Addington Capital and ICG-Longbow form first joint venture to acquire £45million Bonsai Portfolio

Addington Capital, the property investment and asset management company has acquired the five property “Bonsai” portfolio for £45 million with debt and equity funding provided by ICG-Longbow, Intermediate Capital Group’s real estate business. The mixed use portfolio of high yielding residential, office and retail properties has been acquired from EPISO3, an opportunity fund advised by Tristan Capital Partners.

The portfolio consists of:

  • 120,000 sq ft of office and residential property at Headingley, Leeds
  • 50,000 sq ft of retail and residential at Elm Park, Hornchurch, Essex
  • 32,000 sq ft of retail/potential residential at South Woodham Ferrers, Essex,
  • 44,000 sq ft of offices at Carew House in Wallingford
  • 118,500 sq ft Union Square shopping centre, Torquay.

Martin Roberts of Addington Capital, said, “We have acquired these properties for the development and asset management opportunities that they offer, underpinned by the current strong cash flow. We intend to work these properties further to provide returns to our investors and are delighted to be working with ICG-Longbow on our first transaction together.”

He added, “The fact that on exit, half of the value of the portfolio will be in residential property reflects our push into this market place.” Addington’s founders have just launched ADDLiving, a residential property management and letting platform.

Matthew Main, Director of ICG-Longbow said, “This investment is in line with our strategy of funding properties or portfolios with value-add potential, especially where underpinned by an existing cash flow and/ or in a supply constrained sector such as residential. We are pleased to be partnering with Addington, who bring a long track record of identifying and realising such opportunities in both commercial and residential properties.”