This originally appeared in CoStar: http://gateway.costar.com/Gateway/News.aspx
APAM has sold an office block in Bolton let to online retailer Shop Direct for £2.34m to Emerson Group.
The three-storey office building, which comes with on-site car parking, formed part of a bank workout office and industrial portfolio located throughout the UK.
Tenants include Shop Direct Finance and RR Donnelley Global Documents Solution group. Knight Frank advised APAM on the sale.
“We’re pleased to announce the final sale within this bank workout mandate for our overseas client. We have worked for over 5 years asset managing, repositioning and successfully selling the portfolio of fourteen properties. This exit further confirms APAM’s track record of successfully delivering complex multi-phase business plans for our clients,” said Peter Owen, senior asset manager at APAM.
The completion of this portfolio demonstrates the team’s specialist multi-sector experience and regional knowledge in the individual markets where the assets were located. APAM has advised clients on over £40 billion of UK real estate, the investment team is proactively targeting on and off market commercial real estate opportunities to expand its existing portfolio of £1.4bn of assets under management.