Seneca Partners have launched property investment business, Seneca Property, after acquiring six branded business centres worth £20m. Seneca Banking Consultants, along with Seneca Property, are part of the wider Seneca Group.
Seneca have expanded into the real estate sector after ‘seeing a strong appetite for a personal approach to real estate investing from clients’, as featured in Investment Week.
Seneca, which already has c.£500m under management across a range of investment platforms, marked the launch of the new venture by simultaneously announcing the £20m acquisition.
The portfolio consists of 170,000 sq ft of office accommodation and 50,000 sq ft of ‘light industrial accommodation’, let to over 200 tenants across the North of England.
The centres known as ‘Biz Hub’ were purchased from property trading group, M20.
As part of the transition, Jeff Morton MRICS, has been appointed as managing director for Seneca Property. He was previously equity partner at private equity firm, Henley Investments.
Prior to that, he was Managing Director at BlackRock and Head of Investment for the £3bn BlackRock UK Property Fund.
Jeff Morton as Managing Director
Jeff Morton, Managing Director of Seneca Property said: “I am very pleased to join what is already a first-class team at Seneca Partners. I was impressed with the rapid growth of Seneca and its outstanding track record of significant achievements across the wider investment sectors.
“Our first deal has been sourced off-market and is an excellent acquisition, having procured a good quality, high yielding and low capital value psf portfolio, with sound property fundamentals all of which has been very well-managed by the vendor. The portfolio is currently generating strong returns but also provides us with numerous upside opportunities to increase revenues and capital value.
“Importantly we now have c£100m of fire power for UK property opportunities and are actively looking for suitable investments and joint venture partners.”
Richard Manley, Managing Partner of Seneca Partners said: “We are delighted to be able to announce the launch of our property investment business with this £20m acquisition. This is a timely and logical move for Seneca and one which perfectly complements our existing range of investment platforms.
“We have been able to assemble a first-class property team and we’re delighted to have somebody of Jeff Morton’s calibre on board to lead the business. “
Seneca Property is headquartered in Haydock, with a separate London office in St James’s Square.
For more information about Seneca Property, visit their website, or get in touch by calling 01942 295 987.