Soros backs £35m offices deal

BILLIONAIRE financier George Soros has emerged as the backer of a deal to buy a batch of Mayfair-based serviced office centres in a deal thought to be worth about £35m.

The five-building acquisition brings to about £100m the amount that Soros Real Estate Partners and veteran property investor Peter Kershaw have together invested in the sector over the past year, with 25 buildings held in their jointly-owned vehicle First Serviced Offices.

Kershaw, a founding director of Stanhope Properties who opened his first office at Broadgate in 1991, said he intends to expand the largely leased portfolio to more than 30 sites.

Soros backed Kershaw a year ago on a £20m acquisition of HQ Executive Offices, £13m less than Kershaw sold it for in 1998, two years after founding the business.

Earlier this month the pair splashed out £53m for five centres from the Merrill Lynch Executive Office Partnership.