Finance

Firm acquires 31 offices for £236m as ‘major milestone’ reached

A regional office giant has announced the acquisition of 31 multi-let office assets for a combined total of over £235m.

Regional REIT on Tuesday announced the move for the major portfolio of assets from Squarestone Growth – a total of 1.6m sq ft of property, home to over 200 tenants.

The portfolio is based across the UK – with the largest being Mountbatten House in Basingstoke at 160,000sq ft and Eagle Court on Coventry Road – a 132,000sq ft site in Birmingham.

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Other properties included in the deal are Manchester Green near Manchester Airport, Capitol Park in Leeds and Endeavour House in Sunderland.

The Leeds property was the highest-valued single asset included in the deal.

The firm said the deal will “add further significant scale and diversification to the company’s portfolio to the benefit of all shareholders” – as well as building on its strategy of focusing its investment activity on properties in the regional office sector.

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Stephen Inglis, CEO of London and Scottish Property Investment Management, the asset manager of Regional REIT, said: “This large and high-quality acquisition encompasses all the criteria which our experienced asset management platform seeks: income growth opportunities coupled with asset management potential for long-term accretive shareholder value.

“Our asset management platform comprises of 62 professionals across a number of disciplines from asset and property management, research, legal, corporate finance to credit control located in Glasgow, Leeds, Manchester and London. They are looking forward to integrating the properties into the current portfolio.

“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.

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“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.”

The deal includes 27 office assets providing over 1.6m sq ft for 192 tenants; two industrial units with three tenants and a residential asset with 12 tenants.

It also includes a Tim Horton’s Drive-Thru restaurant in Paisley, Renfrewshire in Scotland.

Here is the full list of properties:

133 Finnieston Street

Glasgow

Office

60,213

5 Temple Square

Liverpool

Office

40,738

550 Bristol Business Park

Bristol

Office

16,794

Admiral House

Sunderland

Office

37,728

Aspect House, Bennerley Road

Nottingham

Office

64,016

Buchanan Gate

Glasgow

Office

39,618

Capitol Park,

Leeds

Office

98,340

Central Park, New Lane

Leeds

Office

57,889

Centre Park, Firecrest Court

Warrington

Office

36,457

Cromwell Place

Basingstoke

Office

31,633

Dundas House

Rosyth

Office

69,373

Eagle Court, Coventry Road

Birmingham

Office

132,979

Endeavor House

Sunderland

Office

112,575

Hudson House

Derby

Office

31,858

Lightyear, Glasgow Airport

Glasgow

Office

77,688

Manchester Green

Manchester

Office

105,983

Mere Grange

Helens

Office

45,113

Mountbatten House

Basingstoke

Office

160,475

Newburn & Gateway House

Newcastle

Office

54,584

Newport Retail Park, Seven Stiles Avenue

Newport

Industrial

55,771

Origin

Bracknell

Office

33,105

Origin

Bracknell

Residential

10,672

Quantum Court*

Edinburgh

Office

38,328

Southgate Park

Peterborough

Office

81,582

St James Business Centre

Paisley

Office

22,026

St James Business Park

Paisley

Office

30,605

The Lighthouse, Salford Quays

Manchester

Office

64,275

The Royals, Altrincham Road

Manchester

Office

52,841

Tim Hortons, St James Business Park

Paisley

Retail

2,010

Trinity Court, 21-27 Newport Road

Cardiff

Office

37,790

Victoria Park

Leeds

Industrial

64,249

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