Metroplex Park comprises nine highly sustainable units and has achieved an EPC A+ and BREEAM Excellent rating thanks to a range of features. From dual electric vehicle charge points, air source heat pumps and solar panels, to high-performance insulative construction materials, these will also support it being a net zero carbon for regulated energy scheme.

Located in Red Lion Business Park, the scheme has excellent access to Kingston-upon-Thames and central London, and is 12 miles from Croydon and Heathrow.

Bridges partner, Henry Pepper, commented on the milestone: “With all our logistics developments, our goal is to deliver high-quality, highly sustainable logistics space in great locations that will be attractive to a broad range of occupiers.

“Metroplex Park is a perfect example of that. We’ve been able to develop some of the most sustainable industrial units in the UK, with smart design and on-site renewables that will make them zero carbon in operation. For potential occupiers, many of whom are thinking about their own Net Zero pathway, this means reduced carbon emissions – as well as lower operating costs.”

Bridges and Chancerygate have been working in partnership on projects across the UK for more than a decade. We have recently also received planning consent for our first logistics scheme in Ireland:

Airport Trade Park is a 119,500 sq ft, Grade A urban logistics park on a prime 5-acre site, located on the Swords Road, Santry, Co. Dublin.

The highly sustainable scheme will comprise 14 units ranging from 3,600 sq ft to 22,370 sq ft in size and will be developed speculatively. Units on the site will be available for lease, with construction due to commence in Autumn 2024. Once complete, the scheme will have a projected gross development value of around €40m.

The scheme is targeting LEED Gold accreditation: each unit will benefit from electric vehicle charging points, photovoltaic (PV) panels and air source heat pumps, and will be constructed using high-performance building materials. Roof lights, covering 15 per cent of roofed area, will assist in reducing occupational costs and related CO2 emissions.

Bridges partner, Guy Bowden, said: “We’re delighted that we can now begin construction at this excellent Dublin site. We intend to draw on our experience of working on similar projects in the UK to deliver one of the most sustainable industrial buildings in Ireland, which we believe will be attractive to a range of occupiers looking to reduce their running costs as well as their impact on the planet.”

Bridges invested in Just Ask – a family-run ESG-driven facilities management business that worked primarily with Housing Associations – in 2017. In the subsequent years, Bridges worked with the founders to support their transition out of the day-to-day business, building a high-calibre new management team – led by CEO Mark Little, CFO Gordon Peattie and chair Jon Andrew – to lead the business through its next chapter of growth.

Alongside management, Bridges also spearheaded five bolt-on acquisitions that have collectively transformed the scale and scope of the business, extending its core sectors beyond Social Housing into Education, Healthcare and Property Management. The integrated business, which was renamed the Nexgen Group in early 2023, is now one of the few scaled facilities management platforms in the UK and remains the market leader in its core Social Housing market.

Supported by Bridges’ specialist value creation team, Nexgen has now fully integrated the acquisitions, creating a resilient, tech-enabled operational platform – including IT, Finance and HR – to support further growth. This has significantly improved the business’s efficiency, helping it to reduce carbon emissions through route optimisation and service a broader range of clients more effectively. This has enabled the enlarged Nexgen Group to enjoy strong organic growth since the acquisitions.

When Bridges invested in Just Ask, the business employed 450 people and was generating about £10m of revenue. Nexgen Group is now generating revenue of about £90m, with around 3,500 employees.

The business has retained its focus on ESG and social value, which continues to be an important differentiator when bidding for public sector and social housing contracts. Nexgen is committed to improving local communities, both through a relentless focus on quality service provision, and by providing employment opportunities for local people. Thanks to its proactive recruitment efforts, about a third of delivery staff are recruited from the social housing associations in which it operates. It is also focused on supporting people out of long-term unemployment (11% of staff fall into this category) and improving skills, notably through its in-house training academy. Volunteering is actively encouraged: staff have now pledged over 2,000 hours of their time to support local and community causes. This year, Nexgen is expecting to deliver about £2m of social value to its clients (as measured by the Social Value TOM system).

The exit is Bridges’ fourth in the last seven months, following sales of home decarbonisation delivery platform AgilityEco, specialist plant-based ingredients supplier Vegetarian Express, and Iberian low-cost fitness operator VivaGym.

