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Propinvest Group has sold off its Blade portfolio to Delancey, who have partnered with The Royal Bank of Scotland to acquire the property for an as yet undisclosed amount of money.
The Blade portfolio comprises of twelve different assets which covers both executive office space in addition to commercial property in the retail and leisure industries. The biggest of the twelve assets acquired by Delancey is the East Kilbride Shopping Centre, which itself comprises of an ice rink, library, two food areas, three thousand car park spaces and no less than two hundred and fifty retail sites, the most prominent current occupiers of which are stores such as Debenhams, Marks & Spencers, Sainsbury’s and Primark. Other assets included in the acquisition of the Blade portfolio include Charter Place, a strategically placed office building which is already fully let, The Gate Leisure Centre, which is situated in Newcastle (and includes a casino, seventeen leisure units an a cinema with no less than twelve screens), Airedale Shopping Centre in Keighley, Bolton Gate Retail Park, Brooklands Retail Park, Sigma House in Basildon, a BBQ located in Crewe, Charter Place in Jersey three Total Fitness leisure centres and The Mander Centre, which is located in the heart of the city of Wolverhampton, not far from the city of London, across two levels and comprises of fifty seven thousand square feet as well as four hundred and eighty thousand square feet of retail space, including a hundred retail units with primary tenants such as Boots, British Home Stores, New Look, Boots, Tesco and TJ Hughes. The Mander Centre also features no less than five hundred and fifty car parking spaces.
“We are delighted to have extended our working relationship with RBS (Royal Bank of Scotland) on unlocking this portfolio,” says Time Haden-Scott from Delancey. “This complex transaction represents an opportunity for Delancey to create substantial added value through our extensive asset management expertise.”
The company is expected to hire DTZ to provide management service on the properties in the portfolio which are located in England, while Cogent and Reith Lambert have already been appointed to do the same for the properties in the portfolio which are situated in Scotland.
Delancey has been a specialist investment advisement company for the last seventeen years and has acquired a solid reputation for exploring all the possibilities arising from the acquisition of real estate property and subsequent management of those investments. Delancey advises on everything from corporate investments, individual investments, joint ventures and even on how to start a new business, and has a long list of happy clients who have seen solid returns on their investments having taken the company’s expert advice. The company prides itself on giving the best advice to maximize the probability of making profits while minimizing their clients’ financial risks. In addition to the above, Delancey has also been enlisted to negotiate both corporate and property transactions and to even help find third party financing for those looking to make purchases.
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