24 Jan 2020
LONDON, 24 JANUARY 2020
The multi-national Frasers Property Limited (“Frasers Property”, and together with its subsidiaries, “Frasers Property Group” or the “Group”) today announced the £135 million acquisition of Lakeshore, Bedfont Lakes in West London (the “Property”) from Evans Randall Investors. The Property is 541,886 square feet in size with a lettable area of 272,000 square feet and is fully let to multi-national technology firm Cisco Systems Limited as its headquarters in the United Kingdom (the “UK”).
This acquisition strengthens Frasers Property Group’s position as one of the major international investors in the UK business park sector. Since late 2017, it has steadily grown its portfolio of campus workspaces – the southern business park portfolio of Frasers Property UK, the Group’s UK subsidiary, currently comprises 3.2 million square feet of assets within the Thames Valley area: Winnersh Triangle, Chineham Park, Farnborough Business Park, Watchmoor Business Park, and Maxis in Bracknell. Lakeshore Business Park is Frasers Property Group’s first business park acquisition within the M25.
Frasers Property Group is a multi-national company that develops, owns and manages commercial & business parks, hospitality, retail, industrial & logistics and residential real estate, and is headquartered in Singapore.
Ilaria del Beato, Chief Executive Officer at Frasers Property UK, said: “Lakeshore is a quality investment opportunity that reflects our long-term strategy to grow our commercial and residential assets in the UK including selectively growing our portfolio of business parks. The Property enables us to extend from the Thames Valley into West London, benefitting from the strong recurring income of a high-calibre, multi-national occupier.”
“We believe in the potential of the UK business parks sector and are committed to investing in the business communities at all our business parks, to create environments where people and enterprise can flourish. We look forward to working with the business community at Lakeshore and exploring ways to enhance the services and facilities.”
A spokesperson at Evans Randall Investors, said: “With its proximity to Heathrow, Lakeshore continues to benefit from good asset fundamentals alongside long-term occupational income. However, after 14 years in our ownership and in line with our current investment strategy it is the right time in the cycle to exit and allow another investor to take the investment forward.”
Comprising three individual high-specification office buildings built in 2000, the Property is fully let until 2025 to Cisco Systems Limited. Set on extensively landscaped grounds with views over the stunning Bedfont Country Park, Lakeshore benefits from excellent transport connections and close proximity to Heathrow Airport, and enjoys the profile as one of London’s most prestigious business parks addresses.
Frasers Property UK was advised by DTRE, Ernst and Young, Stephenson Harwood and Paragon Building Consultancy.
Evans Randall Investors was advised by BNP Paribas and Paul Hastings.