Bridges Ventures buys UK serviced package for €115m

Fund manager Bridges Ventures has agreed to buy the Evans Easyspace portfolio of 50 business centres from serviced office provider Regus for £84 mln (€115 mln).

The Evans Easyspace portfolio comprises 50 properties, which are run as serviced office centres, light industrial/workshop units and self-storage. The portfolio is spread across the UK, with a concentration in the Midlands, north and Scotland.

Regus, which bought the assets from administrators in April 2014, will continue to manage them on the existing flexi-leasing basis.

Bridges will acquire the freehold and long leasehold interests via its Property Alternatives Fund, which held a first close of £125 mln last year and targets investments in niche sectors and regeneration areas.

This is the fifth deal for the fund; with previous investments including Barclays House, which is being comprehensively refurbished to provide office space for SME occupiers in Leeds, and The Old Vinyl Factory, a residential development in Hayes forming part of the regeneration of the old EMI factory.

Tom Tyler, investment director for the Bridges Property Alternatives fund, said: 'Flexible leasing and fixed inclusive pricing are particularly attractive to SME occupiers. We and Regus will also seek opportunities to enlarge the portfolio through further acquisitions with a focus on locations where there is currently no representation.'