Europa Capital and Cordatus Real Estate announced the purchase of Two Roundwood Avenue, Stockley Park for ca. £18 million (approx. €21.3 million). The office building was acquired from Phoenix Life Assurance Limited.
The asset is prominently situated in the business park, which is located two miles north of London’s Heathrow Airport and 15 miles west of Central London. The property comprises 93,563 ft² (approx. 8,692 m²) of office accommodation. The property is currently let to Hasbro and Gilead Sciences.
Cordatus Real Estate is to undertake the asset management of the property, which will include works to improve the quality of the accommodation.
James Fortescue at Europa Capital said, “The investment is an opportunity for Europa Capital to acquire an asset in a well-connected, popular and established UK business park. Furthermore, there is likely to be an opportunity to refurbish the building, which should result in the creation of an institutional grade office product.”
Gavin Munn, director at Cordatus Real Estate, noted, “In an increasingly ‘asset-specific’ market, we believe this acquisition represents an exciting opportunity to capitalize on the impending space shortage within the Thames Valley and we look forward to working with Europa Capital on this project.”
Europa Capital and Cordatus Real Estate were advised by Lambert Smith Hampton. BNP Paribas Real Estate advised Phoenix Life Assurance Limited.
Source: RLM Finsbury