UK & European Investments, the multi-national property investment and Development Company, announced the sale of its Templeback asset, a 122,000 ft² (11.334 m²) office development, located in the heart of Bristol’s commercial area. The transaction completed on Monday following 10 days of exclusivity.
The property has been sold to Benson Elliot, the private equity real estate fund management company. The acquisition adds another high quality regional asset to Benson Elliot’s UK office portfolio, a further demonstration of its ongoing commitment to its strategy of investing in regional office assets.
UK & European Investments completed the development of this Grade A BREEAM Excellent office building in 2009, offering 122,000 ft² (11.334 m²) of office space over six floors. The floorplates of 22,000 ft² (2.043 m²) are well-suited to meet local demand from mid-sized. Benson Elliot will undertake a modest refurbishment of the building before re-launching it to the market.
James Jakeman, Principal at Benson Elliot, said: “We are pleased to have worked with UK & European on this transaction. This opportunity bears all the hallmarks of the kind of investment Benson Elliot is striving to make in the UK – a high quality asset that is located in a recognized business location with strong and improving transport links. We continue to believe in the investment case offered by key regional office markets across the UK.”
Barney Kelham, UK CEO of UK & European, said: “This has been a successful off market transaction and we are delighted with the result achieved. We feel this is the right moment in the cycle to sell the asset and take advantage of the recent significant improvement in the wider UK Regional office investment market. This strategic sale provides us with an opportunity to reinvest capital and to continue to focus our attention on new opportunities."
Farmer Capital advised the purchaser.
Source: Benson Elliot