St Martins Property Investments Limited (trading as St Martins Property Group) is a property development, investment and asset management company based in the United Kingdom representing the real estate interests of the State of

Kuwait Kuwait, officially the State of Kuwait, is a country in West Asia and the geopolitical region known as the Middle East. It is situated in the northern edge of the Arabian Peninsula at the head of the Persian Gulf, bordering Iraq to Iraq–Kuwait ...

with their headquarters in London Bridge City, London. The company is wholly owned by the Kuwait sovereign wealth fund, Future Generations Fund. Their flagship development projects are London Bridge City, an office area, and 150 Cheapside. St Martins Property Group has operations in the

United Kingdom The United Kingdom of Great Britain and Northern Ireland, commonly known as the United Kingdom (UK) or Britain, is a country in Northwestern Europe, off the coast of European mainland, the continental mainland. It comprises England, Scotlan ...

Continental Europe Continental Europe or mainland Europe is the contiguous mainland of Europe, excluding its surrounding islands. It can also be referred to ambiguously as the European continent, – which can conversely mean the whole of Europe – and, by som ...

including

Turkey Turkey, officially the Republic of Türkiye, is a country mainly located in Anatolia in West Asia, with a relatively small part called East Thrace in Southeast Europe. It borders the Black Sea to the north; Georgia (country), Georgia, Armen ...

Japan Japan is an island country in East Asia. Located in the Pacific Ocean off the northeast coast of the Asia, Asian mainland, it is bordered on the west by the Sea of Japan and extends from the Sea of Okhotsk in the north to the East China Sea ...

and

Australia Australia, officially the Commonwealth of Australia, is a country comprising mainland Australia, the mainland of the Australia (continent), Australian continent, the island of Tasmania and list of islands of Australia, numerous smaller isl ...

History

Early years

The Company was incorporated in February 1924 as The St Martins-Le-Grand Property Company Limited to carry on the business of property investment. The company started to expand after the war years and in 1947 it merged with the Cheapside Land Development Company Limited which owned a number of London office properties. The Company then acquired Porkellis Property & General Investment Trust Limited in 1954, further expanding the portfolio of office investments. Rapid growth was to follow after 1956, with the acquisition of a number of property companies including London & Northern Properties Limited, introducing significant portfolios of investment properties and development sites. It was during this period that the name of the Company was changed to St Martins Property Corporation Limited.

Organic growth

In addition to growth by acquisition, the company embarked on an extensive programme of property development and during the 1960s and 70's many schemes were completed including

Kings Mall Livat Hammersmith, formerly known as the Kings Mall, is a retail, residential and office complex located off King Street in Hammersmith in the London Borough of Hammersmith and Fulham. Along with the other Livat Centres, it is operated by the I ...

Shopping Centre at

Hammersmith Hammersmith is a district of West London, England, southwest of Charing Cross. It is the administrative centre of the London Borough of Hammersmith and Fulham, and identified in the London Plan as one of 35 major centres in Greater London. It ...

, which was later sold in 2011.

Kuwaiti ownership

In 1974 Kuwait purchased the St Martin's Property Corporation outright. During the 1980s the company expanded its portfolio with the completion of major office, retail and warehousing schemes including London Bridge City, Windmill Hill Business Park in

Swindon Swindon () is a town in Wiltshire, England. At the time of the 2021 Census the population of the built-up area was 183,638, making it the largest settlement in the county. Located at the northeastern edge of the South West England region, Swi ...

, the Drummond Centre in

Croydon Croydon is a large town in South London, England, south of Charing Cross. Part of the London Borough of Croydon, a Districts of England, local government district of Greater London; it is one of the largest commercial districts in Greater Lond ...

, Monument Mall Newcastle, Cathedral Lanes Coventry, Fieldhead Business Centre Bradford and Elliots Field Retail Park at Rugby. All properties except for London Bridge City and the Windmill Hill Business Park were disposed of during 2011.

Further acquisitions

In March 2007 St Martins completed the purchase of one of Europe's largest shopping centres,

Cevahir Mall The Istanbul Cevahir Shopping and Entertainment Centre (), also known as the Şişli Culture and Trade Centre (), is a modern shopping mall located on the Büyükdere Avenue in the Şişli district of Istanbul, Turkey. Opened on 15 October 2005, I ...

, in

Istanbul Istanbul is the List of largest cities and towns in Turkey, largest city in Turkey, constituting the country's economic, cultural, and historical heart. With Demographics of Istanbul, a population over , it is home to 18% of the Demographics ...

. St Martins acquired a new-build office building at 51 Lime Street in the City of London in June 2008. This building was later renamed the Willis Building as it is the UK headquarters of insurers The

Willis Group Willis Group Holdings plc was a multinational risk advisor, insurance brokerage and reinsurance brokerage company headquartered in the Willis Building in London. It was the third-largest insurance broker worldwide by revenues. In 2016, the com ...

. Designed by architect

Norman Foster Norman Robert Foster, Baron Foster of Thames Bank (born 1 June 1935) is an English architect. Closely associated with the development of high-tech architecture, Lord Foster is recognised as a key figure in British modernist architecture. Hi ...

