Hillview Real Estate acquires Lawnswood Business Park in Leeds19 December 2018
Hillview Real Estate, the UK regional office investor, has acquired Lawnswood Business Park in Leeds for £26.5 million.
The park comprises eight office buildings, totalling 146,203 sq ft, located on the Leeds outer ring road A6120, five miles from the city centre. They are let to 17 tenants, including Equiniti, Aramark, BMA, Oracle, Fuel Card Services, BHP Accountants and Brenntag.
The acquisition on behalf of Hillview Partners Property Fund II continues Hillview’s focus on investing in multi-tenanted, institutional-quality, regional office assets that offer significant value creation through asset management.
The company has identified the opportunity to undertake a refurbishment of one of the buildings, Peter Bennett House, when HM Revenue & Customs vacates in April 2021 and to work with existing tenants to re-gear and extend leases. It also intends to improve the sustainability of the park by adding cycling and shower provisions, car parking spaces, planting new trees and enhancing the landscaping, providing more local amenities for tenants.
The acquisition was funded by ICG-Longbow with a senior debt facility.
Nadav Livni, founder of Hillview Group and fund manager of Hillview Real Estate, said: