Addington Capital has bought a £45m mixed-use portfolio of assets across England in its first joint venture partnership with ICG-Longbow.
The “Bonsai” portfolio was acquired from EPISO3, an opportunity fund advised by Tristan Capital Partners, with debt and equity from ICG-Longbow.
With half the value of the portfolio in residential property, Addington said the deal marks a further push into the sector, having launched a residential property management and letting platform ADDLiving.
The portfolio consists of:
■ 120,000 sq ft of office and residential property at Headingley, Leeds;
■ 50,000 sq ft of retail and residential at Elm Park, Hornchurch, Essex;
■ 32,000 sq ft of retail/potential residential at South Woodham Ferrers, Essex;
■ 44,000 sq ft of offices at Carew House in Wallingford; and
■ the 118,500 sq ft Union Square shopping centre, Torquay.
Matthew Main, director of ICG-Longbow, said: “This investment is in line with our strategy of funding properties or portfolios with value-add potential, especially where underpinned by an existing cash flow and/or in a supply constrained sector such as residential.
“We are pleased to be partnering with Addington, who bring a long track record of identifying and realising such opportunities in both commercial and residential properties.”
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