London-focused real estate investor Brunswick Property Partners (BPP) has bought two adjoining office properties for £32.7m (€37.6m) from UBS Asset Management Real Estate & Private Markets.
BPP said the acquisition of Knollys House and Stephenson House in East Croydon was made on behalf of Akoya, BPP’s workplace venture.
Knollys House and Stephenson House comprise 190,987sqft of office space, which is multi-let to 23 tenants.
BPP launched Akoya in September last year to provide sustainable workplaces for creative businesses. Akoya is targeting a portfolio size of at least £1bn across a number of strategic clusters.
The manager said the latest deal increases the size of Akoya’s portfolio to eight properties with a value of around £230m.
Jamie Acheson, senior director of BPP said the latest deal is the sixth acquisition made on behalf of Akoya, the suburban London workplace strategy.
“We will comprehensively ‘upcycle’ the buildings, providing high- quality space, with affordable rents and wellness at the heart of our plans.”
Gijsbert van Riemsdijk, head of transactions EMEA (ex. Switzerland) at UBS Asset Management, said: “The sale of this property supports the fund’s focus on core, income-accretive assets and, therefore, we intend to utilize the proceeds of this sale to progress our ongoing acquisition strategy.”
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