Mantle continues Cambridge push 

Cambridge's largest flexible workspace operator, Mantle, is on the move once again. Partnering with TR Property Investment Trust, the company has acquired the ASC Building in Cambridge from BMW Pension Fund for £6.475m, delivering an initial net yield of 10.75%. The acquisition marks another addition in Mantle's regional foothold. Here's everything you need to know...

Positioned at the front door of the 650-acre Cambridge Airport estate, the 26,000 sq ft freehold asset occupies one of Cambridge East's most strategic locations.

Since launching its first Cambridge centre in 2013, Mantle has grown its regional portfolio to four flexible workspace locations across Cambridge and the surrounding area.

The purchase propels Mantle's portfolio to nine centres, with the operator actively seeking additional growth opportunities beyond its current regional base.

Guy Baker, Chief Executive Officer of Mantle, commented: “This strategic acquisition supports our continued expansion across the growth corridor and the wider South East. We are focused on identifying office assets with strong repositioning potential and enhancing them through our Mantle Space operating platform, creating vibrant, flexible environments where smaller businesses can thrive.”

“We are currently exploring the introduction of additional equity to accelerate our growth ambitions and deliver strong, outperforming returns for our investors”, he added. 

George Gay, Direct Property Fund Manager at TR Property Investment Trust, said: “We have long been talking about the growing gulf between in-demand offices in the right locations, where rents continue to edge higher, and ‘the rest’, which have suffered as a result of remote working. This acquisition sits firmly on the right side of that divide.”

He continued: “The building provides TR Property with secure income today, at the gateway to one of Cambridge’s most important regeneration areas, while also offering the opportunity to improve and reposition the space in future with an experienced local serviced office partner.”

The sale was brokered by Savills on behalf of the BMW Pension Fund, while Cheffins advised the acquiring partnership of Mantle and TR Property Investment Trust.

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