Investor reaches new agreement to acquire landmark Leeds property

M7 Real Estate, a pan-European investor and asset manager, says it has now reached a new agreement with the owners of Bridgewater Place in central Leeds to acquire the building.

It will progress its plans for the proposed initial public offering of the property on the wholesale market of the International Property Securities Exchange (IPSX), with a target admission date in March 2022.

Bridgewater Place comprises 234,000 sq ft of grade A office space and is around 90% let to EY and multinational law firms DWF and Eversheds. It is the tallest building Leeds.

Richard Croft, executive chairman of M7 Real Estate, said: “Following the successful listing of the Mailbox REIT and the M7 Regional E-Warehouse REIT on IPSX last year, our aim is now to build on that momentum early in 2022 with a third listing on the new exchange.

“Bridgewater Place is a first class regional UK office building with a strong tenant base and income profile.

“We believe it also presents a great opportunity to both create value through asset management and capital expenditure, and to benefit from the increasing occupier demand for good quality workspace in the UK’s second cities caused by changing workplace habits.”

IPSX, is a new Regulated Investment Exchange regulated by the FCA, and the world’s first such exchange dedicated to commercial real estate assets.