Delancey acquires Blade portfolio

Assets include offices in Essex and Jersey

Article posted: 30 Dec 2010

Delancey recently announced the acquisition of the Blade portfolio from Propinvest Group, for an undisclosed sum partnering with existing lender Royal Bank of Scotland on the purchase. The portfolio comprises 12 assets spread across the leisure, retail, office and warehouse sectors.

Delancey will strategically asset manage the entire portfolio and is expected to appoint DTZ to provide management services on the English properties with Cogent and Reith Lambert appointed in Scotland.

One of the largest assets is The Gate Leisure Centre in Newcastle, which includes a 12-screen cinema, casino and 17 leisure units. Other assets include fully let offices in Jersey in addition to office space in Basildon, Essex, within a complex connected to a large warehouse.

Tim Haden-Scott of Delancey, commented: "We are delighted to have extended our working relationship with RBS on unlocking this portfolio. This complex transaction represents an opportunity for Delancey to create substantial added value through our extensive asset management expertise."

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Posted by Julie Tucker