Property investor in new office block acquisition
A property investment firm has completed a cash-only addition to its portfolio.
Posted by Edel Quinn
Yorkshire-based property investment firm the Helmsley Group has made a new £2.2 million acquisition, adding to a portfolio of syndicated property worth £80 million.
The firm concluded business negotiations to buy up Edward Lloyd House, at Pride Park in Derby, the Business Desk reports.
Director of the firm Ian McAndrew said: "This opportunity has been fully syndicated and has proved an extremely popular investment with our clients who look for a steady return on their money."
He added that it was a purchase funded by cash rather than borrowing, a situation that could reassure investors in "these difficult economic times".
The office is currently occupied by Lloyds Register, which has just committed to a new 15-year lease on the property.
Other recent commercial property acquisitions include that of the commercial assets of the Cube building in Birmingham by EPISO 3 fund.
Although the figure was not stated, the buyer had to pay a high price for the assets, according to Jonothan Holmes, director of investment at sales agent Savills.