Private equity firm Tristan Capital Partners has agreed to buy a UK business park from M&G Real Estate for around £45.5 mln (€60 mln).
The Solent Business Park in Southampton comprises five buildings with a total area of 23,000 m2, as well as four hectares of land. The purchase price reflects a net initial yield of around 7.25%.
Alchemy Asset Management has been appointed to manage the site and is expected to implement a number of measures to increase the value of the site. One of the five buildings is currently vacant but has an element under offer, while other tenants include HSBC, serviced office provider Regus, mortgage lender Interbay and opticians Specsavers.
'We are buying into an improving market with reducing levels of vacancy and increased tenant activity, and have an active asset management plan to enhance both the buildings and the amenity offer,' said Guy Bishop, of Alchemy Asset Management.
