Europa Capital and Ediston Real Estate have completed the acquisition of Guildford Office Campus in the UK for £54 mln (€68 mln), reflecting a net initial yield of 7.63%.
Buildings 1000 and 2000 of the campus were acquired from M&G in December 2015 for £40 mln. The remaining office building at Cathedral Hill, Building 3000, was acquired from AXA Investment Managers – Real Assets, acting on behalf of its clients, in May 2016 for around £15 mln.
Cathedral Hill comprises 155,000 sq ft (14,400 m2) of offices built in 2001. The buildings are multi-let to Avaya, Regus, and GCL Solicitors. The combined property has a range of lease expiries from 2016 to 2021.
James Fortescue, director at Europa Capital, commented, 'This latest purchase of Building 3000 consolidates our ownership of Cathedral Hill and gives us additional asset management opportunities to capitalise upon.'
Calum Bruce, director at Ediston Real Estate, added, 'This acquisition is the sixteenth property we have acquired within our joint venture vehicles with Europa and continues the strategy of buying well located assets with value add potential.'
