Property investor, developer and asset manager Wainbridge has completed the acquisition of three office assets, located in Central London, Croydon and Bristol, for a total consideration of £39 mln (EUR 45 mln). The properties were acquired on behalf of its real estate fund, Wainbridge Global Opportunities London Limited (WGOL).

In Central London, Wainbridge has acquired three properties located on Chenies Street from a consortium of private investors for £24.5 mln, representing a net initial yield of 6%. Providing 60,670 sq ft (5,600 m2) of office accommodation, the properties are currently fully let to advertising and marketing group Omnicom, and its subsidiaries, until 2016. Wainbridge intends to maximise the value of the assets by undertaking a full refurbishment programme, costing approximately £4.5 mln, with the tenant in situ. Michael Elliott acted for and advised Wainbridge. Santander Bank provided the senior debt for the acquisition and a capex facility for the refurbishment works.

In Croydon and Bristol, Wainbridge has teamed up with a private investor to buy Sunley House, an 112,329 sq ft, 12-storey, multi-let office building, as well as Froomsgate, a 91,859 sq ft office building located in the heart of Bristol. The assets were bought out of receivership for £14 mln. Investec Bank provided the senior debt for the acquisition. Cushman & Wakefield acted on behalf of the vendor.

These acquisitions are in line with the fund's strategy to acquire value-add office and mixed-use properties, predominantly concentrated in Greater London, with a degree of capex or leasing risk that offer an attractive investment opportunity. This latest tranche of investments on behalf of the fund follows on from its debut acquisition of Number 1 Croydon in November 2010.

'Leveraging upon our flexible approach to acquisition structuring and our proven expertise in asset management, we continue to identify and secure good market opportunities where we believe that through upfront rigorous underwriting we can identify and execute significant value-add initiatives, generating strong returns for our investors,' said Rob Rackind, Wainbridge's principal and co-founder.