A joint venture between Ediston Properties and Europa Capital has acquired a scheme in Birmingham and one in Aberdeen for £22m.
The joint venture, the Ediston Opportunity Partnership, has acquired the 97,500 sq ft St Philip’s Point office and retail building, part of the multilet Civitas portfolio, on Birmingham’s Temple Row. The 11-storey scheme is let to six tenants and held on freehold. It was sold by the LPA Receiver on behalf of Lloyds Bank.
The joint venture has also acquired Caledonian House on Aberdeen’s Union Street in the city centre.
Ediston’s Daniel O’Neill said: “We are pleased to have completed the purchase of both properties and pleased that both Europa Capital and RBS, which provided debt on both assets, have once again backed our strategy of buying well-located buildings that offer numerous asset management and refurbishment opportunities.”
In May this year, Ediston and Europa raised a £50m credit facility from Royal Bank of Scotland.
lisa.pilkington@estatesgazette.com
