Benson Elliot, the private equity real estate fund manager, today announces the acquisition of Templeback, a 122,000 sq ft, BREEAM Excellent office development in the heart of Bristol’s commercial area. The acquisition adds another high quality asset to Benson Elliot’s UK office portfolio, underscoring the firm’s continuing commitment to its regional investment strategy.
Templeback was acquired from UK & European Investments, which completed the development in 2009. Arranged over six floors, the building offers flexible floorplates of 22,000 sq ft, which are easily divisible to meet demand from occupiers requiring 5,000 sq ft or more. Benson Elliot will undertake a modest refurbishment of the building before re-launching it to the market.
James Jakeman, Principal at Benson Elliot, said:
“We are pleased to have worked with UK & European on this transaction. This opportunity bears all the hallmarks of the kind of investment Benson Elliot is striving to make in the UK – a high quality asset in a recognised business location with strong and improving transport links. We continue to believe in the investment case offered by key regional office markets across the UK.”
Barney Kelham, UK CEO of UK & European, said:
“This has been a successful off market transaction and we are delighted with the result achieved. We feel this is the right moment in the cycle to sell the asset and take advantage of the recent significant improvement in the wider UK regional office investment market. This strategic sale provides us with an opportunity to reinvest capital and to continue to focus our attention on new opportunities.”
Farmer Capital advised the purchaser.
For more information please visit: www.templeback.com
For further information:
Marc Mogull, Managing Partner
+44 (0) 20 7808 8900
Dido Laurimore / Claire Turvey
+44 (0) 20 3727 1000
Nina Coad / Alice Mitchell
+44 (0)20 7404 5959
About UK & European
UK & European is a privately owned property development and investment company, based in London. They have a substantial investment portfolio across all property sectors (commercial and residential), as well as an extensive development programme with current projects in office, industrial, residential and mixed use, in London and throughout the Europe. www.ukandeuropean.com