Singapore’s Mapletree Investments has closed the acquisition of Green Park, a 79-hectare business park in Reading, UK, from Oxford Properties Group for a price believed to be over £500 mln (€650 mln).
Mapletree said the acquisition is in line with its strategy 'to seize new growth opportunities in developed markets such as the UK, which possess strong economic and property fundamentals, to broaden the Group’s investment footprint'.
'Mapletree’s acquisition of Green Park is aligned with our current five-year business plan to acquire quality, income-producing assets with long weighted average leases to expiry which are anchored by a strong tenant base, to give us stable and growing yields,' commented Hiew Yoon Khong, Mapletree’s Group Chief Executive Officer.
Green Park is a freehold comprehensively planned business park within a well-landscaped campus setting that has approval to provide about 195,000 m2 of lettable space. So far aroumd 130,000 m2 of Grade A offices spanning 19 buildings has been built. The occupancy level is 93%, with tenants including PepsiCo, Huawei, Quintiles, Veritas and Cisco.
Plans are underway to increase the park’s lettable space to around 230,000 m2.
Since entering the UK in May 2015, Mapletree has built a portfolio of office and student accommodation assets. Including Green Park, the Group now has about £1.4 bn in assets under management in the country.
Oxford bought the park from Prupim in November 2011 for £400 mln.
