FI Real Estate Management (FIREM) has appointed BNP Paribas Real Estate to market three buildings occupied by Microsoft in the Thames Valley Park in the English city of Reading.
FI Real Estate Management (FIREM) has appointed BNP Paribas Real Estate to market three buildings occupied by Microsoft in the Thames Valley Park in the English city of Reading.
The Microsoft campus, totalling 23,000 m2, is the largest of Mapeley’s 16-office Beta portfolio that was placed into receivership in 2012 after its value nearly halved to £134 mln.
Solutus Advisors was appointed as special servicer to the loan in October 2012 and subsequently hired FIREM as asset and property manager to the portfolio.
Mapeley bought the three buildings from a joint venture between British Land and US asset manager TIAA-CREF for £104 mln in 2005.
BNP Paribas Real Estate said it will now put together a marketing campaign for UK and international investors which will augment the 'keen market interest' already received over the past year.
'This is the most sought-after asset in the Beta portfolio as it provides long-term income from a world leading brand at one of the premier business parks in the UK. It is also a great opportunity to acquire what the press has recently styled as "the South East’s top asset outside London",' said James Raspin, asset manager of the Reading properties for FIREM.
Raspin said a sale of the assets was likely by early 2014.
