The BlackRock UK Property Fund (“the Fund”) has purchased The Atrium in Harefield Road, Uxbridge, London for approx. €76.5 mln (£55.9 mln) from Aviva Investors.
The Atrium is an approx. 12,820 m² (138,000 ft²) prime multi-let office property with high quality tenants, including Anadarko, PWC, and Insight Direct, among others. The property provides a net initial yield of 5.7% and has a capital value of approx. €51/m² (£405/ft²).
Justin Brown, Portfolio Manager said: “This is a quality, core investment for the portfolio that will prove resilient in all market conditions. Uxbridge is a historically stable market, particularly within the office sector, and as such attracts premier tenants. The Atrium is one of the best multi-let office properties in the South East. It offers attributes that are difficult to replicate in modern buildings, providing atrium space, strong natural light and car parking which are all attractive characteristics to long term premier tenants.”
Bray Fox Smith acted as agent for BlackRock and Strutt & Parker acted for Aviva.
Source: BlackRock
