Bridges Property Alternatives Fund and Chancerygate have bought the final asset owned by distressed property vehicle VBR Investments.
The joint venture partners have paid £22m for the 50-acre Beeston Business Park in Nottinghamshire. It comprises 412,000 sq ft of office and industrial property and 20 acres of development land.
The park was sold by KPMG and JLL on behalf of VBRi, a special-purpose vehicle created in 2010 through the acquisition of a number of distressed property firms that had borrowed from Nationwide.
Until the beginning of this year, VBRi owned 4m sq ft of mostly light industrial property that was managed by M7 Real Estate.
The bulk of its assets, known as the Marble portfolio, were sold to Goldman Sachs for £110m.
Bridges and Chancerygate now plan to look at a mixed-use redevelopment of the park, which is in an enterprise zone.
Tom Tyler, investment director at Bridges, said: “By bringing some of the business park’s space back into commercial use, and by building high-quality new space, we can deliver both social impact for the local area and also strong returns for our investors.”
Managed by impact investor Bridges Ventures, Bridges Property Alternatives Fund has a strategy to invest in SME office space in underserved areas.
