Europa Capital and Ediston Properties have purchased two new assets for approximately £22 million (approx. €27 million) at St Philip's Point, Temple Row, Birmingham and Caledonian House, Aberdeen.
St Philip's Point comprises a 97,469 ft² (approx. 9,054 m²) office and retail building over eleven floors. The property, located close to the city's cathedral, is held freehold and let to six tenants. The upper ground floor (14,682 ft²) and the majority of the retail accommodation (7,850 ft²) are currently vacant. New tenants are being sought for this accommodation. The property was sold by the LPA Receiver.
Caledonian House is located in the center of Aberdeen, on the city's main retail thoroughfare. The property comprises 53,868 ft² (approx. 5,000 m²) of office and retail accommodation. The offices are let to JP Kenny, a multi-national oil and gas services company. Caledonian House was purchased from Premier Property Group.
James Fortescue, Associate Director at Europa Capital said, "These acquisitions complement the nine other investments in the Partnership and provide an opportunity to undertake active asset management to improve capital values."
Daniel O'Neill of Ediston added, "We are pleased to have completed the purchase of both properties and that both Europa Capital and RBS, which provided debt on both assets, have once again backed our strategy of buying very well located buildings which offer numerous asset management and refurbishment opportunities."
Stuart Heslop of RBS commented, "We are delighted to be supporting these acquisitions with a new £50 million (approx. €61 million) facility which is now being actively deployed in the market. Europa and Ediston are ideal partners for us to work with. Global investors working with an expert UK property company now identifying schemes to invest in which will deliver a pipeline of development and construction activity. The UK market is core to our real estate finance business and we look forward to continuing to support the business with future acquisitions."
Source: Europa Capital