Maya Capital buys three properties in Cardiff and Newcastle for £28.5 million
London, 29 June 2015
Maya Capital LLP, a specialist Real Estate and Private Equity investment firm, announces today the completion of three separate transactions for a total consideration of £28.5 million, taking its total equity deployed during 2015 to £41.5 million. The firm has acquired Cobalt 9b and Cobalt 15 in Newcastle’s Cobalt Business Park, the UK’s largest business park, and Eastgate House, an office building in Cardiff City Centre.
The details of these three acquisitions are as follows:
Cobalt 9b is a 52,000 sq. ft. office building let to Siemens Energy Service for £8 million at a net initial yield of 9%
Cobalt 15 is a 93,500 sq. ft. office building let to the Department of Work and Pensions for £13 million at a net initial yield of 10.1% Eastgate House is a 95,700 sq. ft. multi-tenanted office building, let for £7.5 million at a net initial yield of 10%.
The University of Cardiff and the Secretary of State are the principal tenants
These deals follow two previous acquisitions made by Maya Capital in Swansea (February 2015) and again in Cardiff (March 2015) for £6 million and £7 million respectively.
Maya Capital is targeting UK commercial real estate outside London and the M25. With £41.5 million currently invested, the firm is on track to deploy £100 million capital before the end of 2015 in order for its investors to benefit from higher occupational demand for and expected yield compression in regional offices.
David Pralong, Managing Partner of Maya Capital, commented:
“We are delighted to further the implementation of our UK regional strategy with the acquisition of these three attractive assets. The Newcastle assets demonstrate our appreciation for strong occupational markets with high-quality tenants. Eastgate House is our first multi-tenanted asset, which proves our capacity to manage more complex assets and ultimately increases the diversity of opportunities we can consider."
“Maya Capital is well-positioned to acquire these complex assets thanks to our extensive proprietary market knowledge and networks, and our track record of strong execution, which is appreciated by vendors and business partners alike. Now with almost half our initial commitment of £100m invested, we will continue to focus on attractive assets across the UK in order to generate value for our investors.”
Maya Capital was advised on all three transactions by Savills and Mishcon De Reya.
For further information, please contact: Justin Griffiths / John Elliott Powerscourt (PR adviser to Maya Capital) +44 20 7250 1446 / email@example.com