U+I has acquired the Pure Gym unit in Finchley for their investment portfolio
The developer behind The Old Vinyl Factory in Hayes says the acquisition is in line with its acquisitions strategy.
This leasehold leisure asset in Barnet has been acquired off-market, at a cost of £4.75 million, using some of the £9.0 million surplus in the Aviva facility, following a recent strategic disposal outside London.
Let to Pure Gym, the property meets U+I’s investment criteria as an income producing asset with longer-term regeneration potential.
Matthew Weiner, CEO of U+I, commented: “The acquisition of this Pure Gym unit marks further progress in achieving our £50 million acquisitions target for FY19. Located in one of our core geographies, having traded well for many years and with a long unexpired lease term, it has the potential to deliver double digit returns. This acquisition further strengthens our investment portfolio and will support our longer-term target of delivering an average 10% total return.”