The acquisition was completed for £6.5 million and PPR was able to use its experience and expertise in order to complete the purchase within a particularly short timescale.
Nick Hopkinson, Director of PPR Estates, commented:
“PPR are pleased to confirm this apartment portfolio acquisition in Clerkenwell, London, EC1 in a £6.5 million deal. Jon Caplan, who heads up our acquisitions for the firm, successfully negotiated this off-market purchase in a very short timescale in order to meet the sellers’ objectives.
The portfolio comprises a mix of recently built, high-specification, one and two-bed flats within five minutes walk of both Barbican tube and Farringdon train stations. Clerkenwell is a strategically important ‘up and coming’ investment area on the edge of The City. As usual, PPR will be intensively asset managing this portfolio over the coming months.
PPR are actively looking to acquire other properties in London with substantial further cash funds immediately available to do this. We have a particular interest and expertise in asset managing vacant commercial properties – be they office, retail, or leisure - and residential buildings, pub conversions and development projects. We also asset manage mixed-use schemes – commercial, residential, and part-vacant sites – plus short office leases with development or extension potential, and airspace or roof space development opportunities.”
PPR Estates owns over 200 properties and manages over £50m worth of property assets as landlords.
