Ardstone Capital has completed two office acquisitions, one in Dusseldorf’s Hafen sub-market and the other in London’s Midtown, for a total of £10 mln (EUR 12.25 mln) on behalf of a private client.
The first acquisition was Speditionstraße 13a, acquired for EUR 4.85 mln. The property is a modern office building, referred to as the Villa, given its historic appearance within a cluster of modern buildings. The current tenant is Tom Tailor, a mid-market fashion retailer.
The second asset is Fulwood House, located in London’s Midtown. The freehold asset was bought for £5.9 mln. It was fully refurbished in 2002 and totals 9,142 sq ft. It is fully let to Beck Greener, a firm of patent and trade attorneys.
Looking ahead, Ardstone is ‘selectively targeting high-quality value-add assets in Central London and some very high-grade assets in the key provincial markets in the UK,’ said Craig McDonald, managing director of Ardstone UK. ‘We have a very deep knowledge of Central London and will continue to target assets where value can be unlocked or created. In addition, the UK regional markets are experiencing significant weakness, however careful asset selection will mitigate much of the risk and provide opportunity in the future.’
Having avoided the Irish property crash, Ardstone is now actively pursuing opportunities there, a market it knows very well. ‘We have capital to deploy for value creation strategies and are actively pursuing opportunities,’ added Donal O’Neill, co-founder and head of investments for Ardstone Capital.