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Elmbridge Council buys $22.4 million portfolio from Brunswick Real Estate UK

Elmbridge-Council-buys-22.4-GBO

A South East England local authority has bought a $22.4 million property portfolio from Brunswick Real Estate UK, comprising of freehold estate of five residential, retail and office holdings

The property platform of Nordic manager Brunswick Real Estate said it sold the 37,351 sq ft portfolio in Weybridge to Elmbridge Borough Council.

The five holdings are Church Street Parade ( including Bedford & Avon Court), Quadrant Courtyard, Bridge Road Apartments, Barnet House and Priory Chambers.

Brunswick bought the assets a year ago, as part of a larger portfolio of 13 prime London and south-east holdings.

David Turner, a founding partner, at Brunswick Real Estate UK, stated: “We are delighted to have completed the sale of the Weybridge Estate to Elmbridge Borough Council, which is the natural long-term owner of this vibrant cluster of residential, retail and office buildings in one of the UK’s most affluent towns.”

Turner stated that this transaction formed part of the first tranche of sales out of the Aurora portfolio, which it had acquired 12 months ago. Brunswick, which was established two years ago, currently manages around $263mn of assets.

 “We are actively seeking new opportunities, in particular within Greater London, where we see significant value at the current time compared with many other European markets,” Turner stated.

Councillor Ruth Mitchell, a cabinet member responsible for property acquisitions, said: “The acquisition of Weybridge Estate enables the council to provide much needed affordable housing for our residents and provides long-term asset management opportunities along with the potential for redevelopment.”

Mitchell said this purchase enhances the current property portfolio owned by the council and ensures that local retail and business sector are supported.

In addition, it makes available 37 residential units which will be transferred to EBC Homes Ltd, a company owned by Elmbridge Borough Council, Mitchell said.

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