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Millionaire boss of controversial energy firm lives in a £3.5m home that costs £850-A-MONTH to power

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The multi-millionaire boss of an energy company that sparked fury after recommending that households save on their heating bills this winter by ‘cuddling’ their cats or ‘doing a few star jumps’ owns a lavish £3.2million weekend home that costs a whopping £850-per-month to power.

Stephen Fitzpatrick, founder and head of Ovo Energy, Britain’s third-biggest energy supplier, enjoys the sprawling, five-bedroom property in the heart of the picturesque Cotswolds, close to Cirencester, which he purchased in 2019.

The stunning weekend home is set in 12 acres of pristine countryside and also has a swimming pool, four bathrooms and elegant dining room with stunning views, giving Mr Fitzpatrick and his family adequate space to follow his company’s controversial advice on how to stay warm which was slammed as ‘insensitive’ given Britain’s rising energy costs.

Ovo Energy boss Stephen Fitzpatrick owns this sprawling, five-bedroom home in the Cotswolds that has its own swimming pool and is now worth in the region of £3.2million

Ovo Energy boss Stephen Fitzpatrick owns this sprawling, five-bedroom home in the Cotswolds that has its own swimming pool and is now worth in the region of £3.2million 

Mr Fitzpatrick, 44, spends most of his time in London, spends weekends in the Cotswolds. He bought the property in a private sale for £2.85million in 2019, land records show

Mr Fitzpatrick, 44, spends most of his time in London, spends weekends in the Cotswolds. He bought the property in a private sale for £2.85million in 2019, land records show 

The stunning weekend home is set in 12 acres of pristine countryside and also has a swimming pool, four bathrooms and elegant dining room with stunning views

The stunning weekend home is set in 12 acres of pristine countryside and also has a swimming pool, four bathrooms and elegant dining room with stunning views

Mr Fitzgerald's firm Ovo Energy sparked outrage by sending some customers an email which included a blog advising hard-up customers of handy tips to keep warm during the fuel crisis

Mr Fitzgerald’s firm Ovo Energy sparked outrage by sending some customers an email which included a blog advising hard-up customers of handy tips to keep warm during the fuel crisis 

An email sent to Ovo Energy’s customers on Monday suggested that they could ‘get moving’ by doing ‘star jumps, cleaning the house or ‘challenging the kids to a hula-hoop contest’.

Other suggestions included having a ‘cuddle with your pets and loved ones to help stay cosy’, eating ‘hearty bowls of porridge’, sticking to ‘non-alcoholic drinks’ and eating ginger — but not chilli, ‘as it makes you sweat’.

Mr Fitzpatrick, who is worth an estimated £675million, is usually seen by locals and workers on his estate during the weekends.

Mr Fitzpatrick founded Ovo Energy in 2009

Mr Fitzpatrick founded Ovo Energy in 2009

His estate manager told MailOnline: ‘He’s at work, it’s highly unlikely he will be here today. It’s his weekend home and even then, he’s not here every weekend.’

The former rectory is reached down a quarter of a mile driveway of Cotswold stone chippings and the imposing black front door is flanked by two six-foot bay trees. A large khaki tepee complete with a built-in log burner stands in the front garden alongside an expensive children’s trampoline.

The stunning Victorian property which stands in lush countryside is the most expensive in the area and was described as an ideal family home when it was last on the market.

Mr Fitzpatrick has three children with his wife Sophie.

His estate manager added: ‘I find out when he’s coming on the day – he’s very busy either in London or Bristol.’

MPs slammed his company’s advice as ‘insulting’ and ‘offensive’ as Britons face a crushing cost-of-living crisis with one Government figure describing the suggestion to eat porridge and cut out alcohol as ‘like some Dickensian nightmare’.

The email was sent to customers of SSE Energy Services, which was bought by Ovo in 2020.

But unlike many of his customers, self-made multi-millionaire Mr Fitzpatrick is unlikely to face any problems meeting the energy bills for his weekend retreat.

According to energy website U Switch, which provides estimates for household energy costs, he could currently pay a minimum of £853 per month for gas and electricity.

