City centre offices acquired in £21m deal
A pair of major office buildings in Leicester city centre have been snapped up by a pan-European real estate investment firm.
Maya Capital has acquired 1 & 2 Colton Square for £21 million.
The two buildings, totalling 107,100 sq ft, are currently multi-let to eight tenants including Freeths, Brewin Dolphin, RSA and Hays.
Constructed in 2007, they sit just 3 minutes’ walk from Leicester station.
The acquisition – part of Maya Capital’s flagship regional UK office strategy – represents a net initial yield of c.8.3 per cent and a capital value below £200 per sq ft.
David Pralong, managing partner of Maya Capital, said: “We are delighted to acquire this property, one of best assets in Leicester, for what we believe is a good price. This achievement is the result of our stock picking methodology, which rigorously selects the best assets to create value for our investors.
“The outcome of last week’s general election brings with it a greater degree of certainty. We therefore remain keenly focused on the UK regions where we continue to see substantial investment opportunity. A combination of high yields and low market vacancy rates means that regional investments still compare favourably to London. We expect to acquire further high-quality assets in the coming months.”
