Brunswick Real Estate UK has acquired a portfolio of 13 prime London holdings from a family estate and will invest a total of £150 mln (€170 mln) in the portfolio.
The buyer is the newly established business established a year ago by Nordic real estate company, Brunswick Real Estate, together with real estate investment professionals, David Turner and Will Amies.
Brunswick Real Estate UK will invest a total of £150 mln (€170 mln) in the portfolio, including the cost of acquisition, in a five-year asset management programme.
David Turner, Founding Partner, Brunswick Real Estate UK, said: 'Portfolios of this nature are exceptionally rare and its acquisition reflects our ability to source interesting opportunities for our investor base. The portfolio has been well managed but there are a range of opportunities to enhance its value and appeal through proactive asset management, working closely with our tenant partners and local stakeholders.'
1930s
The portfolio, which has been held in the same ownership since the 1930s, includes three significant estates: Quadrant Business Centre and Lonsdale Road, a designated design hub, in Queens Park, north London, and Quadrant Courtyard in Weybridge, a popular mixed-use property with redevelopment potential.
The portfolio also comprises more than 100 residential units, including two purpose-built private rented sector (PRS) blocks in Twickenham and Surbiton, which mark Brunswick’s entry into the PRS sector in the UK.
The transaction was funded by Brunswick Invest, the principal investment arm of Brunswick Real Estate, in partnership with an international institutional investor. Debt finance was provided by Investec Structured Property Finance.
Brunswick has formulated a five-year asset management plan, focused on the Queens Park assets, which make up the majority of the portfolio by value, designed to add value through residential conversions, repositioning of assets and re-gearing leases.
Queens Park benefits from strong overground and underground connectivity to the West End, Central London and Canary Wharf and has experienced the highest property price growth in the UK since 1995.
CBRE advised the vendor.
