The German owner-managed investment company PATRIZIA AG has become joint owner of three more UK business parks as part of a £430m sell-off deal.
PATRIZIA’s fifty-fifty venture with the Los Angeles-headquartered Oaktree Capital Management now makes the pair one of the largest owners of business parks in Britain. The partnership already owns Winnersh Triangle, Reading, and Camberley’s Watchmoor Park, as well as a range of commercial property and mixed-use developments.
The pair’s latest acquisition includes Warrington’s Birchwood Business Park which Hermes Real Estate sold off as part of a three site disposal. The two other assets are Hillington Park in Glasgow and Basingstoke’s Chineham Park. Surprisingly the portfolio attracted little attention when it first went up for sale in May.
Managing director at Birchwood Park — which houses 165 businesses and provides work for around 6,000 people — is Jonathan Walsh. “For 16 years we have been a prominent pin in the North West map and in recent years have become a challenger brand to Liverpool and Manchester city centres,” he explained.
“We plan to continue to build on that position with new investment and development opportunities.
“With unrivalled amenities and a work-life ethos that inspires occupiers to take a fresh look at how the working environment can have a positive impact on business performance, Birchwood Park is at the forefront of future workplaces,” Walsh added.
“Under our new ownership, the same high quality service level will remain and we are excited to welcome in a new era for the park.”
Birchwood Park is also where the new long-running inquests into the 1989 Hillsborough disaster are being held.
Founded in 1984, PATRIZIA operates independently of financial institutions and banks. As a combined investor and service provider it employs more than 700 people across all sectors of the global property market.
Although all its British joint-venture acquisitions have been relatively high performing, Oaktree Capital Management has built its reputation and £48bn fortune on taking over debt-distressed assets. It, too, has a 700-strong workforce working from 13 international offices.
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