European fund manager LaSalle Investment Management (LaSalle) has closed the sale of the Hyde Park Hayes business park for just over £30 mln (EUR 34 mln), reflecting a net initial yield of 8.2%. The buyer is the Melford Special Situations LP fund, which is managed by UK real estate investor and fund manager Melford Capital Partners.
European fund manager LaSalle Investment Management (LaSalle) has closed the sale of the Hyde Park Hayes business park for just over £30 mln (EUR 34 mln), reflecting a net initial yield of 8.2%. The buyer is the Melford Special Situations LP fund, which is managed by UK real estate investor and fund manager Melford Capital Partners.
The 10-acre, mixed-use business park north of Heathrow airport was recently refurbished and has a number of new tenants, including Rackspace, China Airlines, WNS Global Services and Winterflood Securities. According to Gary Player, head of Business Space at LaSalle, the company was able to boost the scheme's occupancy level from 25% to 78% in less than a year.
Hyde Park Hayes was brought to market by LaSalle in March 2011, and is said to have attracted strong interest from a wide range of institutional and value-add funds. 'This shows there remains significant demand for the right type of office properties within the southeast,' said Player.
