Europa Capital and Ediston Real Estate have bought 1000 and 2000 Cathedral Hill in Guildford, Surrey for £40m.
The price paid to vendor M&G reflects a net initial yield of 8%.
The buildings together comprise 120,460 sq ft of office space and are located adjacent to Guildford Business Park.
They are currently let to Avaya on leases that expire in August 2016. Sub-tenants include Coutts, RBS and Enstar Group.
In the past four-and-a-half years Europa and Ediston have invested in 15 joint venture deals together with a gross value of £291m.
Robert Sim, partner at Europa Capital, said: “There is likely to be an opportunity to improve the accommodation, which should result in the creation of an institutional-grade office investment.”
Andy McKinlay, director at Ediston Real Estate, added: “The purchase of this South East investment is the 15th 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.”
