Maya Capital, the London-based real estate and private equity investment firm, has invested £28.5 million (€40.2 million; $44.7 million) in three separate transactions in Newcastle and Cardiff.
The deals take Maya’s total investment during 2015 to £41.5 million, nearly halfway through its strategy of deploying £100 million of equity on office buildings outside London and the London ring road, the M25.
The firm acquired Cobalt 9b and Cobalt 15 in Newcastle’s Cobalt Business Park, the UK’s largest business park, and Eastgate House, an office building in Cardiff City Centre.
Maya invested £8 million in Cobalt 9b, a 52,000 square foot office building let to Siemens Energy Service, at a net initial yield of 9 percent. It purchased Cobalt 15, a 93,500 square foot office building let to the Department of Work and Pensions, for £13 million at a net initial yield of 10.1 percent. Eastgate House is a 95,700 square foot multi-tenanted office building, costing £7.5 million at a net initial yield of 10 percent.
“We are delighted to further the implementation of our UK regional strategy with the acquisition of these three attractive assets. The Newcastle assets demonstrate our appreciation for strong occupational markets with high-quality tenants,” David Pralong, managing partner of Maya, commented.
“Eastgate House is our first multi-tenanted asset, which proves our capacity to manage more complex assets and ultimately increases the diversity of opportunities we can consider,” he added.