In December 2022, PCP Transition entered into a GBP 28 million term loan agreement with the UK based property development group Commercial Estate Group (“CEG”). The loan will be used to fund the complete refurbishment and transition to net-zero of the Crescent Centre, located at the Temple Quay in Bristol, UK.
The Crescent Centre is a five-story office building from the 1970s that will be refurbished to provide over 100,000 square feet of high specification office space. Thoughtful reuse of the existing structure provides for a 45% reduction in upfront embodied carbon compared to a newbuild alternative and the project will be operated in compliance with the UK Green Building Council’s Net Zero Carbon framework. Targeting BREEAM Excellent and EPC A certifications, the Crescent Centre will provide tenants with high specification, low carbon and energy efficient office space.
CEG’s approach to the project is a case study in the pragmatic reuse and upgrade of existing commercial property stock in the UK, and the project’s circular and low carbon attributes fit firmly within the PCP Transition mandate.
The transaction is a testimony of the strong relationship between PCP and CEG, an experienced and trusted partner with a long track record of successful development projects in the UK.
December, 2022