James Hurrell, Partner at Bridges, said,

“Nexgen is a great example of three key elements of Bridges’ investment strategy. First, we identified a high-quality, impact-driven provider whose focus on ESG and social value would help them become a leader in their market. Second, we were able to support the founders to transition, while building an outstanding senior leadership team. And third, our value creation team has been able to work closely with management to deliver growth, both by implementing significant operational improvements, and by identifying complementary acquisitions that have transformed the breadth and scale of the business. We are proud of the progress Nexgen has made during our partnership, and are confident that Bidvest Noonan is the right partner to enable the business to continue its growth trajectory.”

Mark Little, CEO of Nexgen Group, said:

“Bridges were the perfect investment partner for Just Ask, because they understood the value that its ESG focus would bring, while also providing hands-on commercial input and support. Over the years, the Bridges team have played a vital role in helping drive through transformative acquisitions, significantly enhance our operating capacity, and scale our impact. We’re very grateful for their partnership and support over the last seven years.

“Looking forward, I am confident that Bidvest Noonan will be an excellent partner to support our long-term growth plans. They recognise that Nexgen is a best-in-class operator in an attractive niche, and we look forward to drawing on their support to further enhancing our offer to clients in the coming years.”

Declan Doyle, CEO of Bidvest Noonan, said:

“We are very impressed with the team at Nexgen Group. They have built a thriving business with a very bright and exciting future. Their strong commitment to their colleagues, customers and communities has been key to their success. We look forward to supporting them and contributing to their continued growth and success.”

Co-founder Michele Giddens will transition from co-CEO to CEO of Bridges in July. With this expanded remit, Michele will oversee all investment activity across the Bridges platform of funds, as well as strategy, operations, people and all other aspects of the business.

Fellow co-founder Philip Newborough, who has been CEO of the business for the past 22 years – serving as co-CEO alongside Michele for the last 5 years – is moving to the role of Executive Chair.

Christophe Evain, the former chairman and CEO of Intermediate Capital Group, who has been Bridges’ Non-Executive Chair since 2020, will continue as a Non-Executive Director, working alongside Philip and the rest of the board to support Bridges’ growth.

As part of this transition, Bridges has also expanded its Executive Committee to include three of its existing partners: Maggie Loo, Client & Strategy Development, Henry Jones, Head of Value Creation, and Mila Lukic, Head of Bridges Outcomes Partnerships.

Michele and Philip co-founded Bridges in 2002 with the support of Apax Partners, 3i and Doughty Hanson. Bridges was an early pioneer in sustainable and impact investment in private markets. and has played a central role in building this field. The firm invests exclusively in the transition to a more sustainable and inclusive economy across three key private fund verticals: real estate, private equity and outcomes partnerships.

Michele Giddens, CEO of Bridges Fund Management, said:
“I am delighted to be taking on the full CEO responsibilities ahead of this exciting next chapter of Bridges’ growth.

“For many years, sustainable and impact investing was seen as a marginal niche; now it’s one of the most important and fastest-growing areas of the investment world. Climate change and inequality are the two biggest challenges of our time, and we urgently need to ramp up our efforts to tackle them. We believe that this careful management transition – which we have been working towards internally for some time now – will provide Bridges with the continuity, the rich experience and the blend of leadership skills required to benefit from the growth of our market over the next decade, and accelerate our ability to invest in a more sustainable and inclusive future.”

“I’m also hugely grateful that I will still be able to rely on Philip’s support and advice. He has made an extraordinary contribution to the growth of both Bridges and the broader impact investing market over the last two decades, and I have no doubt he will continue to draw on this wealth of experience and expertise to offer invaluable insight and wisdom to Bridges in his new role.”

Philip Newborough, chair of Bridges, said:
“It has been my greatest privilege to lead Bridges since we founded the firm 22 years ago. I am proud of what Bridges has achieved so far as a pioneer in impact investment, helping to build this important market. I am delighted that Michele is stepping into the CEO role: there is no one better to lead the firm through its next phase of growth. There is much to be done to accelerate the firm’s ability to invest in and help create a more sustainable and inclusive economy, and I look forward to supporting Michele and our talented team to achieve that.”

Christophe Evain, non-executive director of Bridges, said:
“Since joining the Bridges team in 2020, it has been a real pleasure to work alongside Michele and Philip, and to see first-hand the outstanding team they have assembled. I have no doubt that Michele will be an exceptional CEO in her own right, and I am excited to see the rest of the team step up as Philip moves into the Chair role. I look forward to continuing to contribute to the future success of the firm as an active member of the Board.”