This is based on U Switch’s ‘Dream House Calculator’ which takes into account the age of a property, its square metre size and which luxury features it may contain, such as: an Aga; boiling water tap; electric car charger; large wine fridge and swimming pool. Many of these are standard in top end homes. 

The stunning Victorian property which stands in lush countryside is the most expensive in the area and was described as an ideal family home when it was last on the market

 The stunning Victorian property which stands in lush countryside is the most expensive in the area and was described as an ideal family home when it was last on the market

According to energy website U Switch, which provides estimates for household energy costs, Mr Fitzpatrick could currently pay a minimum of £853 per month for gas and electricity

According to energy website U Switch, which provides estimates for household energy costs, Mr Fitzpatrick could currently pay a minimum of £853 per month for gas and electricity

But the minimum £853 figure does not take into account the expected April bills rise when Britain’s energy price cap is adjusted.

It could lead to household bills increasing by as much as 50% meaning Mr Fitzpatrick could end up paying a whopping £1,279 per month for his gas and electricity, if not more.

Mr Fitzpatrick founded Ovo Energy in 2009 and led its growth to become the largest independent energy provider in the UK, with around five million customers.

He co-founded the company with Sophie using £350,000 they raised by selling their first home. They have known each other since the age of 16 and with their children, enjoy an elaborate life of plush country living and exotic foreign holidays.

After establishing Ovo, Mr Fitzpatrick, who was born in Northern Ireland, became known as the ‘Robin Hood’ of the energy sector for taking on the big six established energy companies, who he accused of enjoying a monopoly and not providing enough choices for customers.

The son of a Belfast grocer he studied at Edinburgh University and then started a successful property newspaper before becoming a City trader, which he quit in his mid 30s to set up on his own with OVO.

Ovo Energy sent an email to customers on Monday listing ten 'simple and cost effective ways to keep warm this winter'. They included eating 'hearty bowls of porridge', sticking to 'non-alcoholic drinks' and eating ginger — but not chilli, 'as it makes you sweat'

Ovo Energy sent an email to customers on Monday listing ten ‘simple and cost effective ways to keep warm this winter’. They included eating ‘hearty bowls of porridge’, sticking to ‘non-alcoholic drinks’ and eating ginger — but not chilli, ‘as it makes you sweat’

In 2014, Mr Fitzpatrick controversially made headlines after it was revealed that he had taken £2million out of OVO, when it was struggling to break even, to buy a family home in Gloucestershire.

A keen Formula One fan, in 2015 he invested £30million of his own money into the Marussia F1 team after it went into administration.

Following the email, Ovo said: ‘We understand how difficult the situation will be for many of our customers this year. We are working hard to find meaningful solutions as we approach this energy crisis, and we recognise that the content of this blog was poorly judged and unhelpful. We are embarrassed and sincerely apologise.’ 

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Barings provides €72m loan for social housing portfolio (GB)

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Barings has provided a €71.9m (£62.9m), 15-year loan to finance the acquisition of a social housing portfolio in England by Domus Social Housing Ltd (Domus). Provided under its separate account with investor Phoenix Group, the UK’s largest long-term savings and retirement business, it is Barings’ first real estate debt exposure to affordable housing in Europe. 

 

Domus and Fiera Infrastructure Inc, were advised by Excellion Capital on the milestone transaction in which Domus acquired the portfolio, consisting of 54 properties in London, the midlands and the northwest of England with more than 850 beds in the underlying units. The assets are let to UK housing providers that specialise in managing homes for residents with a range of needs, including those experiencing homelessness and domestic abuse. There are over 320,000 people estimated to be sleeping rough, in homeless shelters or in other temporary housing in the UK, according to analysis from Shelter in 2018.

 

Chris Bates, Head of Europe Real Estate Debt Origination at Barings, said: “Having been actively lending against UK and European residential property for some time now, we were keen to explore opportunities in the affordable housing sector and believe this portfolio is a substantially attractive one to launch us into the market. We are increasingly seeking out opportunities to invest in residential property, given that it provides a long-duration, reliable income that hedges against rising inflation, and are interested in a range of asset classes such as affordable housing, student accommodation, build-to-rent and the private rental sector.”

