Archimedes, the multi-let regional B1 office park JV between funds managed by Oaktree Capital Management, L.P. and M7 has expanded its initial portfolio with the acquisition of a further six assets.
The portfolio now comprises seven assets across the UK – Alderstone Business Park, Livingston; The Courtyard at Callendar Park in Falkirk; Albert Edward House, Preston; Acorn Business Park, Leeds; Ridge House, Stoke; 1720-1760 Birmingham Business Park, Birmingham and Isis, Oxford. The most recent acquisitions take the initial portfolio to a total area of 200,000 ft² of space (18.580 m²).
Matthew Cheyne, Head of UK Asset Management at M7 confirmed that a further four similar assets are under offer and commented “With Archimedes now firmly established we are seeking to add in similar assets to grow towards our targeted spend of £100 million (€127 mln) in this sector whilst working to benefit from the income and value enhancement opportunities presented by these initial acquisitions.”
Agents acting on behalf of Archimedes in the latest acquisitions included Johnston Waddell, CBRE and LSH.