Edge Real Estate Property Investments, the investment division of Real Estate Group, has acquired 15 properties from part of retail tycoon David Whelan’s Whelco business group for a total of £50m in a series of deals funded by ICG-Longbow.
The Huron portfolio comprises nine DW Fitness Health & Leisure clubs, four retail assets in Wilmslow, Wigan, Lancaster and Northampton and an industrial investment in Wigan.
The portfolio also includes 8 King Street in central Manchester, home to retailers including L’Occitane and 21 upper floor apartments, refurbished for Huron by Barnfield Construction in a £1.8m project.
The Real Estate team said that it plans to add value to the assets over the next three years working with the occupiers to refurbish and improve the property performance.
The group has also recently acquired the Denton Holme Student Village in Carlisle, a 249-bed student accommodation scheme with an approved second phase that will double its size.
Brendan Flood, chairman of Real Estate Group, said: “We are delighted to have significantly expanded our investment business with several interesting long lease assets. During the last two years, we have worked hard to grow the investment business and will continue to prioritise similar opportunities in economically strong locations.”
Flood’s development business Cole Waterhouse has this year secured consent for the 354-apartment No.1 Old Trafford residential scheme, appointing CBRE to find a funder for the scheme in June. Flood is also involved in the partnership behind the controversial St Michael’s development in Manchester city centre.
ICG-Longbow is the property-focused arm of Intermediate Capital Group, with £3bn assets under management in the UK.
Irwin Mitchell acted for Real Estate Group and Fieldfisher for the seller.