LaSalle Investment Management, one of the world’s largest real estate investment managers, has acquired a Thames Valley business park for a client in a £40m off-market purchase from a special purpose vehicle controlled by Clearbell and Patron Capital.
Described as one of Buckinghamshire’s prestige business parks, Kingsmead Business Park is made up of five early 1990s built office blocks, totalling 142,673 sq ft of Grade A space. The majority of the buildings have recently been refurbished and are multi-let to nine tenants, together generating a reported £2.8m in annual income.
The park has long been popular with information technology ventures and is home to several large international companies in sectors ranging from aviation and catering to pharmaceuticals and chemicals.
Paul Till, head of national business space at LaSalle Investment Management, said the purchase of Kingsmead Business Park reflecs his company’s core strategy of acquiring income producing assets in strong markets.
“The South East is an obvious target region and we will increase our office exposure in this part of the UK,” he added. “In particular, we will continue targeting assets that offer high quality space at competitive rents with good transport links.”
As well as having excellent road and rail connections Kingsmead is just 20 minutes from Heathrow Airport.
“The sale of Kingsmead Business Park is another demonstration of the strength of the performance of our Mercury portfolio, a joint venture which has delivered value for its investors through appropriate timing and effective asset management,” explained Clearbell partner, Rob West.
His opposite number at Patron Capital, Daniel Weisz, added: “We are very pleased with the significant enhancement of the asset we have achieved through our investment and long term strategy.”
Weisz said the partnership would continue to seek out similar business space opportunities across the UK and had more than £150m to spend over the next two years.
LaSalle was advised by Montagu Evans. Clearbell and Patron Capital were advised by CBRE.
