The acquisition adds another high quality regional asset to Benson Elliot’s UK office portfolio, a further demonstration of its ongoing commitment to its strategy of investing in regional office assets.
UK & European Investments completed the development of this Grade A BREEAM Excellent office building in 2009, offering 122,000 sq ft of office space over six floors. The floorplates of 22,000 sq ft are well-suited to meet local demand from mid-sized occupiers and are easily divisible to accommodate tenants from 5,000 sq ft upwards. Benson Elliot will undertake a modest refurbishment of the building before re-launching it to the market.
James Jakeman, Principal at Benson Elliot, said:
“We are pleased to have worked with UK & European on this transaction. This opportunity bears all the hallmarks of the kind of investment Benson Elliot is striving to make in the UK – a high quality asset that located in a recognised business location with strong and improving transport links. We continue to believe in the investment case offered by key regional office markets across the UK.”
Barney Kelham, UK CEO of UK & European, said:
“This has been a successful off market transaction and we are delighted with the result achieved. We feel this is the right moment in the cycle to sell the asset and take advantage of the recent significant improvement in the wider UK Regional office investment market. This strategic sale provides us with an opportunity to reinvest capital and to continue to focus our attention on new opportunities.”
Farmer Capital advised the purchaser.
For more information please visit: www.templeback.com
ENDS
For further information:
Benson Elliot
Marc Mogull, Managing Partner
+44 (0) 20 7808 8900
FTI Consulting
Dido Laurimore / Claire Turvey
+44 (0) 20 3727 1000
Dido.laurimore@fticonsulting.com
Claire.turvey@fticonsulting.com
Brunswick Group
Nina Coad / Alice Mitchell
+44 (0)20 7404 5959
About UK & European
UK & European is a privately owned property development and investment company, based in London. They have a substantial investment portfolio across all property sectors (commercial and residential), as well as an extensive development programme with current projects in office, industrial, residential and mixed use, in London and throughout the Europe. www.ukandeuropean.com