LaSalle acquires Kingsmead Business Park for £40m from Clearbell and Patron
LONDON August 3, 2015 – LaSalle Investment Management (“LaSalle”), one of the world's leading real estate investment managers, has acquired Kingsmead Business Park in the Thames Valley on behalf of a client fund for £40 million from a special purpose vehicle controlled by Clearbell and Patron Capital in an off-market transaction, representing a net initial yield of 6.7%.
Kingsmead Business Park comprises 142,673 square feet of high quality office space spread across five brick buildings constructed in 1992, the majority of which have recently been refurbished. The space is multi-let to nine tenants with a weighted average unexpired lease term of eight years and produces an annual income of over £2.8 million.
One of the premier office parks in the Thames Valley, Kingsmead Business Park is located within a mile of High Wycombe town centre to the north east of the M40 and is less than a 20-minute journey from Heathrow Airport.
Paul Till, Head of National Business Space, LaSalle Investment Management commented: “The acquisition of Kingsmead Business Park reflects our core plus 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. In particular, we will continue targeting assets that offer high quality space at competitive rents with good transport links.”
Rob West, Partner at Clearbell, added: “The sale of Kingsmead Business Park is another demonstration of the strength of the performance of our Mercury portfolio, a JV which has delivered value for its investors through appropriate timing and effective asset management.”
Daniel Weisz, Partner at Patron Capital, commented: “We are very pleased with the significant enhancement of the asset we have achieved through our investment and long term strategy; we will continue to seek similar opportunities in the UK business space sector where we are looking to deploy over £150m of equity capital over the next two years.”
LaSalle was advised by Montagu Evans; Clearbell and Patron Capital were advised by CBRE.
About LaSalle Investment Management
LaSalle Investment Management, Inc. (together with its global investment advisory affiliates, “LaSalle”) is one of the world’s leading real estate investment managers. LaSalle on a global basis manages approximately $60.5 billion as of Q3 2018 of private and public equity and private debt investments. LaSalle’s diverse client base includes public and private pension funds, insurance companies, governments, corporations, endowments and private individuals from across the globe. LaSalle sponsors a complete range of investment vehicles including separate accounts, open- and closed-end funds, public securities and entity-level investments. LaSalle Investment Management, Inc. is a wholly-owned, operationally independent subsidiary of Jones Lang LaSalle Incorporated (NYSE: JLL), one of the world’s largest real estate companies. For more information please visit www.lasalle.com.
This information is based on the market analysis and expectations of LaSalle and should not be relied upon by the reader as research or investment advice regarding LaSalle funds or any issuer or security in particular. The information presented herein is for illustrative and educational purposes and is not a recommendation, offer or solicitation to buy or sell any securities or to adopt any investment strategy in any jurisdiction where prohibited by law or where contrary to local law or regulation. Any such offer to invest, if made, will only be made by means of a private placement memorandum. Past performance is not indicative of future results.