Bridges Ventures said on Friday that its Bridges Property Alternatives Fund has finalised its first three investments after raising £120 mln (€150 mln) of equity commitments in a first closing in April.
Bridges Ventures said on Friday that its Bridges Property Alternatives Fund has finalised its first three investments after raising £120 mln (€150 mln) of equity commitments in a first closing in April.
The off-market acquisitions, amounting to a total £30 mln (€37 mln), focus on emerging locations in London and the CBD of Leeds.
The first two investments are in partnership with residential development specialist HUB and involve the Old Vinyl Factory in Hayes and Chesterfield House in Wembley, acquired for around £11 mln from receivers John Barber and Tim Perkin of CBRE.
The fund has completed a further transaction with Evenacre in Leeds, where it is buying Barclays House, a 45,000 sq ft (4,200 m2) vacant building.
Simon Ringer, partner and head of property funds at Bridges Ventures, commented: 'These transactions typify our investment strategy, where we seek to acquire properties at low entry prices in market sectors and locations where either demographic factors are driving growth – such as the needs-driven demand for affordably priced housing in London, or where markets are at inflection point – such as the Leeds office market where the rate of take-up of accommodation has reduced supply of Grade A space to almost zero.'
