Tuesday, 3 March 2015
Bridges Ventures & Regus join forces on €115.3 mln Evans Easyspace portfolio (UK)
Bridges Ventures, the specialist sustainable and impact investor, has agreed to buy the Evans Easyspace portfolio from Regus, the UK-listed serviced office provider, for £84 mln (approx. €115.3 mln), while retaining Regus as its long-term operating partner.
The Evans Easyspace portfolio comprises 50 properties, which are run as serviced office centers, light industrial/workshop units and self-storage. The portfolio is spread across the UK, with a concentration in the Midlands, North and Scotland.
The properties are specifically designed to cater for SME occupiers, with approximately 2,000 tenants across the portfolio. They typically occupy prominent sites on the best business parks and industrial estates in each location. Bridges will acquire the freehold and long leasehold interests via its Property Alternatives Fund, which held a first close of £125 mln (approx. €171.7 mln) last year and targets investments in niche sectors, regeneration areas and buildings showing environmental leadership.
The firm believes this investment has the potential to create additional workspace in existing buildings, supporting local business growth and employment. In keeping with its focus on sustainability, Bridges and Regus will also look to improve the properties' environmental performance, and will explore the possibility of tracking and reducing energy usage.
Tom Tyler, Investment Director for the Bridges Property Alternatives fund, said “We are delighted to have acquired this high-quality business space portfolio. Flexible leasing and fixed inclusive pricing are particularly attractive to SME occupiers, and we look forward to working with Regus, the global leader in this sector, to improve the offer to customers. We and Regus will also seek opportunities to enlarge the portfolio through further acquisitions with a focus on locations where there is currently no representation.”
Source: Bridges Ventures