, said:

Gas is at the heart of the UK’s energy security. There were 260 days in 2022 where gas provided over 30% of the nation’s electricity, ensuring the lights were kept on, whilst also keeping our citizens warm and industries fuelled – protecting thousands of jobs and half a million businesses. We welcomed today’s discussion with the Secretary of State and industry leaders, and we will continue to work with the government to strengthen the resilience of our energy sector.

Emma Pinchbeck, CEO Energy UK, said:

Our industry’s united view is that achieving net zero and energy security go hand in hand, and we welcome the Secretary of State’s renewed commitment to that.

The best and quickest way to tackle those challenges, and keep bills affordable for customers, is to rapidly expand our own sources of cheap, clean power alongside reducing demand. Making more homes energy efficient is a no-brainer, and the potential that greater flexibility offers for consumers and the wider energy system will bring down costs for us all. We also need to focus on the immediate issue of support for those customers facing a struggle this winter to afford energy bills that remain much higher than 18 months ago.

Enabling all this means having the right environment to attract the necessary investment in face of increasing global competition, developing supply chains and workforce skills and tackling issues around the planning system and grid connections that can hold up the rapid progress we all want to see. Our industry is fully committed to working with government to address all these because we all see the huge opportunities on offer for our economy, our environment and our customers.

Ruth Herbert, Chief Executive of the Carbon Capture and Storage Association, said:

Today’s meeting was an important opportunity to discuss with energy industry partners how we can collectively deliver secure, affordable, decarbonised energy, with CCUS critical to achieving this and driving future economic growth.

We welcome the government’s CCUS announcements this week, which deliver momentum to the industry and a decarbonisation pathway to two important industrial regions. But we still need clarity on the timeline of support if we are to successfully store 20-30Mt of CO2 by 2030 in line with government’s net zero ambitions, and ensure we are not left behind by international rivals.

Carbon capture is an essential part of the toolkit for the UK to reach its climate targets. It will decarbonise gas-generated electricity, which will enable more renewables on the system, and it will reduce emissions from critical industries such as steel and cement to continue to support tens of thousands of jobs and ensure domestic supply chain security.

Dr Tony Ballance, Chief Strategy & Regulation Officer from Cadent said:

I was pleased to represent Cadent, the largest gas distribution company at the Energy Summit today. It was good to hear first-hand from the Secretary of State about the Government’s plans for delivering future energy resilience and achieving net zero.

I am pleased we were able to highlight the importance of hydrogen, and the need for a whole systems approach, in delivering these vital ambitions for the UK.

David Bunch, Country Chair, Shell UK said:

This was a productive meeting. Shell UK has already set out significant investment ambitions to support the country’s energy security and transition to a low-carbon energy system. The conditions for these investments are crucially dependent on fiscal stability, clarity of business models and ensuring shareholder value.

RenewableUK’s Executive Director of Policy Ana Musat said:

At a time when energy security, affordability and decarbonisation remain high on everyone’s agenda, the renewable energy sector welcomed the opportunity to meet with the Secretary of State to discuss the opportunities and challenges we face. There was widespread agreement of the need to improve the UK’s investment environment, as we’re facing very challenging economic conditions and strong international competition for supply chain, skills and investment.

We are all aware that prioritising the roll-out of cheap, homegrown renewable energy projects is essential to strengthen Britain’s energy security. Wind and solar generate power cheaper than any other new energy source, so the government can improve investor confidence in this space by ensuring that the Contracts for Difference framework takes account of the economic pressures faced by the sector.

In addition, we highlighted the need to ensure a consistent pipeline of renewable energy projects so that we can maximise the opportunities of supply chain investment in areas where the UK has a competitive advantage, such as floating wind, cables and blades. This will enable us to create more high quality well paid jobs, especially in coastal communities outside London and the south east – offshore wind alone is set to employ over 100,000 people by 2030. Every opinion poll shows strong public support for moving faster on renewables, so it’s essential that the government’s energy security strategy is centred on developing this sector.

Linda Z Cook, CEO of Harbour Energy said:

The North Sea oil and gas sector plays a critical role in UK domestic energy security. The sector is also leading the way with CCS which will enable the decarbonization of the power sector and other industrial sites and deliver the government’s target of capturing and storing 30 mtpa of CO2 by 2030.

Earlier this week we saw Harbour’s CCS projects – Viking in the Humber and Acorn in northeast Scotland – both successfully awarded Track 2 status under the government’s carbon capture programme, evidence of how the existing skills, experience and infrastructure of those currently operating in the North Sea are going to be critical in the development of this new UK industry.

However, in order to have the confidence we need to continue investing in these long-term, large-scale projects, we need a stable and sensible fiscal environment – and today’s meeting was an important opportunity to discuss that.

Paul Spence, Director of Strategy and Corporate Affairs, EDF said:

Improving energy efficiency, moving to electric vehicles and heat pumps, and investing in more low carbon wind, nuclear and solar electricity doesn’t just help the climate, it protects homes and businesses from global price spikes and ensures Britain has the power it needs. We want to accelerate delivery on all fronts.

