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Benson Elliot makes first UK acquisition
CBXII in Milton Keynes purchased for £20.6 million
17 February 2010 — Benson Elliot Capital Management, the leading private equity real estate firm, has exchanged contracts on the acquisition of CBXII, Midsummer Boulevard, Milton Keynes. The property has been acquired for £20.6 million from the CASPAR Fund, managed by Henderson Global Investors, reflecting an initial yield of 10%.
The acquisition, the first purchase for Benson Elliot in the UK, was made on behalf of Benson Elliot Real Estate Partners II, L.P. and brings the total number of investments since its launch in 2006 to eight. The fund now holds a broad portfolio of asset types in France, Germany, Spain, Scandinavia, Central Europe and the UK.
CBXII is a modern, mixed-use city centre building comprising c. 150,000 sq ft (14,000 sq m) of offices, retail and leisure accommodation, split over three buildings – Midsummer East, Midsummer West and Midsummer Court. Office tenants include Argos, the Homes and Communities Agency and Regus.
XLB, Bidwells and Travers Smith acted for Benson Elliot; Allsop acted for the vendor.
Phil Irons, Partner and Head of UK Investment at Benson Elliot, commented: “CBXII is a good quality asset in a strong location, with real added value potential. The purchase price is well below replacement cost, and we have been able to acquire the building at what we believe to be an attractive yield in the current environment.”
Marc Mogull, Benson Elliot’s Managing Partner added: “We are examining a number of similar opportunities in the UK. We’re mindful that past excesses have yet to work their way through the system so we’re focussing on investments that offer sustainable value today and the opportunity to enhance value over time.”
For further information:
Benson Elliot
Phil Irons, Partner
Marc Mogull, Managing Partner
+44 (0) 20 7808 8900
Financial Dynamics
Stephanie Highett / Dido Laurimore
+44 (0) 20 7831 3113
About Benson Elliot
Benson Elliot was founded in 2005 to realise a vision for successful real estate investing in a changing market environment. Conceived alongside a group of leading institutional investors, the firm is dedicated to delivering sustainable investment out-performance through market cycles. The firm launched its inaugural investment vehicle, Benson Elliot Real Estate Partners II, L.P., in April 2006, closing in August 2006 with commitments of more than €335 million.
In early 2009, the Company announced its second oversubscribed fund, Benson Elliot Real Estate Partners III, L.P., with commitments of over €500 million. All funds managed by Benson Elliot are fully discretionary.
Benson Elliot is led by Marc Mogull and Patricia Barrigan. Mr. Mogull established, and for seven years managed, the Doughty Hanson & Co European Real Estate Fund. Ms. Barrigan was previously Managing Director and Head of Global Real Estate Investments for Dubai Investment Group, moving from Goldman Sachs where she spent ten years primarily in principal investing and portfolio management for the Whitehall Funds.
The Benson Elliot team includes senior industry professionals with experience in sourcing, underwriting and managing real estate investments across Europe and across all major property sectors. Highlighting the firm’s successes Private Equity Real Estate named Benson Elliot “European Emerging Firm of the Year” for 2006. In 2008, Private Equity Real Estate named the firm as one of ten emerging managers globally it expects “to shape the private equity world around them.” Benson Elliot has also been nominated for 2009 European Real Estate Private Equity Firm of the Year (Private Equity News) and 2009 European Fundraising of the Year (Private Equity Real Estate). |
