PRUPIM has purchased a forward-funded Grade A specification office development at Wavendon Business Park, in Milton Keynes, for £39 million (c. €52m), on behalf of the M&G Property Portfolio for a yield of 6%.
The new campus style offices of 141,403 ft² are being be built in two phases, with Phase I now completed comprising two highly specified office buildings totalling 59,647 ft². Phase II will incorporate two further office buildings totalling 74,756 ft² scheduled for completion in February 2008. Each of the four new buildings will have separate and independent leases to Electronic Data Systems Ltd.
Wavendon Business Park is located 4 miles east of Milton Keynes town centre, adjacent to Wavendon Village, and benefits from excellent rail links to Birmingham and London Euston. The park has direct road access via the A421 to Junction 13 of the MI motorway some two and a half miles east.
Fiona Rowley, Deputy Fund Manager, commented: "This strategic purchase brings another highly specified commercial development into our portfolio, a project that we look forward to working on. Wavendon Business Park is situated in an area that is supported by strong regional demographic, economic growth, excellent accessibility, and offers PRUPIM further exposure in an area of high demand for this type of commercial premises."
PRUPIM were represented by Bidwells and DTZ acted on behalf of Kier.