City centre office building acquired as part of £50m deal
A Leeds city centre building has been acquired, along with two other properties, in a dea worth £50m.
BMO Real Estate Partners, part of Canada’s BMO Financial Group’s £195bn Global Asset Management business, announced that its UK Property Fund completed the three acquisitions for £49.4m.
Among the properties is Minerva House, which is situated in the financial and commercial centre of Leeds. The 58,000 sq ft, 11 storey office building comprises 13 tenants, including Gateley plc, BNP Paribas, Standard Life and UBS.
The property also has two 11,900 sq ft leisure units over the basement and ground floors, which are both fully let. One small office suite remains vacant.
The other properties include a 39,850 sq ft warehouse unit in Portsmouth and Cambridge House, a 52,400 sq ft mixed-use office, leisure and retail property, located in Bath.
Guy Glover, fund director of F&C UK Property Fund at BMO Real Estate Partners, said: “These latest transactions reflect our disciplined efforts to deploy the Fund’s equity into opportunities that will further improve income returns and, importantly, offer potential to unlock value with our asset management expertise.
“We have a steady pipeline of investments that meet our investment criteria and we look forward to making further announcements in the near future.”
