Centurion Properties has acquired a business park in Leeds in joint venture with ICG-Longbow.
The new vehicle, Centurion Capital Partners, has bought Lawnswood Business Park from Canmoor for £17.3m – a net initial yield of 8.6%.
The eight office buildings total 147,355 sq ft, produce rent of £1.58m pa and have a 27.4% vacancy rate.
Centurion founder and chief executive Julian Rooth said: “At Lawnswood, there is the opportunity to lease the empty space, to explore lease regears and lease repositionings and to improve the space through a capital expenditure programme.
“Lawnswood represents our first acquisition with ICG-Longbow. We are looking for similar opportunities throughout the UK.”
Tudor Toone advised the vendor; Savills advised Centurion and ICG-Longbow.
