Capitol Park in Leeds gains new owner as part of major corporate deal
An out of town business park in Leeds has gained a new owner as part of a major corporate deal.
Regional REIT Limited has acquired a portfolio of 31 multi-let office assets from Squarestone Growth LLP for £236m.
The highest valued single asset included in this deal is Capitol Park, in Leeds.
The £236.m portfolio includes 27 office assets and the move builds on Regional REIT's strategy of focusing its investment activity on properties in the regional office sector, the statement said.
·Stephen Inglis, CEO of London & Scottish Property Investment Management, the Asset Manager of Regional REIT: "This large and high-quality acquisition encompasses all the criteria which our experienced asset management platform seeks: income growth opportunities coupled with asset management potential for long-term accretive shareholder value.
"Our asset management platform comprises 62 professionals across a number of disciplines from asset and property management, research, legal, corporate finance to credit control located in Glasgow, Leeds, Manchester and London. They are looking forward to integrating the properties into the current portfolio.
"This is a major milestone for the company, the scale and diversity added to the company's portfolio through this transaction will be accretive for all shareholders. The sourcing of this major portfolio acquisition is a testament to the strength of our network and central position in the regional office market and further builds upon our strategic objective of being the regional office space provider of choice."
Marius Barnett, representative for the Squarestone LLP members commented: "We are excited to complete this transaction and to partner with Regional REIT in this next chapter. This has been a complex and detailed transaction given the number and geographical spread of the properties."