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Maya Capital to invest £100m in regional UK office real estate
Target to deploy £100m in the course of 2015 Focus on UK regional cities
First transaction closed and two further deals under offer worth a combined £30 million of equity
London, 16 February 2015
Maya Capital LLP, a specialist Real Estate and Private Equity investment firm, announces today an agreement with a major institutional investor to deploy £100m of equity in office buildings in regional cities across the UK. As part of this deployment, Maya Capital closed its first investment last week with a £6m asset purchase in Swansea. Two further transactions are under offer for a combined £24m of equity.
The £6m investment in Swansea consists of the purchase of a 66,800 sq. ft. office building let entirely to the DVLA with 4.5 years of lease remaining at a net initial yield of 10%.
Maya Capital is targeting UK office real estate outside London and the M25. Additional transactions will be completed in the coming months to reach a total deployment of £100m by the end of 2015. The aim is to build a portfolio of UK secondary office assets that are worth more together than alone, due to their complementary risk profiles and investors’ current appetite for larger investment size.
Maya Capital’s previous track record and other strategies include £15m of investments within the M25, including the acquisition and sale of Countryside House, an office building in Brentwood in the summer of 2014; and the acquisition of 160-163 Friar Street, an office building in Reading in October 2014.
David Pralong, Managing Partner of Maya Capital, commented:
“We are excited by the current opportunities in regional cities in the UK. While all time low yields start to plateau in London and its immediate vicinity, today’s announcement highlights the growing investor appetite for a regional strategy outside the M25. We are delighted to have the backing of a top-tier institutional investor that has committed £100m to our strategy, and look forward to executing further value driven transactions in the months to come.”
Maya Capital was advised on the Swansea transaction by Gerald Eve LLP and Mishcon de Reya.
For further information, please contact: Justin Griffiths/Karen Le Cannu/John Elliott Powerscourt (PR adviser to Maya Capital) +44 20 7250 1446 / Mayacap@powerscourt-group,com