Bruntwood chief explains asset sales
BRUNTWOOD boss Chris Oglesby has explained the rationale behind planned asset sales – including City Tower – where the family-owned group has its head office.
Writing in the company’s annual report, chief executive Mr Oglesby, says now is a “time of opportunity” for the business, which is prompting it to change.
He refers directly to the recent acquisition, via its investment in Manchester Science Parks, of the 400-acre former AstraZeneca site at Alderley Park, Cheshire.
“Five years ago we would have sad that we will never sell our buildings, as that would equate to selling our customers, but the world, and what our customers want has changed in the interim.
“Looking to the future, we realise that the selective disposal of some of our mature assets will release capital to invest in truly game-changing opportunities, such as Alderley Park, as well as adding to our portfolio in the UK’s regional cities where we see real potential for growth.
“Our business model works when we have the right product to satisfy changing demand and to provide flexibility for customers looking to grow.”
The group’s first notable recent disposal was in January 2012, when it sold One New York Street – a rare new build asset – for £42m.
Last month Bruntwood confirmed, that after a number of unsolicited approaches from potential suitors it has appointed CBRE to market City Tower – the landmark 225,000 sq ft building overlooking Piccadilly Gardens. A price tag of £125m has been suggested.
