The assets have been acquired from Legal & General Property (“LGP”) on behalf of its first UK Property Income Fund, following a tailored marketing process, with contracts exchanging last week. The Portfolio comprises one of the South-East’s leading business parks, Guildford Business Park, in Guildford, Surrey, and a covered retail and restaurant centre, The Meadows, in Chelmsford, Essex.
Originally developed in 1988, Guildford Business Park was held by the Crown Estate for 23 years before L&G’s acquisition in 2010. The asset provides 260,000 sqft of grade A / B+ office space in one of the UK’s most institutionally sought after and tightly supplied office markets. The asset is multi-let to national and international tenants including Philips, Colgate and Ericsson.
The Meadows is a 200,000 sqft covered city centre retail and A3 scheme which is 91% occupied and anchored by Wilko and BHS. Situated over eight acres with significant waterside frontage, the scheme will benefit from proximity to the 300,000 sqft mixed use Bond Street development anchored by John Lewis and Cineworld.
James Jakeman, Principal at Benson Elliot, said: “Over the past five years Benson Elliot has established substantial office and retail investment and development programmes across London’s commuter belt. This acquisition is well aligned with the firm’s core competencies and we believe the two assets offer further value as the ripple effect of growth in Central London spreads outward and gathers momentum.”
Charlie Walker, Fund Manager to LGP’s UK Property Income Fund, comments: “Having acquired the Guildford and Chelmsford investments earlier in the cycle, we have reached early conclusion of the active business plans and secured an opportune and timely exit that allows us to return strong value to our investors.”
L&G was advised by JLL and Tudor Toone, and Benson Elliot was advised by Montagu Evans and Jackson Criss. Cube Real Estate has been appointed asset manager by Benson Elliot.
For further information:
James Jakeman, Principal
+44 (0) 20 7808 8900
Dido Laurimore / Claire Turvey
+44 (0) 20 3727 1000