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A new facility has been set up at Kirkby-in-Ashfield and a further site in Erith converted solely to a Lintels platform alongside further investment in sites at Bolton and Westbury in Wiltshire with all sites offering an impressive range of stock from all key manufacturers.

Civils & Lintels works with its many regional and national housebuilder customers to develop tailored delivery schedules and can also offer help and advice on the selection of the best lintels for each development. The lintels hubs can also offer plot-banded deliveries if requested.

In addition to the technical knowledge that the teams have, Civils & Lintels can also offer bespoke fabrication services through its sister company: Harvey Steel Lintels. So, if the customers need something unique or extra heavy duty, Civils & Lintels can also manufacture it for them.

This fresh investment ensures that the business always has £30m plus of stock available to meet any needs customers may have.*

As a specialist lintels supplier, the Civils & Lintels teams are focussed on delivering not only excellent customer service, but the broadest depth of products from all key manufacturers so can assure our customers that the products will be delivered on time and in full.

Phil Sheldon, Head of Residential from Civils & Lintels, said: “This investment reflects the ambition that Civils & Lintels has as a business in the UK housing sector.

“We are already the largest distributor of steel lintels in the country and this investment will not only mean that we can continue to offer the best products, but we can also be even more efficient and flexible with our service proposition.”

Civils & Lintels is dedicated to servicing the construction industry and are proud partners of all the major manufacturers including Birtley, Catnic, IG, Keystone & Naylor. To view all Civils & Lintels products see https://www.civilsandlintels.co.uk/lintels.

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The new 5-year agreement sees Interland refinance an existing £42.2m loan with Secure Trust Bank with a £24.2m uplift to cover additional assets previously financed by various other lenders. The new loan represents a loan-to-value (LTV) of 52%.

With the original investment property loan due for refinancing next year, the early refinancing by Interland allows the business to lower its cost of debt whilst fixing the rate across all properties to maximise business stability and avoid the need to manage multiple refinances over the next two years.

Oleg Vorobeichik, Group Managing Director at Interland Group, said: “We are delighted to increase the depth and breadth of our relationship with Secure Trust Bank. STB were able to move at pace, working closely with our teams to tailor the facility to the company’s needs. The refinancing with STB forms part of Interland’s strategy to re-capitalise its debt through portfolio funding, thereby allowing the group to reduce its cost of debt and achieve the flexibility required to balance market volatility and the Group’s operational needs.”

Founded in 1985, Interland is a private real estate and renewable energy investment group which owns, develops, and operates assets in the United Kingdom, Netherlands and Belgium. Interland’s wide-ranging portfolio includes Private Rented Sector (PRS), social and council housing, student accommodations, hotels, youth hostels, offices as well as investments into energy storage through Atlantic Green, where it holds 25%.

Andy Clutterbuck, Regional Head for Midlands and South at Secure Trust Bank Real Estate Finance, added: “We’re extremely pleased to be able to extend the successful partnership we’ve enjoyed with Interland since agreeing our first loan back in 2017.”

Richard Nowell, Senior Relationship Director at Secure Trust Bank Real Estate Finance, who will be working closely with Interland Group over the course of the loan, added: “As a bank which places a great deal of emphasis on the relationships we build with a range of ambitious property investors and developers, this refinancing deal with Interland underlines just how effectively we can work together to agree a deal which acts as a springboard for future growth.”

For more information on the investment property loans offered by Secure Trust Bank Real Estate Finance, click here.

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Steico is the world leader in natural insulation and wood-based building envelope products, based in Germany and listed on the unofficial markets of several German Stock Exchanges. It has a very well invested asset base, with four large production sites comprising 27 lines situated in Poland and France, including additional capacity nearing completion with up to EUR200m revenue headroom.

Steico had audited operating revenues of EUR445m in the 12 months to 31 December 2022 and EBITDA of EUR90m in the same period.  As at June 2023, Steico guided 2023 revenues of c.EUR378m at an EBIT margin of 8% – 10% (FY22 14.6%).  As at 31 December 2022, Steico had gross assets of EUR509m. 

The initial consideration for the shares will be EUR35 per share, plus potential deferred consideration of up to a further EUR35 per share contingent on achievement of specified thresholds with a material uplift in profitability.  The initial consideration of approximately EUR251.4m will be satisfied on completion, with 25% of the consideration potentially being exchanged for new shares in Kingspan (subject to Kingspan share price at completion).  The consideration payable under the put and call option to acquire Schramek’s remaining c. 10% in Steico is for a capped amount based on a multiple of future earnings.

The acquisition is expected to be earnings neutral initially, based on Kingspan consensus EPS for 2023 and Steico guidance for 2023. 

In addition to Steico’s existing ambitious growth plans we anticipate significant long term leverage via the Kingspan sales channels.  The existing Steico executive management team will be retained in the business, and will continue to manage and develop the business.  Upon closing, Kingspan will seek fair representation on Steico’s administrative board.

The acquisition is conditional on regulatory clearance, and is expected to complete in early 2024. Following completion, Steico will continue to maintain its listings on the German Stock Exchanges.

