Europa Capital and Cordatus have sold a newly renovated office complex in London for around €60 mln.
Europa Capital and Cordatus have sold a newly renovated office complex in London for around €60 mln.
Two Roundwood Avenue, in Heathrow, has been given a category A refurbishment and pre-let to Gilead Sciences Europe Ltd following an early settlement with the previous tenant, Hasbro.
TH Real Estate bought the property on behalf of the Henderson UK Property OEIC from Europa Capital and Cordatus for a price in excess of £46 mln (€59 mln).
The joint venture partners acquired the two conjoined buildings in November 2013 from Phoenix Life Assurance, who were seeking £20 mln (around €23.8 mln) at the time.
The property comprises 9,078 m2 of office space and is occupied by biopharmaceutical company Gilead on a 10-year lease.
Europa and Cordatus were represented in the sale by BNP Paribas Real Estate and Maples Teesale lawyers, while Henderson was represented by Lewis Ellis and advised by Wragge Lawrence Graham.
Rob Sim, partner and head of Northern Europe at Europa Capital, said: ‘The completed building has proved attractive to investors with a number of unsolicited approaches and we are very pleased to have completed the sale to Henderson.’
Marcus Langlands Pearce, director of UK Property OEIC at TH Real Estate, said: ‘The newly refurbished building let to a globally recognised covenant on a 10-year lease, reinforces the core nature of the fund’s property portfolio. Stockley Park is a location where we would hope to capture strong rental growth in the coming years.'
