ÆRIUM, the European real estate fund manager, and NorthStar Realty Europe, a REIT focused on prime office properties in Europe, have together completed on the disposal of Dukes Court office complex in Woking to Woking Borough Council for €80.87m (£72.35m), representing an 18% premium to the purchase price.
Dukes Court is a 224,000 ft² E-shaped office scheme, comprising five interlinked blocks, set on a three-acre site in the centre of Woking. Built in 1986 and substantially upgraded between 2008 - 2012, the landmark Grade A asset provides strong amenities including on-site parking for 420 cars, cycle storage and showering facilities, in addition to an all-weather tennis court.
ÆRIUM acquired the property alongside its joint venture partner, NorthStar Realty Europe, in 2014 for €68.7m (£61.5m). An extensive asset management strategy was implemented to reduce void levels, and improve the rental tone of the property. Successful execution of a repositioning programme has since brought Dukes Court to 100% occupancy, while approximately 13% rental growth was achieved during the three year ownership period. Tenants include HMRC, Kuwait Petroleum, Kuwait Aviation, Paradigm Geophysical and Fidessa Group.
Robin Carr, Co-chief Investment Officer at ÆRIUM, commented: “Having now delivered on our intended asset management strategy for Dukes Court we were pleased to bring it to market in prime condition with a strong tenant line-up and look forward to seeing the property continue to prosper as Woking Borough Council leads it through its next phase of growth.”
