Singapore-listed Frasers Property has announced the £135 mln (€177 mln) acquisition of Lakeshore, Bedfont Lakes in West London from Evans Randall Investors.
The property comprises three high quality office blocks which are fully let to Cisco Systems as its UK headquarters until 2025. It provides a lettable area of 272,000sq ft (25,269 m2) in West London, close to London Heathrow.
This acquisition strengthens Frasers Property Group’s position as one of the major international investors in the UK business park sector. Since late 2017, it has grown its portfolio of campus workspaces to comprise 3.2 million sq ft of assets within the Thames Valley area: Winnersh Triangle, Chineham Park, Farnborough Business Park, Watchmoor Business Park, and Maxis in Bracknell. Lakeshore Business Park is Frasers Property Group’s first business park acquisition within the M25.
Ilaria del Beato, Chief Executive Officer at Frasers Property UK, said: 'Lakeshore is a quality investment opportunity that reflects our long-term strategy to grow our commercial and residential assets in the UK including selectively growing our portfolio of business parks. The Property enables us to extend from the Thames Valley into West London, benefitting from the strong recurring income of a high-calibre, multi-national occupier.'
A spokesperson at Evans Randall Investors, said: 'With its proximity to Heathrow, Lakeshore continues to benefit from good asset fundamentals alongside long-term occupational income. However, after 14 years in our ownership and in line with our current investment strategy it is the right time in the cycle to exit and allow another investor to take the investment forward.'
Frasers Property UK was advised by DTRE, Ernst and Young, Stephenson Harwood and Paragon Building Consultancy.
Evans Randall Investors was advised by BNP Paribas and Paul Hastings.
