Singapore-based Elite Partners Capital has bought a quartet of government-let UK properties, including Glasgow’s 150 Broomielaw offices.
The private equity real estate firm bought the properties for around £70m via its UK Commercial Fund III, which is targeting AUM of up to £200m. The combined floorspace of the assets amounts to 245,338 sq ft.
Victor Song, chief executive of Elite Partners Capital, said the assets offer “stability in rentals as well as long lease periods”, since they are all leased to UK government entities.
He added: “Against the backdrop first of Brexit and more recently Covid-19, we remain committed to the UK commercial property market, which continues to offer interesting acquisition opportunities.”
The largest of these was its deal to purchase the 96,759 sq ft Broomielaw building, which was acquired for around £40m from a Jersey trust.
The Broomielaw building is entirely let to Scottish Enterprise and occupied by Scottish ministers.
The other properties were: Nottingham’s 38,816 sq ft Apex Court; Eaton House in Hounslow, which measures 36,110 sq ft; and the 73,653 sq ft Griffin House in Greater Manchester.
Elite Partners was incorporated in 2017 and is the sponsor of Elite Commercial REIT, the first sterling-denominated REIT listed on the Singapore Exchange, with 99% of the underlying commercial properties leased to the UK government.
Knight Frank advised the seller on the Glasgow deal, while Colliers International acted for Elite Partners Capital.
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