North West offices snapped up as part of £236m deal
Several North West office buildings have been acquired as part of a £236m deal.
Regional REIT, the UK regional office specialist, has acquired a major portfolio of 31 office assets from Squarestone Growth.
The North West buildings include; 5 Temple Square in Liverpool, Centre Park, Firecrest Court in Warrington, Manchester Green based near Manchester Airport, Mere Grange in St Helens, The Lighthouse in Salford Quays, and The Royals, Altrincham Road, Manchester.
The highest valued single asset within the £236m deal is Capitol Park, Leeds at £22.2m.
Regional REIT said the acquisition builds on its strategy of focusing its investment activity on properties in the regional office sector while increasing the diversification of the group’s portfolio by geography, tenant and income streams.
Stephen Inglis, CEO of London & Scottish Property Investment Management, the Asset Manager of Regional REIT, said: “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.
“We look forward to welcoming and working with the new shareholders.”
Marius Barnett, representative for the Squarestone LLP members, added: “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.
“Over the period of the transaction we have established a good working relationship with the Regional REIT team and look forward to a strong long term alliance going forward.”
