Brunswick Real Estate UK, the new property investment platform of Nordic manager Brunswick Real Estate, says it has bought a portfolio of 13 prime London holdings from a family estate.
The firm said it will invest £150m (€170m) in the portfolio, including the purchase cost, in a five-year asset management programme.
The deal was funded by Brunswick Invest, the principal investment arm of Brunswick Real Estate, in partnership with an international institutional investor, the firm said, with debt finance for the deal provided by Investec Structured Property Finance.
Brunswick said the portfolio has been in the hands of the same owners since the 1930s.
It includes three estates: Quadrant Business Centre and Lonsdale Road in Queens Park, north London — which is the largest of the assets by value — and Quadrant Courtyard in Weybridge, a mixed-use property with redevelopment potential.
The portfolio also includes more than 100 residential units, including two purpose-built private rented sector (PRS) blocks in Twickenham and Surbiton.
Brunswick said this was its first investment in the UK PRS.
The firm plans to focus on the Queens Park assets in its management of the assets over the next five years, adding value through residential conversions, repositioning of assets and re-gearing leases.
David Turner, one of Brunswick Real Estate UK’s two founding partners, 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,” he said.
Will Amies, the firm’s other founding partner, said the deal was just the kind of “large and unique special-situation investment” the firm was interested in making.
“We have access to significant firepower through Brunswick and its international partners and are looking to make further acquisitions this year,” he said.
Brunswick’s UK platform was set up a year ago, with the firm citing increasing demand from Nordic and international investors for direct investment opportunities in the UK.