HDG Mansur Investment Services has announced the completion of the EUR 16.2 mln acquisition for a fund it manages of an office building in Farnborough, in the London commuter belt. The seller was Norwich Property Trust.
HDG Mansur Investment Services has announced the completion of the EUR 16.2 mln acquisition for a fund it manages of an office building in Farnborough, in the London commuter belt. The seller was Norwich Property Trust.
The 5,900-m2 property, Pinehurst Park, is located in the Pinehurst House development in Farnborough and is leased solely to IBM UK until 2016. The property includes 313 separate parking spaces and 1.1-hectares of land. HDG said Farnborough is one of the most prosperous business areas in the UK for the technology and telecommunications industry.
Philip Churchill, head of investment management for Europe at HDG Mansur, commented: 'This well located building, just outside London, provides all the space, resources and accessibility that a successful company requires. Furthermore, there is strong potential for increases in value as the rental market begins to improve.'
Chairman and CEO of HDG Mansur, Harold D. Garrison added: 'We are all aware that the global economy is on uncertain grounds, but deals are still taking place and people are still investing in the UK economy. HDG Mansur is keen to consolidate what is already a strong position in the UK commercial market and this acquisition is a welcome addition to our portfolio.'
Knight Frank represented Norwich Property Trust, while King & Spalding's London office led the legal team representing HDG Mansur on the structuring and financing of the acquisition on a Shariah-compliant basis. Matthew Williams and Robert Muir from Fladgates dealt with the property acquisition from Norwich Property Trust.
HDG Mansur is the market leader in Islamic real estate finance, provides real estate fund and asset management services and property development services.
