Stonemartin, the serviced office property investor and operator, has put the limited partnership vehicle which owns virtually all of its co-owned properties up for sale at the request of its biggest investors.
DTZ has been appointed to market the portfolio, which comprises all Stonemartin’s property assets except New Broad Street House in the City. All scheduled capital expenditure across the Stonemartin portfolio has been shelved until a buyer is found.
Projects most significantly affected by the withdrawal of funds include One Victoria Square in Birmingham, Davidson House in Reading and Temple Circus in Bristol.
Managing director Colin Peacock said: ‘The potential sale, whilst disruptive in the short term, will enable us to accelerate the growth of the business.’
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