European real estate fund manager Aerium and REIT NorthStar Realty Europe have together completed on the disposal of the Dukes Court officed complex in Woking, UK.
The property was acquired by Woking Borough Council for £72.35 mln (€80 mln), representing an 18% premium to the purchase price.
Dukes Court is a 224,000 sq ft (20,800 m2) 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 Grade A asset provides several amenities including on-site parking for 420 cars, cycle storage and an all-weather tennis court.
Aerium acquired the property alongside its joint venture partner, NorthStar Realty Europe, in 2014 for £61.5 mln. It has since implemented an extensive asset management strategy to reduce void levels, and improve the rental tone of the property. Dukes Court is currently 100% occupied to tenants including HMRC, Kuwait Petroleum, Kuwait Aviation, Paradigm Geophysical and Fidessa Group. The landlords achieved a 13% growth in rents in their three-year ownership period.
Robin Carr, Co-chief Investment Officer at Aerium, 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.'
