The property portfolio was purchased from property trading group M20 and comprises six branded business centres, known as BIZ HUB.
It provides 170,000 square feet of office accommodation and a further 50,000 square feet of light industrial accommodation, let to more than 200 tenants across the north of England.
As part of the transition, Jeff Morton (pictured) has been recruited as managing director to spearhead the newly-formed firm, Seneca Property. He previously worked at private equity firm Henley Investments where he was an equity partner.
Before this, Morton was head of investments at the £3bn Blackrock UK Property Fund and a managing director at the firm.
The move sees Morton reunited with property investment director, Chris Bullough, who he previously worked with at Henley Investments.
Richard Manley, managing partner at Seneca Partners, said the pair have “exciting plans to develop and grow the business and will be committing significant funds to achieve this”.
Morton said Seneca has around £100m to allocate to UK property opportunities and is actively looking for suitable investments and joint venture partners.
He said retail investors were certainly in Seneca’s mindset and that wealth managers are a particularly important target group, describing Seneca’s existing client base as “salubrious and active”.
He added: “Seneca has had a lot of success in returns across its wider platforms, has built up a good track record with high net worth individuals, and has some prestigious clients. A number have invested in the original BIZ HUB deal – and want to invest more.”
