The Birmingham office of Knight Frank has advised Palm Capital on the off-market acquisition of two major headquarters office assets for more than £40m.
The UK and European focused real estate investment manager has bought Point 3 at Opus 40, Warwick, and The Zurich Centre on Solent Business Park, Fareham, as a portfolio.
Opus 40 is the 87,916 sq ft headquarters of Telent Ltd and has more than seven years remaining on its lease, with a fixed rental uplift in 2018.
The Zurich Centre in Fareham comprises two buildings of 100,556 sq. ft. and also has circa seven years remaining.
Reda Khatim, managing partner, said the transaction continued Palm Capital’s UK regional acquisition strategy initiated a few years ago.
Jonathan Devaney, a partner in Knight Frank’s investment team, added: “The two lots provide secure income from committed tenants and future asset management potential.”