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Singapore’s Elite Partners’ Third UK Commercial Fund Acquires Four Commercial Properties For Close To £70 M (US$ 89.5 M)

Singapore’s Elite Partners’ Third UK Commercial Fund Acquires Four Commercial Properties For Close To £70 M (US$ 89.5 M)

September 25, 2020- Singapore private equity real estate firm Elite Partners Capital (“Elite Partners”) has acquired four commercial properties in the United Kingdom for approximately £70.0 million (S$112 million). The properties were acquired in its UK Commercial Fund III (the “Fund”), which targets to have assets under management (“AUM”) of up to £200 million (S$320 million), and is set to increase should the opportunity arise.

Elite Partners said 150 Broomielaw in Glasgow is the largest among the four latest acquisitions. It was acquired from a Jersey Trust, in one of the biggest UK office deals outside of London since the onset of the COVID-19 pandemic.

The eight-storey building in Glasgow, Scotland’s largest city economy, offers 96,759 sq ft (8,989 sqm) of Grade A office that is entirely let to Scottish Enterprise and is occupied by Scottish Ministers. Located in the heart of Glasgow’s International Financial Services District, 150 Broomielaw is easily accessible via the Glasgow Central station and the M8 motorway.

The combined floor space of the four assets amount to 245,338 sq ft (22,792 sqm). Elite Partners has reported low vacancies in all its UK properties, thanks to long leases backed by the UK government, as well as close proximity to town centres with excellent connectivity.

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