SIGMA Technology, the venture capital firm with offices in Edinburgh and London, has shaken hands on its fourth major property deal with the acquisition of a key Liverpool development for £46.5 million.
Sigma, through its subsidiary, Strategic Investment Management (SIM), expects to complete the purchase of the St Paul's Square scheme next month.
The new office building is part of a larger three-phase development.
Sigma said the development would "set new standards in quality, function and image". The office complex, due to be completed in July 2007, has been pre-let to law firm Hill Dickinson.
To date, SIM has established three other limited partnerships to acquire commercial properties, raising a total of £76m.
The company earns an initial fee on the basis of the funds raised for each partnership and has the right to a share of any capital gain once a specific minimum return has been achieved for investors. The latest deal is being funded by bank debt together with £10m of third-party equity.
Sigma was founded in 1997 by Graham Barnet and Neil Crabb. It manages third-party funds as well as making investments through its technology venture capital funds, including Sigma Innovation Fund (East of Scotland).
Meanwhile, Managed Information Group (MiG), a Sigma investee company, has acquired Microtechs Services for £230,000 and an equity stake in MiG.
Evening News