The team at Clearbell, the private equity real estate fund manager, has sold Cambridge Research Park to Rockspring Property Investment Managers (“Rockspring”) for £21 million (approx. €27 mln). Rockspring has purchased the property on behalf of Rockspring UK Value 2 LP (“UKV2” or the “Fund”), which is expected to announce its final close in the coming weeks.
Cambridge Research Park comprises 78,000 ft² (7.246 m²) of office space and 26 acres of undeveloped land. The business park was originally acquired in March 2011 for £10.15 million (€12.7 million) and it has four large office buildings, which are currently 97% let. Construction is underway on two office buildings and a ‘mid-tech’ building totalling approx. 80,000 ft² (7.432 m²) with practical completion scheduled for the second quarter 2015.
Rockspring plans to complete the current construction projects and then accelerate the development of the remaining plots. Rockspring will retain XLB Property as development and asset managers at the Research Park and will work with them to leverage the existing opportunity and maximize the park’s income potential.
Nick Berry, Partner at Clearbell Capital, commented: “We are delighted to have completed the sale of Cambridge Research Park delivering returns in line with business plan but earlier than anticipated. Cambridge remains a thriving center for business and science and we are very pleased with what we achieved with Cambridge Research Park and we are pleased Rockspring will continue to build on our achievements.”
Kim Sardar, Assistant Fund Manager of UKV2 at Rockspring, added: “This property is a perfect fit for UK Value 2. Cambridge Research Park is situated in a micro-location that is set to undergo significant structural change in the foreseeable future and, with a mix of development opportunities and steady income which we believe we can grow, it offers an exciting opportunity for us to access a dynamic market."
Bidwells acted on behalf of Rockspring, while XLB Property represented the vendor, Clearbell.