Member Article

Cerberus acquire Quorum Business Park

US private equity group Cerberus Capital Management L.P have acquired the debt of Quorum Business Park in Newcastle.

The deal also includes the acquisition of the developer’s remaining interest in the Quorum properties.

Development director at Quorum, Fergus Trim said: ’This new investment from Cerberus is a huge boost to the Newcastle Commercial property market and a real vote of confidence in Quorum.

“We are already one of the best performing Business Parks in the country, with 3,000 new jobs coming here over the last 3 years, and this will enable us to kick on with further investment in the park.”

Arisaig Property Partners will act as asset managers at Quorum, bringing Quorum and Maxim under the same management.

David Gebbie, director at Arisaig said: “Quorum is a great opportunity for us, offering a high performing asset with significant growth potential. It enables us to continue our strong relationship with Cerberus and help deliver their investment vision.”

Lee Millstein, senior managing director at Cerberus said the transaction was complex and required our expertise in restructuring non-performing loans.

Quorum is home to IBM, Tesco Bank, Convergys and Balfour Beatty and has the potential for continued growth with a pipeline of over 300,000 sq ft of office space to let.

This was posted in Bdaily's Members' News section by Tom Keighley .