Gene Murtagh, Kingspan Chief Executive Officer, commented:

“The acquisition of a majority stake in Steico represents an exciting next step in our strategy to provide the full spectrum of insulation products.  Its suite of wood-based building envelope solutions broadens our ability to enable our customers to meet their sustainability and energy performance needs. Kingspan’s global routes to market, paired with our drive to innovate and widen the applications of Steico’s current technologies, are key to our plans to bring Steico bio-based solutions to the next level.”

Udo Schramek, Steico Chief Executive Officer, stated:

“It has been a great honour to lead the team at Steico to become the pre-eminent global supplier of wood-based insulation. We are now entering the next phase of growth and are very enthusiastic about the collaboration opportunities Kingspan brings, in both the existing Steico range and across the Kingspan portfolio and geographies. I am excited about the future for Steico and about being invested in the future growth of both companies.”

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Balfour Beatty Investments expects to invest up to £60 million of capital in the partnership to fund the roll out of up to 35,000 charge points across the UK over the next decade.

Urban Fox offers local authorities a whole life solution to EV chargepoints: funding, building, operating and maintaining a range of fast, rapid and slow chargepoints across the counties in which they will be deployed.

Its innovative 7kW on-street chargepoint is the first of its kind to the market. Installed into the pavement, the unit is fully retractable underground leaving pavements clutter free and accessible when not in use. With 43% of British households without access to off-street parking, and the growing demand and uptake of electric vehicles, Urban Fox’s quick installation and replacement process allows additional chargepoints to be easily installed as demand dictates.

Ian Brown, Managing Director at Arrowpoint Advisory, concluded: “We are thrilled to have advised Balfour Beatty Investments on this new venture to support the build out of critical infrastructure required for the transition to electric vehicles. We are excited about the potential this partnership with Urban Electric Networks will bring to the UK.”

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Samantha was a senior underwriter before being promoted to bridging & development specialist and now onto senior relationship manager. She has a strong track record across specialist lending and property development and is tasked with enhancing the ‘borrower first’ experience, sharing her expertise, building long term relationships and supporting property investors in reaching their end goal.

Roma is the spirit of #lovetolend, building rapport with partners and borrowers to ensure they receive the best possible outcome and feel fully supported throughout the life of their project.  

Samantha said, “I am thrilled for this next move. Working with our borrowers and seeing the projects at each stage is a joy. My experience with my own property portfolio and previous roles will be vital in this new challenge and allow Roma to deliver a further improved experience.”

Darren Brogden, director for Brytr Properties, commented: Samantha has always been responsive and excellent at building rapport. Approachable and engaging from the first meeting, she is able to empathise with the customer and put them at ease, reassuring them that Roma understands their needs and will help them through their lending journey. Samantha stays in constant contact throughout the application process and takes the time to explain what is required and answer any questions, however mundane. She is a great ambassador for Roma Finance and the company’s values.”

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This acquisition marks a significant development for the company, ushering in another mode of connectivity to its technology. BrainBox AI delivers its AI-tech with the capabilities of energy management optimisation, carbon footprint reduction, customer and employee comfort improvement, and targeted “on-demand” predictive maintenance for HVAC systems. Furthermore, this augmented offering is already gaining momentum with BrainBox AI securing a multi-store contract with a top-tier American retailer with deployment slated for late-summer, early fall of this year.

To date, BrainBox AI has decreased its clients’ HVAC electricity spend by an average 16% and gas spend by an average 18%. Additionally, building owners experience significant reductions in maintenance costs, extension of equipment service life, and dramatic improvements in comfort level for customers and associates.

As noted by Frank Sullivan, Chief Commercial Officer at BrainBox AI; “Today is an exciting day for us. We are officially welcoming the EMS team into the BrainBox AI family. This event signifies a great step change for us as we continue to scale our business. BrainBox AI’s solution can empower building owners and facilities managers to dramatically reduce their buildings energy spend and carbon emissions. Now, its delivery to customers has been expanded by way of the technology platform that the EMS team brings. With more than 10,000 EMS enabled locations the opportunity to enhance client sustainability outcomes with our AI controls is colossal. We celebrate this moment as we continue to make positive changes in the fight against climate change.”

About BrainBox AI

Founded in 2017, BrainBox AI was created to address the dilemma currently facing the built environment, its energy consumption and significant contribution to climate change. As innovators of the global energy transition, BrainBox AI’s game-changing HVAC technology leverages autonomous AI to make buildings smarter, greener, and more efficient. Working together with our trusted global partners, BrainBox AI supports real estate clients in various sectors, including office buildings, hotels, commercial retail, grocery stores, airports, and more.

Headquartered in Montreal, Canada, a global AI hub, our workforce of over 150 employees, bring with them talent from all sectors with the common thread of being in business to heal our planet. BrainBox AI works in collaboration with research partners including MILA – Quebec AI Institute, the Institute for Data Valorisation (IVADO) as well as educational institutions including McGill University.

For more information visit: www.brainboxai.com

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