Property group builds up £1bn London workplace project with multi-million pound acquisitions

A London property group has announced that it has invested £32.7m in two new office buildings as part of its £1bn workplace venture.

Brunswick Property Partners (BPP) has acquired Knollys House and Stephenson House, two adjoining office properties in East Croydon.

The properties, which have been purchased from UBS Asset Managements Real Estate & Private Markets, will form part of Akoya, BPP’s £1bn London neighbourhood workplace venture.

Covering 108,987 sq ft of office space collectively, the buildings are multi-let to 21 tenants, including the British Medical Association and the British Transport Police Authority.

Akoya was launched by BPP in September last year to provide sustainable workplaces for businesses in London, and currently consists of a portfolio of eight properties with a value of approximately £230m.

Jamie Acheson, senior sirector of BPP, commented: “This is the sixth acquisition we have made for Akoya, our suburban London workplace strategy.

“We will comprehensively ‘upcycle’ the buildings, providing high-quality space, with affordable rents and wellness at the heart of our plans”.

Gijsbert van Riemsdijk of UBS Asset Management said: “The sale of this property supports the fund’s focus on core, income-accretive assets and, therefore, we intend to utilize the proceeds of this sale to progress our ongoing acquisition strategy.

“We are delighted to have worked with the purchaser and various parties on this sale, and we wish them all the best with this acquisition.

“Croydon represents a sensible opportunity for investors, with over £5.25bn of development expenditure planned over the next five years.

“The property’s immediate vicinity is currently undergoing regeneration, including the redevelopment of local buildings to improve rail connections between Brighton and London, and the development of more office space in the area.”

BPP was advised by Montagu Evans and UBS Asset Management was advised by TT&G Partners.