Following a year of significant portfolio growth Seneca Property, the Haydock-based real estate investment firm, aims to deploy up to £100m into high quality office investments over the next 12 months.
Over recent months the firm has made investments in some of the UK’s most attractive office markets.
Most recently, Seneca completed its first investment in the Greater London market through the acquisition of a high quality office asset in Richmond.
The off-market transaction marks an important milestone in the continued expansion of the company’s portfolio.
It follows a year of significant growth for Seneca, during which the business completed approximately 200,000 sq ft of office acquisitions across the West Midlands, Surrey, Bristol and Manchester.
These investments reflect Seneca’s conviction in well located, high quality office assets capable of delivering strong occupational performance and long term value creation.
Now, Seneca is seeking further acquisitions across the UK, focusing on prime regional and Greater London office markets where assets can benefit from refurbishment, repositioning and enhanced occupier amenities.
Chris Bullough, Seneca Property managing director, 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.”
He added: “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, Seneca Property CEO, 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.”
He added: “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.”
Seneca believes the office market is becoming increasingly polarised, with demand concentrated on high quality, amenity-rich buildings in strong locations.
At the same time, a limited pipeline of new development in many markets is supporting occupational performance and creating attractive acquisition opportunities for investors able to deploy capital selectively and take an active asset management approach.
The company expects to remain an active buyer throughout the coming year and is currently evaluating a number of investment opportunities across key regional and Greater London markets.