 

Sam Mellor, Managing Director and Head of Europe & Asia – Pacific Real Estate Debt at Barings, said: “Increasing our exposure in affordable housing is the right thing to do from both a social impact and a financial investment perspective, reflecting both Barings’ values as a company and our investors’ priorities. With a housing crisis in the UK, as across much of the world, the social case is crystal clear. Barings has significant expertise and experience in the affordable housing sector in the U.S., upon which we’ve drawn for this investment, and we’re eager to continue to combine our global research capabilities with our on-the-ground knowledge to seek to secure returns for our investors.”

 

Prabjot Mann, Head of Property at Phoenix Group, said: “Phoenix is delighted to have provided €71.9m (£62.9m) for Barings’ first loan supporting affordable housing projects in Europe. Phoenix Group is committed to investments that have a clear social benefit and this loan forms part of our growing portfolio of investments in affordable, supported and social housing. This funding will provide housing to those most in need, and is fully aligned with our approach to responsible investment.”

 

Alina Osorio, President of Fiera Infrastructure, said: “Domus is a new social infrastructure platform focused on providing critical shelter and support to the most vulnerable members of the community. The investment addresses the social housing supply imbalance in the UK by providing quality accommodations in the areas most at need. We plan to grow our footprint through additional acquisitions, which have been identified and secured in areas experiencing housing supply shortages. We are pleased to have worked with Barings on this milestone financing and look forward to witnessing its significant and measurable social impact on the individuals and communities in which Domus operates.”

 

Gareth Taylor, Director at Excellion Capital, said: “We are delighted to support Domus Social Housing with its acquisition by working with Barings to provide funding of socially responsible and much needed supported housing across the UK. These properties give the unhoused and most vulnerable individuals in our society the accommodation and the specialist care they require.”

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How to sell your home in 2023: Ten top tips

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Energy price worries, double-digit inflation, strikes, war and a new government — there’s a lot going on right now, and it’s all beginning to sap the confidence of sellers and buyers.

The market is still robust, with Halifax this month reporting that house prices are 11.5 per cent higher than a year ago, and the typical home now costs a record £294,260. 

But some potential sellers aren’t convinced and believe it’s better to wait until spring to see if buyer confidence returns.

Holding off: The housing market remains robust, but some potential sellers aren't convinced, and believe it's better to wait until spring to see if buyer confidence returns

Holding off: The housing market remains robust, but some potential sellers aren’t convinced, and believe it’s better to wait until spring to see if buyer confidence returns

Of course, the cuts to stamp duty that Prime Minister Liz Truss and Chancellor Kwasi Kwarteng have announced may change a few minds.

But research by savings website VoucherCodes suggests that rising costs have forced 11 per cent of all potential buyers to delay by at least a year.

And a separate study by Nationwide Building Society says seven in ten would-be first-time buyers are putting their plans on ice for some months at least.

So if you’re looking to sell and prevent your home from languishing on the market for months on end, it may be best to spend the next six months getting into pole position for the market in 2023. 

Here are our ten top tips…

1. Take top-quality photos

Choose your estate agent now and make sure they take photographs of your home as soon as possible, while the weather is still relatively good. 

Then it will look its best regardless of when you decide to list it — and you can choose to start marketing at short notice if the conditions are right.

2. Help your buyer

‘Create a pack including everything you can to reassure buyers and cut delays,’ says Clare Coode, an agent with Stacks Property Search, a buying agency.

‘This should include, for example, a certificate for your wood burner, up-to-date electrical certificates, planning permissions, building regulation sign-offs, information about ownership of boundary walls and documents related to access and rights of way.’

3. Fix a mortgage deal

With interest rates rising, and likely to increase for another 18 months according to commentators, securing a competitive multi-year, fixed-rate mortgage in principle now makes sense. 

But many of these deals have to be acted upon within a few months, so ensure you’re in a position to buy before the deadline expires.

4. Boost energy efficiency

This is a key issue for buyers, even after Liz Truss introduced a financial package to ease the burden of increased energy costs.

‘Double glazing, improved insulation or a new boiler could be achieved in a few months, and would likely boost both the appeal and asking price of your home,’ says Location, Location, Location star Phil Spencer. 

