Fri, 17/11/2017 - 09:05
CCP 5, the perpetual core-plus fund advised by Tristan Capital Partners, has acquired tech firm Imagination Technologies’ Hertfordshire headquarters in a circa GBP30 million sale and leaseback deal.
Strategically located within 0.5 miles of Junction 20 of the M25 and adjacent to Kings Langley railway station (29 mins direct to London Euston), the transaction spans 100,000 sq ft and comprises two high quality office buildings: Imagination House (built in 2012) and Innovation Centre (built in 2015).
The purchase was completed in conjunction with Alchemy Asset Management, who manage the nearby project Westside for Tristan’s European Property Investors Special Opportunities 3.
Imagination Technologies Limited, which was recently acquired by global private equity investment fund Canyon Bridge for GBP550 million, brought the investment to market in September 2017 through Maybridge Commercial.
Peter Mather, Managing Director, Investments at Tristan Capital Partners, says: “The business plan will be carried out together with Alchemy Asset Management, a long-standing partner on a number of transactions executed by Tristan-managed funds. We understand the dynamics of the north west M25 office market through the successful Westside project, and we are delighted to have invested in this campus.
“The proximity to good rail and road links, the exceptional quality of the buildings, as well as the blended lease term of over six years to breaks made this a compelling deal for our new core-plus fund. We look forward to working with Imagination Technologies in the next phase of their evolution as a leading technology company.”
Brasier Freeth LLP represented Tristan and Alchemy. Maybridge Commercial acted for Imagination Technologies.
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