Benson Elliot, the UK-based private equity real estate fund manager, has sold Cambourne Business Park (Phase 2000), near Cambridge, to Coal Pensions Properties Limited. The sale comes less than one year after Benson Elliot purchased the property from Aviva Investors as part of the firm’s £1 billion “Reach for the Regions”.
Benson Elliot completed a refurbishment programme of the three multi-let, high specification office buildings, which provide 130,000 square feet of accommodation and 549 car parking spaces in an attractive 7.6 acre landscaped park. The refurbishment programme included the upgrade of the common areas and the rebranding of the buildings to ‘The Twenties at Cambourne Business Park’.
Marc Mogull, founder and Managing Partner of Benson Elliot, said:
“We anticipated a significant upswing in demand for high quality regional assets in the UK, hence our early entry into markets such as Birmingham, Cambridge, Ealing, Manchester, Milton Keynes and Reading. The sale of Cambourne Business Park validates that thesis, and will deliver a strong return to our investors.”
Coal Pension Properties Limited were advised by LaSalle Investment Management and JLL.