Catella APAM has acquired 12 Greek Street in Leeds city centre from Epsilon Real Estate Partners, on behalf of its Cape Town-based client New Property Ventures (NPV), for an undisclosed price.
The circa 23,500 sq ft office building, which was comprehensively refurbished in 2016, is set over seven floors and is fully let to eight tenants.
Andrew Day, senior asset manager at APAM, said: “We are delighted to acquire 12 Greek Street as part of the continued expansion of NPV’s UK regional office portfolio, which now exceeds £70m. The asset is in an excellent location, based in the heart of the cities CBD and high-end leisure pitch ensuring it benefits from the cities vast transport network.
“12 Greek Street presents several asset management opportunities and, following the recent leasing success at APAMs One City Square and 2 Whitehall Quay assets, we will utilise our extensive knowledge of the local market and asset management expertise to reposition the asset as best in class office provision to reflect the markets continuing demand for good value, high quality accommodation which is complemented by a strong amenity offering and ESG strategy. It also typifies the ongoing investment we make into our assets throughout the portfolio.”
Scott Shufflebottom, director at Sixteen Real Estate, which acted on behalf of Catella APAM on the transaction, added: “Sixteen Real Estate are delighted to secure this off-market acquisition on behalf of APAM. 12 Greek Street is excellently located within the heart of Leeds central business district and offers a unique opportunity to quickly unlock reversionary investment value through proactive asset management. Whilst currently a fully let asset, the short-term nature of the occupier profile provides extensive opportunities to drive the asset forward through internal refurbishment and attracting new occupiers to the building.”
Knight Frank represented Epsilon Real Estate Partners on the transaction.
