Manchester based property investment company, Property Route, has acquired Eastgate Properties in a share purchase valued at £11.5m.
The deal includes Eastgate Properties’ entire portfolio of 60,000 sq ft of office, retail and industrial buildings from Oldham to Oxford.
The properties are occupied by 30 tenants, including Barclays and CGU Life Services with a total rental income of £700,000 a year.
This is the first company acquisition for Property Route, which has traditionally invested in commercial and residential property in the North West and South East.
David Pelham, commercial property director at Property Route, said: ‘We’ve traditionally focused our attentions on the North West market, but as the company grows we are now confident in looking further afield and will continue to consider purchases in all parts of the UK if we feel the deal is right.’
The properties are spread from towns such as Oldham, York, Barnsley, Rotherham, Doncaster, Derby, Leamington Spa, Droitwich and Huntingdon.
Bank of Ireland funded the deal and Beachcroft advised Property Route on the deal.