FI Real Estate Management (FIREM), the asset and property management company appointed on the Mapeley ‘Beta’ portfolio, recently invited a number of leading international/national investment agents to pitch for the strategic marketing and agency role to dispose of Buildings 1 -3 at the Microsoft Campus in Reading, totalling 246, 000 sq ft.
The three buildings comprise of 108, 942 sq ft, 80,956 sq ft and 56, 555 sq ft all held on separate leases.
Buildings 1-3 are the largest asset in Mapeley’s ‘Beta’ 1.18M sq ft portfolio. When the value of the entire portfolio dropped by 51.7 per cent from £274M to £134M, Solutus Advisors were appointed special servicer to the loan in October 2012.
Subsequently, Carrie Sharp and Neil Forkin were appointed LPA Receivers in November 2012.
Since FI REM’s appointment as asset and property managers in January this year, the company has stabilised the portfolio and conducted a full appraisal of all assets.
James Raspin, FI REM’s Asset Manager on the Mapeley ‘Beta’ portfolio, says that a number of parties had expressed interest in purchasing the asset since the company took over the management and that the future marketing process would allow these and further parties to bid for the building.
“We are now seeking the views of these leading agents on the market with a view to appointing one to go forward with.
“We intend to undertake a strategic marketing campaign which we think will generate strong interest in the UK and internationally.”
He said that until the agent was appointed there was no date set for the sale of the three buildings, but that the sales process would move forward over the coming months. He also confirmed after the selection process an announcement on the agent appointment would be made at the end of September/early October.
Press enquiries to Helen Thomas/MTPR on 07968 039612
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