APAM acquires 23,500 sq ft Leeds office asset
UK & Ireland-focused asset manager Catella APAM has purchased 12 Greek Street from Epsilon Real Estate Partners on behalf of South African client New Property Ventures.
The sale price was undisclosed. Comprehensively refurbished in 2016, the building is fully let, has frontage to both Greek Street and Russell Street and sits three minutes’ walk from Leeds’ central railway station.
The building is set over seven floors and has a tenant roster including Netcompany UK, First Intuition Leeds and Marstons.
Andrew Day, head of asset management (North) at APAM, said: “We are delighted to acquire 12 Greek Street as part of the continued expansion of NPV’s UK regional office portfolio, which now exceeds £70m.”
Day added that “following the recent leasing success at APAMs One City Square and 2 Whitehall Quay assets, we will utilise our extensive knowledge of the local market and asset management expertise to reposition the asset as a best-in-class office provision to reflect the market’s continuing demand for good value, high quality accommodation”.
Sixteen Real Estate advised on the deal. Director Scott Shufflebottom said the building “offers a unique opportunity to quickly unlock reversionary investment value through proactive asset management”.
He added: “Whilst currently a fully let asset, the short-term nature of the occupier profile provides extensive opportunities to drive the asset forward through internal refurbishment and attracting new occupiers to the building.”