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Benson Elliot makes first UK acquisition

Benson Elliot Capital Management, a private equity real estate firm, has exchanged contracts on the acquisition of CBXII, Midsummer Boulevard, Milton Keynes. 

The property has been acquired for GBP20.6m from the Caspar Fund, managed by Henderson Global Investors, reflecting an initial yield of ten per cent.
The acquisition, the first purchase for Benson Elliot in the UK, was made on behalf of Benson Elliot Real Estate Partners II and brings the total number of investments since its launch in 2006 to eight. The fund now holds a broad portfolio of asset types in France, Germany, Spain, Scandinavia, Central Europe and the UK.
CBXII is a mixed-use city centre building comprising approximately 150,000 square feet of offices, retail and leisure accommodation, split over three buildings – Midsummer East, Midsummer West and Midsummer Court. Office tenants include Argos, the Homes and Communities Agency and Regus.
XLB, Bidwells and Travers Smith acted for Benson Elliot, while Allsop acted for the vendor.
Phil Irons, partner and head of UK investment at Benson Elliot, says: “CBXII is a good quality asset in a strong location, with real added value potential. The purchase price is well below replacement cost, and we have been able to acquire the building at what we believe to be an attractive yield in the current environment.”

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