US investment manager Angelo Gordon has snapped up a portfolio of UK science and technology parks for just under £95 mln (€127 mln), a company spokesperson confirmed to PropertyEU.
US investment manager Angelo Gordon has snapped up a portfolio of UK science and technology parks for just under £95 mln (€127 mln), a company spokesperson confirmed to PropertyEU.
Angelo Gordon is buying the five-strong portfolio of regional science parks on an all-cash basi in a joint venture with Trinity Investment Management, from LaSalle Investment Management, on behalf of the Mars Pension Funds.
The portfolio, dubbed the Best Network portfolio, is comprised of: Edinburgh Technopole; Hexagon Tower in Manchester; Kent Science Park, Langstone Technology Park in Havant; Stoneleigh Park in Warwickshire; and Wilton Centre in Teesside.
Overall, the Best Network portfolio comprises 1.35 million sq ft (12.5 million m2) of lettable space and has a blended vacancy rate of 20%, producing an annual rent roll of £15 mln.
