European Property Investor Special Opportunities 3 (EPISO 3), a value-add/opportunity fund advised by Tristan Capital Partners, has purchased an office campus in Hemel Hempstead, 30 kms north west of central London near the major M25 orbital motorway, and will carry out a major refurbishment of the property in an investment totalling approximately £32.5 mln (€44.7 mln).
EPISO 3 acquired the 175,000 ft2
(16,258 m²) Westside office campus from a consortium of private investors. More than half of Westside is currently vacant and its refurbishment, which is scheduled for completion in mid-2016, will provide more than 90,000 ft2 (8,361 m²) of Grade A offices in an undersupplied market.
Peter Mather, Managing Director of Investments at Tristan Capital Partners, said: “This is a compelling investment because it will unlock the potential of the property in a supply-constrained market. It is well located in an area where there is relatively little competing space, while rents remain affordable compared with the Western section of the M25 and West London."
Westside was originally developed in 1990 and has strong road and rail links. The campus is strategically located close to Junction 20 of the M25 motorway, which links onto the nearby M1 motorway serving northern England. The site is a five-minute walk from Apsley railway station.
Source: Tristan Capital Partners