APAM has bought 1 City Square in Leeds from Aviva Investors for £32.3m on behalf of Dutch investment firm Britannia Invest A/S.
The 108,000 sq ft office, opposite Leeds train station, is 77% occupied with seven tenants, including Deloitte. The accountancy firm occupies more than 50,000 sq ft at the building on a lease expiring in 2028.
APAM said the deal is an opportunity for value-add asset management in the building, particularly as it expects a boost in Leeds’ office market following Channel 4’s announcement of a regional hub in the city.
It comes a month after Catella Property Fund Management completed its purchase of 75% of APAM’s share capital. APAM said it continues to look for opportunities in the UK office markets, focusing on lot sizes ranging from £5m to £200m.
Patrick Freestone, senior investment manager at APAM, said: “1 City Square is one of, if not the most, prestigious office addresses in Leeds. The building has been owned by Aviva since it was developed and will benefit from a new owner breathing fresh life into the building.”
JLL acted for APAM; Knight Frank acted for Aviva.
To send feedback, e-mail karl.tomusk@egi.co.uk or tweet @karltomusk or @estatesgazette
