Catella APAM (APAM), the UK & Ireland real estate asset manager, has acquired the office building, 12 Greek Street in Leeds, UK, in an off-market deal.
The city centre office was bought from Epsilon Real Estate Partners on behalf of APAM’s Cape Town-based client, New Property Ventures (NPV). The building totals around 23,500 square feet set over seven floors and is fully let to eight tenants including Netcompany UK Ltd, First Intuition Leeds Ltd and also Marstons.
Comprehensively refurbished in 2016, 12 Greek Street is a prominent multi-let asset in the heart of the Central Business District. It has frontage to Greek Street and also Russell Street and is a three-minute walk from Leeds central train station.
Repositioned as best-in-class office
Andrew Day, Head of Asset Management (North) at APAM, says, “We are delighted to acquire 12 Greek Street as part of the continued expansion of NPV’s UK regional office portfolio, which now exceeds £70 million. The asset is in an excellent location, based in the heart of the city’s CBD and high-end leisure pitch ensuring it benefits from the city’s vast transport network.
“Twelve Greek Street presents several asset management opportunities and, 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 markets continuing demand for good value, high-quality accommodation, which is complemented by a strong amenity offering and ESG strategy.”
In addition, Scott Shufflebottom, Director at Sixteen Real Estate, says, “Sixteen Real Estate are delighted to secure this off-market acquisition on behalf of APAM. 12 Greek Street is excellently located within the heart of Leeds central business district and offers a unique opportunity to quickly unlock reversionary investment value through proactive asset management. 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.”
