UK regional office investor Hillview Real Estate has invested £18.3m (€21m) to buy two assets on behalf of its third value-add fund.
Hillview has bought the Belfry Business Park asset in Watford and the 1320 building at Birmingham Business Park asset on behalf of the Hillview Partners Property Fund III fund.
Belfry Business Park comprises the freehold interest in five buildings. The 1320 Birmingham Business Park asset comprises a 26,374sqft building.
Nadav Livni, managing director of Hillview Group and fund manager of Hillview Real Estate, said: “These two investments are excellent acquisitions for our new fund. Both provide stable income and opportunities for our team to significantly add value from enhancing amenities, lease events, refurbishment of units and regearing leases.
”They are perfect office properties in the post-Covid environment, offering tenants in high-growth sectors convenient locations, occupational flexibility, local amenities and the ability to drive or cycle to work.”
Hillview announced the launch of Hillview Partners Property Fund III in July 2020. The fund will have at least £150m of equity commitments and, using leverage, aims to deliver mid-teen total returns to investors, by investing £300m in properties.
The latest investment follows the fund’s first investment in August last year when it bought three adjacent office buildings at Kings Court, a development of office suites at Birmingham Business Park, from Catalyst Capital for £9.7m.
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