Press Release – 90 North: Closing During Covid
90 North has successfully closed $120 million of US and UK acquisitions in the last few weeks, showing its resilience during this Covid-19 pandemic.
US Office Headquarters – Ensemble Health Partners HQ, Cincinnati: Redeveloped 400,000 sq.ft headquarters. Tenant has signed a new long term lease. Commercial terms were re-structured with the seller to accommodate any delays to final fit-out due to the impact of Covid-19.
UK Student Accommodation – Goods Corner, Edinburgh and Dover Street Apartments, Leicester: Direct let purpose built student accommodation completed in 2018. 100% occupancy to date with strong pre-lets for the 2020/21 academic year. Commercial terms were re-structured to provide a rent guarantee for the next year to cover the 2020/2021 academic year to cover any occupational disruption due to Covid-19.
90 North’s mantra of Passion, Precision and Perseverance was recognised by the seller of the Ensemble Health Partners headquarters, who stated at closing that “We selected 90 North knowing that you were detailed, but also aggressive and closers. 90 North closing this deal, during this time, has proved your brand.”
Whilst naturally cautious we are seeing a number of excellent opportunities with new acquisitions under exclusivity across the United States, United Kingdom and Continental Europe. These are in our preferred sectors of office, logistics and student accommodation and compared to such low interest rates at the moment will deliver very attractive cash distributions to investors, whilst maintaining defensive attributes.
90 North is delighted to have closed these acquisitions and we thank our equity and finance partners for their continued support.