Elite Partners Capital have acquired 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, and 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 c. £2.1m p.a. and totals c. 400,000 sq. ft. of space.
Colliers acted for Elite Partners Capital with Allsop acting for Mapeley STEPS Limited
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 said: “We are pleased to have concluded this sale with Elite which follows on from successful lease renewals with our Government clients.