US private equity group Blackstone is in talks to sell the Chiswick Park office campus in what would be the UK’s largest single-asset deal in the past five years.
US private equity group Blackstone is in talks to sell the Chiswick Park office campus in what would be the UK’s largest single-asset deal in the past five years.
Blackstone put the 1.2 million sq ft asset on the market at the end of last year for £785 mln (€945 mln), just 18 months after having bought the asset for £480 mln from a consortium of Aberdeen Asset Management, Schroders and Stanhope. The deal reflected a yield of 6.6%.
Agent CBRE, which is managing the sale process, declined to comment due to client confidentiality.
According to a news article in the FT, the asset has already received bids from China Investment Corporation and government-backed funds from Korea and Malaysia.
Chiswick Park is one of the premier office parks in Europe and serves as the European and UK headquarters for more than 20 companies, including Paramount Pictures, Discovery Channel and Tullow Oil.
Set in 33 acres, the park has planning consent for over 1.8 million sq ft (167,000 m2) of office and mixed-use accommodation including retail, gym and health club facilities.
To date, the area has seen the development of 1.25 million sq ft of accommodation, with a further 550,000 sq ft to be built. Blackstone is selling the property after having leased in its entirety the 220,000 sq ft Building 6 to oil services group Aker.
Savills acted for Blackstone and Stanhope on lettings.
