Blue Marble Properties has expanded with its second major commercial acquisition in West Bromwich.
The deal has been completed on behalf of a joint venture between Pemberstone Group and Bridges Sustainable Property Fund.
The property comprises seven industrial units totalling 57,000 sq ft of space at the Hawthorns Business Park, West Bromwich. The property, built in the 1990s and extended a decade later, has been acquired from the administrators for Easter Group.
Simultaneous with the purchase of the units, which were previously marketed at a guide price of £2.4m, Blue Marble restructured the existing six-year lease with tenant OyezStraker, which agreed a new 16-year lease with fixed upward rent reviews, and improved the covenant with a parent company guarantee.
Blue Marble will manage the building on behalf of Pemberstone Group and Bridges Sustainable Property Fund.
Blue Marble has more than £150m of property assets under management and is actively looking to add to this for existing and future clients.
Its main client is private investment and management business Pemberstone. It is now aiming to increase the number of high net worth individuals, trusts and family offices among its clients.
Tim Matthews, left, Chief Executive of Blue Marble Properties, said: “We have turned this property into a prime asset, adding value for our clients and delivered a good deal for both the tenant and the region by securing the jobs in this location.
“We are starting to build a real track record in demonstrating that we can attract key co-investors and maximise value for our clients’ property portfolios.”
Guy Bowden, Acquisitions Director at Bridges Ventures, said: “This deal was ideal for Bridges Sustainable Property Fund, which invests in regeneration areas and environmentally sustainable buildings, as it will generate strong financial returns, as well as delivering social impact, with the retention of a large employer in the area.”
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