Executive Summary
Stonemartin plc is a provider of managed and serviced offices. In conjunction with the Institute of Directors it is developing a series of offices with a difference. Stonemartin has already opened five buildings:Castlemead (Bristol), One Victoria Square (Birmingham), Peter House (Manchester), Davidson House (Reading) and New Broad Street House (London). Furthermore the company has also just acquired a 90,000sq ft building at Temple Circus in Bristol which will be operational in Autumn 2006. The Company provides Grade A, high quality serviced and managed offices in city centre locations. A Limited Partnership was established in 2001 to fund the acquisition and fit out of these properties and investors include Norwich Union and Britel Fund Trustees Limited with funds managed by Morley and Hermes. The funding structure is very simple; Stonemartin and the Limited Partnership split all the income, operating costs and capital costs in a 20:80 ratio, except for Birmingham, where the ratio is 15:85. A key differentiator is that Stonemartin does not have to purchase or lease buildings and no rent is payable. The interests of Stonemartin and the Limited Partnership are therefore completely aligned. The Company has strong financial backing; its shareholders include Hammerson plc, Warner Estates Holding plc, MEPC Limited and the Institute of Directors. Stonemartin provides conventional office space in an unconventional way.
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