Benson Elliot acquires £132m UK portfolio

01.10.15

The portfolio was purchased from the property arm of UK insurer Legal & General which had acquired the assets for its first UK Property Income Fund. Benson Elliot has appointed Cube Real Estate as asset manager.

Key assets within the portfolio include Guilford Business Park, in Guildford, Surrey, and a covered retail and restaurant centre, The Meadows in Chelmsford, Essex. Guildford Business Park was held by the Crown Estate for 23 years before Legal & General's acquisition in 2010. The asset provides 260,000 sq ft of grade A/B+ office space which is multi-let to national and international tenants including Philips, Colgate and Ericsson.  The Meadows is a 200,000 sq ft covered city centre retail which is 91 percent occupied and anchored by retailers Wilko and BHS.

"Over the past five years Benson Elliot has established substantial office and retail investment and development programmes across London's commuter belt," commented James Jakeman, principal at Benson Elliot.  "This acquisition is well aligned with the firm's core competencies and we believe the two assets offer further value as the ripple effect of growth in Central London spreads outward and gathers momentum." Benson Elliot was advised by Montagu Evans and Jackson Criss.

 

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