Praxis sells North West properties in £26m deal

PRAXIS Holdings, the Isle of Man-registered commercial property investor controlled by Monaco-based Mark Harrison, has sold a portfolio of five office buildings  – three of which are in the North West – to an overseas investor for £26m.

The sale, totalling approximately 250,000 sq ft of multi-let office space, includes the Regents Place building in Salford, Richmond House in Manchester city centre and Wellington Buildings at the Strand in Liverpool city centre. The other two buildings were in Swansea and High Wycombe.

Praxis said it achieved a “significant” return on the portfolio, which were bought at the bottom of the cycle. Tenants include Lloyds Bank, NHS, HSBC and The Secretary of State.

The company added that it had bought £240m of UK commercial property in the last 12 months and has a £300m war chest to deploy in 2011 and beyond.

A spokesperson for the company said: “We are well resourced and have a very strong appetite for UK commercial property where we think we can add value”.