M7 Real Estate has agreed to the £84.5 million (€94 million/$112 million) acquisition of Bridgewater Place in Leeds, England.
The acquisition is ahead of a potential initial public offering of the property on the IPSX stock exchange, a new regulated investment exchange regulated by the FCA and the world’s first such exchange dedicated to commercial real estate assets, early in 2021.
Bridgewater Place is the tallest building in Yorkshire and comprises 234,000 square feet of class A office space, located in central Leeds, the United Kingdom’s third-largest regional metropolitan area and economy. The property is 92.6 percent leased, including seven ground-floor retail units, with the office space delivering 96 percent of the income.
Occupiers include EY and multinational law firms DWF and Eversheds, with the property currently generating an annual headline rent amount of £5.9 million (€6.6 million/$7.8 million), with 100 percent of office rents and 99 per
