Wainbridge signs deal for three office assets

Office design news from Morgan Lovell

Published on 22-03-2011

Property investment group Wainbridge has signed acquisition deals for three office assets.

The buildings come at a cost to the firm of £39 million together and could see the company go ahead with an office refurb for the projects.

Its acquisition in central London is on Chenies Street and is for a trio of buildings that provide 60,670 square feet of office space.

This will see the group implement plans for a London office refit at £4.5 million in order to let out the property.

Its other deals include the acquisition of Sunley House in Croydon, providing the company with 112,329 square feet of space.

This will be let to a number of different companies and currently 67 per cent of the building is rented by firms such as Zurich Insurance.

The last purchase was for 91,859-square foot Froomsgate in Bristol for £3 million.

Rob Rackind, principal and co-founder of the firm, said the group has already "identified a range of creative initiatives that we feel will … deliver strong uplifts in value".

This deal comes after Wainbridge completed its first close of its real estate value-added fund Wainbridge Global Opportunities London Limited worth £100 million, aimed at targeting opportunities in the capital.

Posted by Adrian Norman