London-focused real estate investor Brunswick Property Partners (BPP) has bought two adjoining office properties for 拢32.7m (鈧�37.6m) from Asset Management Real Estate & Private Markets.
BPP said the acquisition of Knollys House and Stephenson House in East Croydon was made on behalf of Akoya, BPP鈥檚 workplace venture.
Knollys House and Stephenson House comprise 190,987sqft of office space, which is multi-let to 23 tenants.
BPP launched Akoya in September last year to provide sustainable workplaces for creative businesses. Akoya is targeting a portfolio size of at least 拢1bn across a number of strategic clusters.
The manager said the latest deal increases the size of Akoya鈥檚 portfolio to eight properties with a value of around 拢230m.
Jamie Acheson, senior director of BPP said the latest deal is the sixth acquisition made on behalf of Akoya, the suburban London workplace strategy.
鈥淲e will comprehensively 鈥榰pcycle鈥� the buildings, providing high- quality space, with affordable rents and wellness at the heart of our plans.鈥�
Gijsbert van Riemsdijk, head of transactions EMEA (ex. Switzerland) at UBS Asset Management, said: 鈥淭he sale of this property supports the fund鈥檚 focus on core, income-accretive assets and, therefore, we intend to utilize the proceeds of this sale to progress our ongoing acquisition strategy.鈥�
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