HEREF Emperor Holding Property Unit Trust has secured a £96m loan from Barclays to partially fund the acquisition of nine UK office parks, named Project Emperor.
The unit trust was set up as a special purchase vehicle by Harbert European Real Estate Fund III, in order to facilitate the purchase of the properties which are predominantly based on office parks around regional city centres, and are let to 27 separate tenants.
The portfolio includes assets in Solent Business Park, Hatfield Business Park, Edinburgh Broadway Business Park, Glasgow Central Quay Business Park and Leeds Valley Park.
Scott O’Donnell, senior managing director of Harbert Management Europe, said: “This transaction represents the continuation of a strategy focused on acquiring high quality office assets in proven markets and is a good fit with our other office holdings. The existing vacancy represents an opportunity to improve the yield through leasing. We are pleased to have worked with Barclays on a financing structure that provides the flexibility to maximize value.”