Regional REIT is close to acquiring a portfolio of properties from Conygar Investment Company for £129m, including assets across Warrington, St Helens, and Colwyn Bay.
The Conygar property portfolio totals 31 mixed-use buildings “outside of the M25 motorway” totalling 1.28m sq ft.
Regional REIT will acquire the properties by purchasing the special purpose vehicles that own the individual assets.
In the North West, the buildings that Regional REIT has bought include Hewlett Packard’s 50,000 sq ft office in Birchwood Park in Warrington, and the 26,000 sq ft The Links office on Kelvin Close occupied by Dassault Systems, also in Warrington. A 41,000 sq ft retail warehouse let to Wilkinson Hardware in St Helens, and a 175,000 sq ft shed in Mochdre Commerce Park, Colwyn Bay, complete the North west portfolio.
Stephen Inglis, group property director and chief investment officer of London & Scottish Investments, the asset manager of Regional REIT, said: “This is a quality investment portfolio secured ‘off market’, offering substantial asset management opportunities and income growth potential. The transaction is expected to be earnings accretive to Regional REIT, with significant upside potential as we implement our property management projects for each asset and increase occupancy.”