, the Willis Building is located in the centre of the City opposite the Lloyd's building. It is one of the tallest buildings in the City, with 45,615 sq m of space on 29 floors, together with a 10-storey building on 25 Fenchurch Avenue. St Martins then purchased the 27-storey luxury residential tower Lietocourt Arx Tower in Minato, Chuo-Ku, adjacent to Nihonbashi and Ginza,

Tokyo Tokyo, officially the Tokyo Metropolis, is the capital of Japan, capital and List of cities in Japan, most populous city in Japan. With a population of over 14 million in the city proper in 2023, it is List of largest cities, one of the most ...

's business and retail district. This 281-apartment building in Japan was acquired in February 2009.

Restructuring

St Martins went through a restructuring of its portfolio in 2010 and 2011 when smaller assets were sold off in the UK and in Continental

Europe Europe is a continent located entirely in the Northern Hemisphere and mostly in the Eastern Hemisphere. It is bordered by the Arctic Ocean to the north, the Atlantic Ocean to the west, the Mediterranean Sea to the south, and Asia to the east ...

, plus retail shopping centres in the UK.

Savills Savills plc is a British real estate services company based in London. It is listed on the London Stock Exchange and is a constituent of the FTSE 250 Index. History The business was established by Alfred Savill (1829–1905) in 1855 in London ...

ran the portfolio sales under the code name 'Project Blue'.

Re-investments

Subsequently, money has been re-invested in core property acquisitions and the company remains in an acquisitive mode. The most recent purchases are 60

Threadneedle Street Threadneedle Street is a street in the City of London, England, between Bishopsgate at its northeast end and Bank junction in the southwest. It is one of nine streets that converge at Bank. It lies in the ward of Cornhill. History Threadne ...

and 1

Bunhill Row Bunhill Row is a street located in St Luke's, London Borough of Islington, London. The street runs north–south from Old Street to Chiswell Street. On the east side are the cemetery of Bunhill Fields and the open space of the Honourable Art ...

in the City of London in 2012, and

5 Canada Square 5 Canada Square is a 15-storey, office building in the Canary Wharf financial estate of London, England. Overview 5 Canada Square was completed in 2003. The steel-framed building has an aluminum curtain wall and it features a large atrium on ...

Canary Wharf Canary Wharf is a financial area of London, England, located in the Isle of Dogs in the London Borough of Tower Hamlets. The Greater London Authority defines it as part of London's central business district, alongside Central London. Alongside ...

, Docklands in January 2013. In January 2014, the More London Estate, a 13-acre complex of 11 buildings, adjacent to London Bridge City, was acquired in one of the UK's largest-ever transactions. The land for this was in their ownership once before, and added 2.1m sq ft to St Martins property Corporation's portfolio. In December 2011, 60 Threadneedle Street was acquired from

Hammerson Hammerson PLC is a major British property development and investment company. The firm switched to real estate investment trust (REIT) status when they were introduced in the United Kingdom in January 2007. It is listed on the London Stock Excha ...

. The building completed in 2009 1 Bunhill Row was bought in February 2012. In 2013, St Martins Property Group bought the 13 acre More London (London Bridge City) estate for around £1.7bn. The site contains over of office, retail, leisure and residential accommodation.

Current operations

Globally, St Martins owns close to of commercial property across

, in

and in

.In Australia, St Martins own 50% of the Rialto Tower in Melbourne, a 250-metre-high building comprising two towers of 56 and 43 floors, providing 83,500 sq m of office space. St Martins has also historically had various holdings in

Perth Perth () is the list of Australian capital cities, capital city of Western Australia. It is the list of cities in Australia by population, fourth-most-populous city in Australia, with a population of over 2.3 million within Greater Perth . The ...

. The property at 5 Canada Square is let to Credit Suisse, which sublets 10 floors to the

Bank of America The Bank of America Corporation (Bank of America) (often abbreviated BofA or BoA) is an American multinational investment banking, investment bank and financial services holding company headquartered at the Bank of America Corporate Center in ...

. The company owns a significant amount of property in the City of London. The last successfully completed development was the landmark office building at 150 Cheapside, adjacent to

St Paul's Cathedral St Paul's Cathedral, formally the Cathedral Church of St Paul the Apostle, is an Anglican cathedral in London, England, the seat of the Bishop of London. The cathedral serves as the mother church of the Diocese of London in the Church of Engl ...

, and is fully let.

Former operations

The company is currently undergoing a restructuring, selling and having sold smaller, older non-core properties and non-office stock in the UK and in Continental Europe, whilst pursuing sizeable (£100m+)quality investment opportunities in Central London first of all, and subsequently also in the largest cities in developed markets. The property at 5 Cheapside, by the entrance to St Paul's underground station and located next to

One New Change One New Change is a major office and retail development in the City of London. It comprises of floor space, including of retail space and of office space and is the only large shopping mall, shopping centre in the City of London, the historic ...

, was sold off to

Lord Sugar Alan Michael Sugar, Baron Sugar (born 24 March 1947) is a British business magnate, media personality, author, politician, and political adviser. Sugar began what would later become his largest business venture, consumer electronics company A ...

’s property company Amsprop in 2012 for £20m.

References

External links

* {{Real estate in the United Kingdom Property companies of the United Kingdom Real estate companies established in 1924 1924 establishments in England