F&C REIT has confirmed three acquisitions in a club deal totalling £120m on behalf of its clients, including AREA Property Partners and ESAS Holding.
F&C REIT has acquired an unbroken parade of shops and offices in Stevenage, Halton Lea shopping centre in Runcorn and a portfolio of regional offices from St Martins.
The assets in Stevenage town centre comprise 29 shops and four office suites, with tenants including Topshop, Vision Express and Vodafone. The portfolio totals 85,000 sq ft with a passing rent roll of £2.2m pa.
Halton Lea shopping centre in Runcorn (pictured) totals 496,000 sq ft with a net rent roll of £2.6m pa. The centre is anchored by Tesco.
The St Martins portfolio comprises seven regional offices in Birmingham, Bristol, Edinburgh, Glasgow, Harrogate, Leeds and Manchester. The offices total 602,000 sq ft with a passing rent roll of £6.7m pa.
Zvi Noé, director of investments at F&C REIT, said: “The assets acquired are fundamentally good quality, well-located properties that offer a variety of value creation opportunities, through targeted asset management initiatives, in combination with attractive entry pricing.
“We are delighted to complete another acquisition with AREA Property Partners. In addition, F&C REIT has brought together internal clients including a family office into the investment, highlighting the broad spread of investors we are able to bring together.”
Franc Warwick advised F&C REIT and AREA Property Partners.
annabel.dixon@estatesgazette.com
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