- Acquired on behalf of Nuveen Real Estate in early 2022, a longstanding client of Citivale.
- In March 2023, Citivale successfully renewed the lease to the second largest tenant on the Estate, increasing the income security by 5 years and capturing rental growth with a 33% increase on the passing rent.
- On-going project to install p to 295kWp rooftop PV panel system.
- Citivale leading occupier negotiations to vary existing leases to enable the project to proceed on commercially acceptable terms to all parties.
- Lease variations include extensions to the term certain, securing the future rental income stream.
- Potential carbon savings of 51 tonnes in year 1 and up to 839 tonnes over 25 years; aligns with fund’s wider CO2 reduction targets.
- The provision of solar energy future-proofs the asset; provides tenants with utility savings & generate a financial return for the fund.
