Real estate manager sells Ealing assets
Wed 14 January 2015, 3:32 pm
Benson Elliot, the private equity manager, has announced it sold £100 million worth of assets in Ealing in 2014.
Aviva Investors purchased the office building, Ealing Cross, from the company in November 2014. During its period of ownership, Benson Elliot had refurbished the communal areas and secured five new tenants. Occupancy rose from 68% to 93%.
The sale of 1-8 The Broadway to Pramerica will lead to the re-development of the Arcadia Shopping Centre, where units are expected to be bought by high street retailers Morrisons, TK Maxx and McDonalds, according to Benson Elliot.
Trish Barrigan, the company’s senior partner, said: “We’re real believers in the investment attractions of Ealing, and pleased with the central role we’ve been able to play in the transformation of the community’s town centre.
“On Ealing Cross, the property’s strong letting performance and an unsolicited approach persuaded us to exit earlier than planned, but we’re confident Aviva will be good stewards of this prime asset going forward.
“At Benson Elliot we’ll now focus our attention on the re-development of the remainder of the Broadway site, working with local planning officials and community groups to conceive an exciting new retail and residential offering for Ealing’s Crossrail gateway.”