Maya Capital LLP, has successfully completed the acquisition of 1 & 2 Colton Square in Leicester for a total consideration of €25.2m (c.£21m). This represents a net initial yield of c.8.3% and a capital value below €240 (£200) per ft². 1 & 2 Colton Square consists of two office buildings totalling 107,100ft² and are multi-let to eight tenants. The buildings were constructed in 2007 and are a 3-minute walk from Leicester train station.
The acquisition forms part of Maya Capital’s flagship regional UK office strategy, which targets office assets outside London. Maya is continuing to build a portfolio of medium-sized secondary office assets, with active management potential. Further transactions are anticipated in the coming months to reach a total deployment of up to €120m (£100m) by the end of 2020.
David Pralong, Managing Partner of Maya Capital, commented: “We are delighted to acquire this property, one of the best assets in Leicester, for what we believe is a good price. This achievement is the result of our stock picking methodology, which rigorously selects the best assets to create value for our investors. The outcome of last week’s general election brings with it a greater degree of certainty. We, therefore, remain keenly focused on the UK regions where we continue to see a substantial investment opportunity. A combination of high yields and low market vacancy rates means that regional investments still compare favourably to London. We expect to acquire further high-quality assets in the coming months.”
