Industry veteran Desmond Bloom has returned to property investment with the acquisition of a £130m portfolio.
Using a shell company, Imperial Music and Media, Bloom has joined up with former colleague Chris Stainforth to launch back into the market with a portfolio of commercial properties around the UK.
The portfolio consists of approximately 430,000 sq ft of retail and office space in cities including Bath, Brighton, Sheffield and Edinburgh. The acquisition also includes St Helen’s Place, EC3, an office building next to Brookfield’s 100 Bishopsgate.
Bloom estimates the portfolio to be valued at about £130m but is waiting from confirmation from Cushman & Wakefield, which is acting as adviser.
Paying £12.5m for the portfolio, Bloom has acquired approximately £97m in existing debt and a rental income of £7.5m from long lease tenants such as Ask, McDonalds, WHSmith and River Island.
