Bridges Ventures buys £84m Regus Portfolio

Bridges Ventures has agreed to buy the Evans Easyspace portfolio from Regus, the UK-listed serviced office provider, for £84m, while retaining Regus as its long-term operating partner.

The Evans Easyspace portfolio comprises 50 properties, which are run as serviced office centres, light industrial/workshop units and self-storage. The portfolio is spread across the UK, with a concentration in the Midlands, North and Scotland.

The properties are specifically designed to cater for SME occupiers, with circa 2,000 tenants across the portfolio.

Regus acquired the Evans Easyspace portfolio in April 2014 and has since improved occupancy and net income. Following the sale, Regus will continue to run the portfolio under a management contract with Bridges.

Bridges will acquire the freehold and long leasehold interests via its Property Alternatives Fund, which held a first close of £125m last year and targets investments in niche sectors, regeneration areas and buildings showing environmental leadership.

This is the fifth deal from the fund management; previous impact investments include Barclays House, which is being comprehensively refurbished to provide office space for SME occupiers in Leeds, and The Old Vinyl Factory, a residential development in Hayes forming part of the regeneration of the old EMI factory.

Doherty Baines acted for Regus, which takes the total number of deals completed by Doherty Baines to more than £1.7bn in the last six months.

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