Brixton plc has exchanged contracts to acquire various entities from subsidiaries of Industrious Holdings (Jersey) Limited, which includes a portfolio of 163 properties worth £675 million.
Brixton will also be assuming a debenture which has been marked to market at £60 million together with working capital liabilities of £15 million. The net asset value of Industrious is £250 million, subject to completion date adjustments.
In view of its size, the Acquisition is conditional upon shareholder approval.
Tim Wheeler, Brixton´s Chief Executive, commented: 'This is a major strategic move and gives Brixton a one-off opportunity to acquire a sizeable portfolio extending our sphere of influence and will demonstrate that the B-Serv management skills can drive further rental value growth.'