Benson Elliot, the UK-based private equity real estate fund manager, has acquired the Bentley Portfolio for €179 mln (£132.0 mln) in a transaction which demonstrates the firm’s ongoing commitment to its UK office and retail strategies. The assets have been acquired from Legal & General Property (“LGP”) on behalf of its first UK Property Income Fund, following a tailored marketing process, with contracts exchanging last week. The Portfolio comprises one of the South East’s leading business parks, Guildford Business Park, in Guildford, Surrey, and a covered retail and restaurant centre, The Meadows, in Chelmsford, Essex.
Originally developed in 1988, Guildford Business Park was held by the Crown Estate for 23 years before L&G’s acquisition in 2010. The asset provides 24,154 m² (260,000 ft²) of grade A/B+ office space in one of the UK’s most institutionally sought after and tightly supplied office markets. The asset is multi-let to national and international tenants including Philips, Colgate and Ericsson.
The Meadows is a 18,580 m² (200,000 ft²) covered city centre retail and A3 scheme which is 91% occupied and anchored by Wilko and BHS. Situated over three hectares with significant waterside frontage, the scheme will benefit from proximity to the 27,870 m² (300,000 ft²) mixed use Bond Street development anchored by John Lewis and Cineworld.
Source: Benson Elliot
