Managed workspace provider Bizspace has agreed to buy two business parks from Montgomery Property Group for £10.5m.
Bizspace has bought the 247,000 sq ft Morelands Trading Estate in Gloucester and 72,000 sq ft New Addington Business Centre in Croydon.
The acquisition will be funded by £3m cash from existing resources and the remainder through debt finance.
The two properties currently produce a net income of £800,000 pa.
Core occupancy across the two parks stands at 65.6%.
Following the completion of the acquisition, Bizspace will own and operate 61 sites comprising 3.84m sq ft, subdivided into more 2,650 individual warehouses.
References: EGi News 30/11/05
