Singapore's CapitaLand has acquired a stake in a business park in Reading, UK for £129.25 mln (€154 mln) from pan-European investor Patron Capital.
Patron acquired its holding in Arlington Business Park in March 2015 in a joint venture with asset management partner APAM.
Since then, Patron said it had completed a comprehensive asset management programme, including the extensive refurbishment of four buildings, the implementation of new amenity facilities including a café, gym and a floating pavilion on the lake, and other park improvements including landscaping, signage and lighting.
Keith Breslauer, managing director of Patron Capital, said: 'We acquired Arlington Business Park with a clear strategy to drive value and reposition it as the leading office park in the Thames Valley.
'Within five years we have attracted major global businesses such as Honda and Veritas, increased occupancy, passing rent and lease terms and successfully executed our strategy and exiting the asset. This sale is a strong endorsement of our team’s ability to identify opportunities and create meaningful value for our investors.'
Patron Capital and APAM have completed more than 25 lettings across 248,000 ft2 (23,000 m2) of space, including tenants such as Veritas Technologies, Honda, NTT Security, Synopsys, Amazon UK Services and Willis Towers Watson; achieving a new headline rent of £32.50 per ft2.
Chris Taylor, executive director of APAM, said: 'The asset management we have completed over the past five years has reinvigorated Arlington Business Park, and we are pleased to have assisted the team at Patron Capital to deliver outperformance to their investors.'
