Luxgrove acquires former Catalyst Housing HQ
Luxgrove Capital Partners (Luxgrove), a specialist real estate investment, development and asset management firm, has exchanged contracts with Catalyst Housing Group for the acquisition of a commercial real estate portfolio on Broadway in Ealing, London for an undisclosed sum.
The properties are within the development corridor and benefit from significant redevelopment and value-add opportunities.
Lachlan Ross, Founding Partner & Chief Investment Officer, says: “We are very pleased to have once again demonstrated our capabilities as an investment and asset manager in negotiating and exchanging large commercial real estate transactions. Sourcing and securing assets of this nature through an off-market transaction demonstrates our abilities in the sector. This further reinforces our reputation of being a credible counterparty that executes transactions in a professional manner.
"The location of these properties were compelling attributes for this acquisition. This investment fits perfectly with our plans to increase our footprint in the borough of Ealing across medium and large sites.
"During Covid-19, the team took advantage of the opportunities triggered by the pandemic by completing a record number of transactions during the last 18 months, mainly off-market. We continue to believe in the strength of the London real estate market and we have further appetite for acquiring assets with value-add or redevelopment opportunities.”
William McKenna, Founding Partner & Executive Director of Asset Management, says: “The deployment of significant capital in to new acquisitions in 2020 and 2021 demonstrates the strength of our platform which constantly sources new investment ideas for our flagship vehicles.
"The acquisition of this commercial portfolio is a fantastic opportunity to challenge ourselves to be innovative, transforming the public realm and delivering a lasting legacy in a borough where our presence is increasing year after year. We are very excited to start implementing our asset management plan and look forward to working on this with Ealing Council, the local community and our tenants.”
Legal and Tax advice on the transaction was provided by Memery Crystal.