Triangle has completed on the acquisition of the Holborn Links property portfolio from Englander Group for a consideration of GBP212.5 million.
The portfolio has been acquired on behalf of Perez International, which represents a consortium of investors managed by Triangle Group.
Tunc Guven, partner of the Triangle Group and director of the asset management business led the deal; Triangle was responsible for the sourcing of the investment concept, the scoping of the development opportunity, the liaison with investors and for negotiating the completion particulars. Savills consulted on the property acquisition.
Over 3.3 acres, the portfolio consists of commercial, residential, retail, educational and hotel properties with a gross internal footprint of 320,000 square feet. Discounting the hotel’s internal footprint, the purchase price represents a capital value per square foot of GBP534. The portfolio also includes land that presents valuable development opportunities for the future. The Holborn Links property portfolio and future development of the portfolio will be managed by Triangle Group.
Guven says: “Together with our investors we are delighted to have completed on Holborn Links which is a unique investment portfolio in an exciting and opportunity filled part of central London. Triangle and our extended team of advisors have worked incredibly well together over the duration of the transaction, and we look forward to further collaborations in the future.”
Rick Denton, CEO of Triangle, says: “This strategic acquisition is a consequence of our international clients seeking to grow their presence in London. The Holborn Links portfolio compiles a valuable balance of property assets and includes our second hotel acquisition in the area. Our first being the Lifestyle Hotel L’Oscar, a creation of Jacques Garcia which is currently under development and due to open at the end of 2015.”