Three office buildings that are part of Cambourne Business Park, Cambridge have been acquired by Middle Eastern capital, advised by WW Advisors, in a newly-formed joint venture with Alpha Tiger Property Trust Limited from Legal & General Investments.
Phase 1000 of Cambourne Business Park was purchased for £23 million (approx. 26 million) including acquisition costs and comprises 103,000 ft² (approx. 9,500 m²) of modern, grade-A specification office accommodation across three buildings. Alpha Real Capital LLP will now asset manage the portfolio.
The award winning Cambourne Business Park was constructed in 1999 and is located close to Cambridge. It is home to a number of high-tech industry companies. The development has been master planned to provide in excess of 750,000 ft² of business space and is currently home to over 1,500 employees.
David Swan, Managing Director, WW Advisors commented: "Supporting a return on investment consistent with our client's current strategy, this deal secures entry into the desirable Cambridge market, featuring many innovative and high-tech occupants, with an equally desirable asset. We are delighted to have advised our client into entering into an investment with Alpha who bring complementary expertise to the deal."
WW Advisors is a Kuwaiti-backed, UK-based company providing specialized real estate investment advisory and financing advisory services throughout Europe.
Alpha Tiger Property Trust Limited is an Alpha Real Capital LLP managed fund, which targets investment and development opportunities in real estate, including real estate operating companies and other related real estate businesses.
Chesterton Humbert acted for the joint venture partners on the transaction with DTZ acting for the vendor. The current occupiers include Regus, Convergys EMEA and Citrix Systems UK.
Source: Madano Partnership