Two prime office buildings in South Wales have been acquired in a £29m deal.
Equitix Investment Management, advised by Cardiff-based property advisory firm Cooke & Arkwright, has acquired the freehold interest in the Ellipse building in Swansea and Nexus House in Newport from Legal & General Investment Management (LGIM).
The buildings, which together provide 92,000 sq ft of space, are let to the Welsh Government.
The deal is the latest in a series of acquisitions in which Cooke & Arkwright has advised funds managed by Equitix.
Other properties acquired include the Pearson Building in Nottingham last April and in 2019 King’s Court in Sheffield and Crickhowell House in Cardiff Bay.
Further investment opportunities located across the UK are currently are in the process of being sourced by Cooke & Arkwright on behalf of Equitix.
Cooke & Arkwright’s investment team has been working with Equitix for the last four years and to date have orchestrated deals with a total value of more than £100m.
Investment director at Cooke & Arkwright, Graham Davies, said: ““Each of the properties are let to a UK government-backed counterparty and demonstrating how we have identified a pipeline of high-quality properties with appropriate lease structures across which meet the specific requirements of funds managed by Equitix.
“We are currently in the process of sourcing further opportunities located across the UK on behalf of Equitix, showing the strength of the relationship that has developed over the last four years since we first successfully advised Equitix on an acquisition within this sector.”
Gareth Lloyd at Knight Frank said, “Having advised on the original acquisition of these two assets for LGIM back in 2010 we were delighted to be able to act for them again on the disposal and execute a successful disposal.”
L&G were represented by Knight Frank. Fladgate provided Equitix with legal advice.
