Ediston Real Estate and Europa Capital acquire Guildford office campus for £54 million

Edinburgh, 2016-Jun-14 — /EPR Retail News/ — Ediston Real Estate and Europa Capital acquire Buildings 1000, 2000 and 3000, Cathedral Hill, Guildford for a combined purchase price of £54 million, reflecting a net initial yield of 7.63%.

Buildings 1000 and 2000 were acquired from M&G in December 2015 for £40 million. The remaining office building at Cathedral Hill, Building 3000, was acquired from AXA Investment Managers – Real Assets, acting on behalf of its clients, in May 2016 for around £15 million.

Cathedral Hill comprises 155,000 sq. feet of offices built in 2001. The three buildings are prominently located adjacent to the A3 dual carriageway. The combined property consists of modern office accommodation with 15,000 to 20,000 sq. feet floorplates. The buildings are multi-let to Avaya, Regus, GCL Solicitors and VI (UK) Limited. The combined property has a range of lease expiries from 2016 to 2021.

Danny O’Neill, Chief Executive at Ediston Real Estate, commented, “This acquisition is the sixteenth property we have acquired within our joint venture vehicles with Europa and continues the strategy of buying well located assets with value add potential. Having control of the three buildings at Cathedral Hill provides us with various interesting strategies to unlock value and deliver good performance to Europa’s investors.”

James Fortescue, Director at Europa Capital, added, “This latest purchase of Building 3000 consolidates our ownership of Cathedral Hill and gives us additional asset management opportunities to capitalise upon. We now look forward to creating an even more attractive urban office environment for occupiers.”

###

Ediston Real Estate and Europa Capital acquire Guildford office campus for £54 million

Ediston Real Estate and Europa Capital acquire Guildford office campus for £54 million

Ediston Real Estate and Europa Capital acquire significant office investment in Guildford, England for £40 million

Edinburgh, 2015-12-16 — /EPR Retail News/ — Ediston Real Estate and Europa Capital have acquired a significant office investment at Cathedral Hill, Guildford for a purchase price of approximately £40 million reflecting a net initial yield of 8.05%. 

Buildings 1000 and 2000 Cathedral Hill comprise 120,460 sq. feet of modern office accommodation. Built in 2001, the property is located adjacent to Guildford Business Park and prominently fronts the A3 dual carriageway. The Property is currently let to Avaya on co-terminous leases expiring in August 2016. Sub-tenants within the property include Coutts, RBS and Enstar Group. The property was sold by M&G Real Estate.

Andy McKinlay, Director at Ediston Real Estate added, “The purchase of this South East investment is the fifteenth property we have acquired within our joint venture vehicles with Europa and comes on the back of the success in acquiring, refurbishing and selling similar assets in regional locations over the past five years. We are delighted to have the continued backing of Europa in the execution of our strategy to buy well located assets with value add potential.”

Robert Sim, Partner at Europa Capital commented, “The investment provides an opportunity for Europa to acquire a landmark office building in a well connected and popular office location. Furthermore, there is likely to be an opportunity to improve the accommodation, which should result in the creation of an institutional grade office investment.”

Agents: Capita and Allsop acted for Ediston/Europa. Knight Frank acted for the vendor.

SOURCE: Ediston Real Estate

Ediston Real Estate, 39 George Street, Edinburgh, EH2 2HN
Tel: 0131 225 5599

###

Ediston Real Estate and Europa Capital acquire significant office investment in Guildford, England for £40 million

Ediston Real Estate and Europa Capital acquire significant office investment in Guildford, England for £40 million