European credit investment manager RoundShield has partnered with an affiliate of UK real estate operator CEG Group to invest £200m (€229m) to acquire, refurbish and reposition office-led assets.
The partnership has acquired the 94,500sqft Alhambra House in Glasgow and the 72,300sqft Market House in Maidenhead as part of its strategy to reposition office buildings across London and major UK regional cities.
Driss Benkirane, managing partner at Harrison Street Asset Management-owned RoundShield, said: “We are pleased to partner with CEG on this strategy, which brings together strong local execution with a thematic opportunity driven by structural changes in the UK office market.
“The partnership reflects our continued focus on uncovering dislocated situations where disciplined capital and targeted repositioning can deliver attractive, risk-adjusted returns.”
Matt Farrell, CEO at CEG, said: “Securing value-add and redevelopment opportunities means we can reinvent workspace to provide healthy, productive, modern and adaptable offices that are designed to retain and attract the best talent.
“By including facilities such as premium onsite fitness offerings, communal lounges with break-out and outdoor spaces coupled with independent, high-quality café/business lounge, we have enhanced the employee experience and forged strong relationships with our occupiers.”
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