Evans Easyspace portfolio snapped up in £84m deal
AN investor has agreed to buy a portfolio of 50 properties operated by Leeds-based Evans Easyspace, which was rescued from administration last year, for £84m.
Bridges Ventures will buy the Evans Easyspace portfolio from Regus, the UK-listed serviced office provider, while retaining Regus as its long-term operating partner.
The portfolio of serviced office centres, light industrial/workshop units and self-storage is spread across the UK, with a concentration in the Midlands, North and Scotland.
The properties are specifically designed to cater for SME occupiers, with around 2,000 tenants across the portfolio.
Regus acquired the Evans Easyspace portfolio in April 2014 and has substantially improved occupancy and net income in the period since.
Following the sale, Regus will continue to run the portfolio under a management contract with Bridges.
Tom Tyler, investment director for the Bridges Property Alternatives Fund, said: “We are delighted to have acquired this high-quality business space portfolio. Flexible leasing and fixed inclusive pricing are particularly attractive to SME occupiers, and we look forward to working with Regus, the global leader in this sector, to improve the offer to customers. We and Regus will also seek opportunities to enlarge the portfolio through further acquisitions with a focus on locations where there is currently no representation.”
Richard Morris, CEO of Regus UK, added: “We are very pleased to be working together with Bridges as their long-term partner in this project and we are confident that the type of arrangement we have agreed will be playing to the strengths of both parties. Our service model can add significant value to portfolios of this nature and we will continue to seek further opportunities of this type.”
