Feldberg Capital’s ReForm fund, which aims to transform brown office buildings in London into workplaces with green credentials, has raised a further £50m (€58.4m) at its second close, doubling its total fundraising amount to date.

With the second close of the ReForm impact fund, Feldberg has now secured £100m in total since the fund’s launch last October. This latest round brings the fund closer to its £300m target, which with leverage will have a total investment capacity of £500m.

The manager said despite the recent headwinds the office sector and wider fundraising market has faced, ReForm’s second close demonstrates ”there is strong appetite from investors for high-quality ESG-focused London workplace investments” in the central, amenity-rich locations.

The ReForm fund is a brown-to-green workplace fund investing in energy inefficient brown offices with a plan to retrofit and reposition these assets into modern green workplaces.

The fund focuses on workplace assets in amenity-rich central London zone 1 locations with excellent connectivity and strong growth characteristics, such as Soho, Fitzrovia and Marylebone. 

As reported in December last year, Feldberg completed the first transaction for the ReForm fund, with the purchase of 8 Bloomsbury Street in London.

Will Amies, the head of business development at Feldberg, said: “The successful second close of ReForm underscores our and our partners’ dedication to driving positive change in London’s office sector by decarbonising buildings while delivering social benefit and positive community impact.

“With backing from major investors, we are well-positioned to leverage our expertise in brown-to-green asset management and deliver impactful ESG-led results at a time when market dislocation is creating a once-in-a-generation opportunity to invest in some of central London’s best commercial real estate assets at attractive values.”

David Turner, head of investment at Feldberg, said: “London is busy and thriving which is positive for offices, but employers realise that in order to attract their workers back long term and to attract the best talent, they need to provide high-quality space in the best locations that supports employee wellbeing.

“According to Knight Frank there will be a 16% increase in UK full-time undergraduates in London between now and 2030, and when these younger socially conscious individuals enter the world of work they will want to be in ESG-led workplaces with thriving amenities on the doorstep. This is the kind of workspace ReForm is setting out to create while having a genuine positive impact on communities and the environment.”

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