Purchase is the latest acquisition for Elite’s UK Commercial Fund III
Colliers has advised Elite Partners Capital on its acquisition of a portfolio of five Government let assets from Mapeley STEPS Limited. The purchase is the latest acquisition for Elite’s UK Commercial Fund III.
The assets are located in; East Kilbride, Dover, Felixstowe, St Austell and Scarborough. Each benefit from new leases granted to various UK Government departments:
- Priory Court, Dover and Custom House, Felixstowe are occupied by the Home Office/Border Force and are secure operational assets which are strategically located close to port facilities.
- Penhaligon House, St Austell and Albion House, Scarborough are occupied by the Department for Work and Pensions as part of their operational network.
- Queensway House, East Kilbride is occupied by HMRC.
The portfolio has a passing rent of circa £2.1 million per annum and totals around 400,000 sq. ft. of space.
Victor Song, CEO of Elite Partners Capital said: “We are pleased to have worked with Mapeley on this off-market transaction to grow our UK Commercial Fund III. Our track record of delivery in this sector was an important factor in our securing these assets, which offer a strong income profile and further diversify our portfolio’s geographic and occupier mix.”
Martin Taylor Head of Investment at Mapeley added: “We are pleased to have concluded this sale with Elite which follows on from successful lease renewals with our Government clients.”
Allsop acted for Mapeley STEPS Limited.