The suspension of a UK open ended property fund seems to have yielded opportunities for more than just one buyer.
Janus Henderson Investors took a decision to suspend its £1 bn (€1.17 bn) vehicle in March, with Janus Henderson head of UK retail Simon Hillenbrand saying: ‘Having researched a number of options, we believe the best solution is to promptly execute the sale of all of the Janus Henderson UK Property PAIF’s property assets to a single buyer. The net proceeds will then be distributed to investors according to their holdings in the PAIF and its Feeder fund.’
The decision came as a result of various factors, notably ongoing uncertainty regarding the future of UK open ended funds invested in direct property, which has led to net redemptions.
Janus appointed CBRE to value the portfolio.
According to recent UK property press reports, Oval Real Estate, a London and Birmingham-based company founded in 2013 by Nick Prior and James Craig with backing of US-based institutional investors, acquired the Janus assets for £925 mln.
Oval's website says: ‘With an agile team and a proven ability to transact, we’re free to consider every opportunity and quick to unlock potential - sometimes in the most unexpected places.’
One of the prized assets was Capital Park Cambridge, home to companies such as IBM, the NHS, Syngenta, and Scientia. The whole park is described as a ‘high quality accommodation to office and high-tech companies set on 42 acres of land'.
Just days after acquiring the Janus portfolio, it seems there has been an unexpected property deal.
According to PropertyWeek and other outlets, the park has been ‘flipped’ for £170 mln (€198 mln) to Longfellow Real Estate Partners and Canada’s Public Sector Pension Investment Board (PSP Investments), one of the country's largest pension investment firms.
Longfellow Real Estate Partners is a US-based tech and life sciences real estate investment firm. Capital Park Cambridge represents its debut deal in the UK.
