Singapore-based private equity real estate firm Elite Partners Capital (Elite Partners) has acquired four commercial properties in the United Kingdom for £70.0 million (S$112 million).
The commercial properties were acquired in its UK Commercial Fund III (the Fund), said the company.
One of the commercial properties is 150 Broomielaw in Glasgow, the largest among the four latest acquisitions, said Elite Partners. It was acquired from a Jersey Trust, in one of the biggest UK office deals outside of London since the onset of the COVID-19 pandemic.
The eight-storey building in Glasgow, Scotland’s largest city economy, offers 96,759 sq ft (8,989 sqm) of Grade A office that is entirely let to Scottish Enterprise and is occupied by Scottish Ministers. Located in the heart of Glasgow’s International Financial Services District, 150 Broomielaw is easily accessible via the Glasgow Central station and the M8 motorway.
The four acquisitions are:
|150 Broomielaw||Glasgow||96,759||Scottish Enterprise|
|Apex Court||Nottingham||38,816||The Secretary of State for Housing, Communities and Local Government|
|Eaton House||London||36,110||The Secretary of State for Communities and Local Government|
|Griffin House||Greater Manchester||73,653||The Secretary of State for Housing, Communities and Local Government|
The combined floor space of the four assets amount to 245,338 sq ft (22,792 sqm). Elite Partners has reported low vacancies in all its UK properties, thanks to long leases backed by the UK government, as well as close proximity to town centres with excellent connectivity.
“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. These assets acquired by the Fund are all leased to entities of the UK Government and hence offer stability in rentals as well as long lease periods. We now have an impressive portfolio that provides a long-term income stream that will translate into resilient returns for investors,” said Victor Song, CEO of Elite Partners.
Incorporated in 2017, Elite Partners is the sponsor of Elite Commercial REIT, the first sterling-denominated REIT to be listed on the Singapore Exchange, with 99.0% of the underlying commercial properties leased to the U.K. Government.