Global alternative investment manager CarVal Investors has announced the purchase of Prospect First, a 180,000 sq-ft (16,700 m2) vacant headquarters building in Croydon, UK from Strategic Partners UK III, a fund advised by CBRE Global Investors. Financial details were not disclosed.
Global alternative investment manager CarVal Investors has announced the purchase of Prospect First, a 180,000 sq-ft (16,700 m2) vacant headquarters building in Croydon, UK from Strategic Partners UK III, a fund advised by CBRE Global Investors. Financial details were not disclosed.
CarVal Investors said it plans to undertake a Grade-A refurbishment programme with a target completion date of Q3 2013.
'We believe that there is significant pent-up demand from existing occupiers in Croydon who have been starved of high-quality options,' said Robert Balick, senior managing director and Europe Real Estate Lead with CarVal Investors. 'This property will offer a Grade A office space at a price comparable to the second-hand space they already occupy. In addition, we believe the forthcoming improvements to the town centre and both West and East Croydon stations, will make this a compelling option.'
Tudor Toone advised upon the purchase while Savills is expected to be retained as letting agents.
CarVal Investors is an opportunistic investor with over $9 bn (EUR 6.89 bn) in assets under management in both credit and real estate strategies. In Europe, CarVal Investors' real estate team focuses on the office, industrial, residential and retail sectors in the UK and France.
