Palmer Capital Achieve Record Breaking £100m Week….

Palmer Capital is delighted to announce a record breaking week having successfully completed £100m of acquisitions across four transactions.

The largest of the transactions is the completion of the forward funding of a 194 apartment Built-to-Rent development to Grainger plc for £45.7 million at Bristol’s, Finzels Reach.

The sale is the latest in a productive year at Finzels Reach, where Palmer Capital and Cubex have overseen the commitment of £200 million to the site.

The second largest transaction was the acquisition of Waterside House for £35.2m reflecting a net initial yield of c.5.65%. The site comprises 94,867 sq. ft. of recently refurbished Grade A office accommodation on a 4.7 acre site. The entire property is let to Cable & Wireless UK on a 30 year lease and is located in a prominent and established office location to Bracknell. The site was acquired alongside SEDCO Capital.

The other transactions was the sale of The Bourse for £8.5m, a modern courtyard scheme located in Leeds comprising three individual buildings providing 49,259 sq. ft. of office, retail and leisure accommodation.  Followed by the sale of 11,450 sq. ft. of office accommodation located in Westside Village, Luxembourg for €29m.

Commenting on these latest investment themes, Alex Price, CEO at Palmer Capital said: “We remain focused on our UK strategy of creating and holding core property in urban locations. The geographic diversity is a testament to our business model of long term backing of some of the smartest property companies across the UK”

Palmer Capital still has a further £150m of equity to invest into the UK market. In particular they are looking for value add and opportunistic deals in London, the South East and the major regional markets in lot sizes of £5m-£50m.