Rockspring has bought Cambridge Research Park from private equity fund manager Clearbell for £21 mln (€26.2 mln).
Rockspring has bought Cambridge Research Park from private equity fund manager Clearbell for £21 mln (€26.2 mln).
The business park comprises 7,250 m2 of office space and 10.5 hectares of undeveloped land. The four existing buildings are 97% let and construction is under way on two more office blocks and a mid-tech building totalling around 7,400 m2.
The acquisition was carried out on behalf of Rockspring’s UK Value 2 LP fund, which is expected to announce its final close in the next few weeks.
Rockspring plans to finish the current projects, which are scheduled for completion in the second quarter of 2015, and accelerate the development of the remaining plots. XLB Property is being retained as development and asset manager.
Clearbell Capital bought the business park in March 2011 for £10.15 mln (€12.65 mln).
Kim Sardar, assistant fund manager of UKV2 at Rockspring, said: 'Cambridge Research Park is situated in a micro-location that is set to undergo significant structural change in the foreseeable future and, with a mix of development opportunities and steady income which we believe we can grow, it offers an exciting opportunity for us to access a dynamic market.'