en.Wedoany.com Reported - UK independent property company Seneca Property plans to invest approximately £100 million over the next 12 months to acquire high-quality office assets, following significant growth in its portfolio.
The company recently completed its first investment in the Greater London market by acquiring an office asset in Richmond. This off-market transaction marks a key milestone in the continued expansion of its portfolio.
Prior to this acquisition, Seneca experienced a year of growth, during which it completed approximately 200,000 square feet of office acquisitions across the West Midlands, Surrey, Bristol, and Manchester. With a growing portfolio and a strong pipeline of projects, the company is actively seeking further acquisitions across the UK, focusing on high-quality regional and Greater London office markets where assets can benefit from refurbishment, repositioning, and enhanced tenant amenities.
Chris Bullough, Managing Director of Seneca Property, stated that over the past year, the company has expanded its office portfolio through a series of strategic acquisitions concentrated in markets it believes have strong employment fundamentals and long-term growth potential. He noted that the first investment in London is a significant milestone, and Richmond's prime location, strong tenant market, excellent transport links, and favorable business environment align with the investment strategy.
CEO Jeff Morton added that while many investors remain cautious about the office sector, the company sees some of the most attractive buying opportunities in recent years. He believes current market conditions offer compelling entry points for high-quality assets with strong long-term fundamentals, and demand for prime office space, driven by businesses seeking the best environments for employees and clients, remains robust. He also noted that recent acquisitions, including several off-market opportunities, demonstrate the strength of the company's sourcing network and execution capabilities, giving it confidence to continue expanding its portfolio.
Seneca believes the office market is becoming increasingly polarized, with demand concentrated on prime buildings with superior locations and rich amenities. Meanwhile, limited new development in many markets supports the operational performance of office properties and creates attractive acquisition opportunities for investors who can deploy capital selectively and adopt an active asset management approach.
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