Private equity investment outfit Paloma capital has sold The Bourse offices in Leeds to a high-net-worth family from Malta for around £8 million, CoStar News can reveal.
The Bourse, a circa 50,000-square-foot office building on Boar Lane, was put on the block for £8.5 million, reflecting a 8.81% net yield, in May last year, with the landlord instructing Knight Frank. Tenants at the multilet property, which also houses retail and leisure accommodation, include EV charging network provider Zest and insurer broker Marsh, which has around 8,000 square feet. Sources close to the deal have now confirmed that Aquasun Investment, a business linked to Malta's Testaferrate Moroni Viani heirs, have acquired The Bourse for £7,650,000. CoStar data indicates that Paloma Capital acquired the property in 2016 for £8 million, reflecting a yield of 8%. The Grade II-listed property, spread across three self-contained buildings, also hosts leisure and retail brands, such as Rudy's Pizza and Greggs. The Testaferrate Moroni Viani heirs reportedly own a multimillion estate in Malta, with their ancestors developing the Empire Stadium in Gzira, a 30,000-seater arena which was closed in the 1980s.
The deal comes in the same week that another office building in Leeds, The Mint, was put on the block. Knight Frank is also selling the freehold to that property, which is being quoted at £24.5 million, or a net yield of 11%. Wykeland group has acquired Leeds' Elizabeth House offices for an undisclosed fee, after it was put on the market earlier this year for offers in excess of £4.7 million, reflecting a net initial yield of 10%.
