Clearbell Capital, a new fund management business established by UK private equity group Mountgrange, has acquired a portfolio of six office buildings for 拢60 mln (鈧�71.8 mln).
Clearbell Capital, a new fund management business established by UK private equity group Mountgrange, has acquired a portfolio of six office buildings for 拢60 mln (鈧�71.8 mln).
Mainly located in the southeast of England, the properties were purchased from Greenhills and have high average occupancy rates.
The assets, totalling 55,700 m2, comprise Fusion 1-3, Solent Business Park in Fareham; 1 Park Lane, Hemel Hempstead; Bessemer Road, Welwyn Garden City; Westgate House, Market Street in Warwick; Southgate Park, Bakewell Road, Orton, Peterborough; and Chiltern & Redwood House, Broad Lane in Bracknell.
Santander bank provided senior debt to Clearbell to fund the deal. Clearbell was advised by Capita Property and Infrastructure, while BNP Paribas Real Estate advised Greenhills.
Rob West, partner at Clearbell Capital and manager of the fund, commented: 'This transaction is well timed as the UK economy recovers and demand for quality office buildings rises. The assets have a high average level of occupancy, with quality tenants, but we see plenty of room for active asset management from day one.'
The acquisition is the second investment to be carried out by Clearbell following its maiden deal earlier in 2013: a 拢13 mln investment in a debt fund managed by Pluto Finance, a housing development finance business.
In November 2012, Mountgrange and Patron jointly acquired the Mercury portfolio from Henderson Global Investors. The joint venture has actively managed the portfolio to date, resulting in a number of asset sales.
