Company calls capital deal an ‘important milestone’ as it unveils acquisition target
Property group Seneca completed its first investment in the Greater London market, buying an office complex in Richmond(Image: Seneca Property)
North West business Seneca Property is planning a £100m investment in UK offices after a year of deals that included its first Greater London acquisition.
Seneca said it had seen “a year of significant portfolio growth across some of the UK’s most attractive office markets”, with some 200,000 sq ft of office acquisitions across the West Midlands, Surrey, Bristol and Manchester. More recently the Newton-le-Willows group bought an office complex in Richmond, in south west London, in an off-market deal it called “an important milestone in the continued expansion of the company’s portfolio”.
The group is now considering more investments in Greater London and key regional English markets, and expects more deals this year.
Chris Bullough, managing director of Seneca Property, said: “Over the last year we have significantly expanded our office portfolio through a number of strategic acquisitions in markets where we see strong occupational fundamentals and long term growth potential.
“Our first investment in Greater London represents an important milestone for Seneca. Richmond is an exceptional location with a strong occupier market, excellent connectivity and an attractive business environment, making it a natural fit for our investment strategy. The transaction was sourced off-market and demonstrates the strength of our relationships and ability to identify attractive opportunities in highly competitive markets.
“We continue to see attractive opportunities across the UK where active asset management and a focus on occupier experience can create meaningful value. The market remains highly fragmented and we believe there is a compelling opportunity to acquire quality assets at attractive pricing.
“We are therefore targeting approximately £100m of further investment over the next 12 months.”
Jeff Morton, chief executive of Seneca Property, said: “At a time when many investors remain cautious towards the office sector, we are seeing some of the most compelling buying opportunities we have encountered in recent years.
“We believe current market conditions provide an attractive entry point for high-quality assets with strong long-term fundamentals. Demand for high-quality workspace remains resilient, driven by businesses seeking the best environments for their employees and customers.
“Our recent acquisitions, including a number of off-market opportunities, demonstrate both the strength of our sourcing network and our ability to execute transactions across a range of markets, giving us confidence in our ability to continue growing the portfolio over the coming year.”
