RoundShield and CEG Group have completed the acquisition of two office buildings as part of a new £200m regional office investment strategy.
The partnership will target city centre office stock for full refurbishment to deliver Grade A quality, EPC A-rated buildings in supply constrained, well-connected locations.
The partnership’s first acquisition is the 94,500 sq ft, six-storey Alhambra House office building, which is located in Glasgow’s central business district. The vacant asset was purchased off-market for an undisclosed price.
RoundShield and CEG have also purchased the 72,300 sq ft Market House building in Maidenhead for an undisclosed price.
Driss Benkirane, managing partner at RoundShield, said: “We are pleased to partner with CEG on this strategy, which brings together strong local execution with a thematic opportunity driven by structural changes in the UK office market. The partnership reflects our continued focus on uncovering dislocated situations where disciplined capital and targeted repositioning can deliver attractive, risk-adjusted returns.”
Matt Farrell, chief executive of CEG, added: “We believe people deserve and companies want a better office experience. Today’s occupiers are looking for a combination of high quality amenities, quality, design, sustainability and to work with a hands-on experienced developer, which forms the backbone of our customer- focused approach.
“Securing value-add and redevelopment opportunities means we can reinvent workspace to provide healthy, productive, modern and adaptable offices that are designed to retain and attract the best talent. By including facilities such as premium on-site fitness offerings, communal lounges with break-out and outdoor spaces coupled with independent, high-quality café/business lounge, we have enhanced the employee experience and forged strong relationships with our occupiers. We look forward to working with RoundShield to explore new investment opportunities and deliver rental growth.”
