Bridgewater Place in Leeds to be sold to European investor in renegotiated deal

The European investor and asset manager said it will now progress its plans for the proposed initial public offering of the property on the wholesale market of the International Property Securities Exchange (IPSX) with a target admission date in March 2022.

An initial agreement that was made last year is understood to have been renegotiated due to economic uncertainty

Bridgewater Place comprises 234,000 sq ft of office space and is around 90 per cent let to EY and law firms DWF and Eversheds.

Further details are expected to be announced in due course.

Richard Croft, executive chairman of M7 Real Estate, said: “Bridgewater Place is a first class regional UK office building with a strong tenant base and income profile which we believe also presents a great opportunity to both create value through asset management and capex, and benefit from the increasing occupier demand for good quality workspace in the UK’s second cities caused by changing workplace habits.”

IPSX is the first regulated stock exchange dedicated to the initial public offering and secondary market trading of companies owning single institutional grade real estate assets and multiple assets with commonality.