‘There are also solar panels, but these won’t add enough value to recover their cost in the short term.’

5. Update the kitchen

Consumer group the HomeOwners Alliance says the kitchen is worth more per square foot than any other room in the house, so it’s worth making it look tip-top.

Spend autumn and winter refacing the cabinets and smartening up the walls and floor. 

But don’t fit a new kitchen — you won’t recover the cost if you sell soon and an installation hitch could derail plans.

6. Be competitive

Try not to pay too much attention to any one house price index, but look at the overall trend and be prepared to set a competitive asking price in the New Year.

Many estate agents say an asking price at the lower end of your expectations will encourage rival buyers to bid against each other — good news for any seller. 

And an overly ambitious price may see the home stuck on the market, especially during a cost of living crisis.

7. Try a neutral restyle

Declutter, of course — but do more than that. ‘If your interior is looking a little dated in style, then redecorate in line with current trends,’ says Alex Lyle, director of estate agency Antony Roberts, based in West London.

‘But try not to be too ‘out there’ as this may put off some potential buyers. Likewise, if carpets are looking a little tired, think about replacing them or switching to wooden flooring.’

8. Spruce up the garden

‘Assess how badly the garden suffered from the drought,’ says Josephine Ashby of John Bray Estates, an estate agent based in North Cornwall.

‘Something planted in the autumn should be thriving by spring. Outside space is important, so doing anything to spruce it up will be rewarded. 

Fresh gravel, a trellis to hide eyesores, dramatic pots and cleaned-up furniture with pretty cushions are all easy fixes.’

9. Remember the lights

‘Swap old halogen lights for LED fittings,’ says Emma Barkes of Stacks Property Search. ‘These use 80 per cent less energy to produce the same amount of light.

‘Make the change early so you can demonstrate lower winter bills and also to give you time to paint the ceilings, as the fittings will almost certainly be a different size.’

10. Finish old projects 

There’s no excuse for outstanding repairs if you have six months to deal with them, but remember that it can take longer than you think to get a tradesman in.

Maintenance firm HelpmeFix says it typically takes four weeks to get a bricklayer or roofer, and at least a week to get a plumber to do a routine boiler check.

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CBRE IM acquires two logistics assets in Madrid (ES)

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CBRE Investment Management has acquired two new logistics assets in Madrid, Spain, owned by DWS, with a total gross lettable area of 67,859m².

 

The first asset, located in Meco, was completed in Q2 2020 and offers 51,969m² of gross lettable space with a LEED Silver rating. The second, in Torrejon, was completed in Q4 2019 and provides 15,890m² of gross lettable space with a LEED Gold rating. Both properties are already leased under triple net leases to leading tenants including a German automotive component manufacturer, a national kitchen equipment distributor and an international sustainable energy company. They both also have EPC ratings of A.

 

Both assets boast excellent locations with easy access to the A-2 and R-2 highways, and good connection with the M-50, Madrid’s outermost ring road. A driving distance of just 30 minutes to Madrid’s city centre means the assets are well positioned to accommodate, amongst others, tenants with a last-mile approach. The assets have been delivered to high technical and environmental specifications, and also benefit from the increased penetration of e-commerce in Spain and the lack of grade A logistics properties in the area.

 

Antonio Roncero, Head of Transactions for Iberia at CBRE Investment Management, said: “This acquisition was a rare opportunity to secure an income-producing grade A logistics portfolio through an off-market process. The Madrid logistics sector is attractive due to the potential growth of occupier demand versus an acute shortage of supply. Despite current economic headwinds, well located, high-quality and sustainable assets such as these are well placed to take advantage of ongoing rental growth in the logistics sector.”

 

Manuel Ibanez, Head of Real Estate Iberia at DWS, pointed out: “In 2017 at DWS we bet on the logistics sector and structured a forward purchase agreement with ICC, which culminated in the purchase of the two newly developed warehouses in 2019 and 2020. Following the leasing of both assets, we decided to divest, closing the circle of this deal, which will be profitable for our investors and is part of DWS’s value add strategy. We will continue working to find investment opportunities in key locations and strategic sectors such as logistics, residential and offices, strengthening our presence in Spain”.

 

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