Curzon Capital Partners IV (CCP IV), a core-plus fund advised by Tristan Capital Partners, and Alchemy Asset Management have bought The Forum at Solent Business Park in Fareham, UK for £43 mln (€50 mln).
The vendor was M&G Investments.
Peter Mather, managing director at Tristan Capital Partners, said: 'The Forum is a solid core-plus asset offering scope to implement a range of asset management initiatives targeted at reducing vacancy, increasing rental tone and maximising tenant satisfaction. We are confident that we can move this asset into the next stage of its life-cycle, especially with ever-tightening supply both on the park itself and the surrounding area.'
M&G launched the sale of the 23,000 m2 office campus in March 2016. The deal went under offer prior to the referendum on the EU and has now exchanged, with completion due at the end of September.
The Forum comprises five office buildings, which are 75% let, plus 4 hectares of development land, forming the largest ownership by size on the Solent Business Park. Tristan plans to market the 6,000 m2 of vacant space to tenants immediately.
Solent Business Park, which is located midway between Southampton and Portsmouth, has seen over £140 mln of investment transactions since the start of 2015. Major tenants include HSBC, Specsavers, Randstad and Regus.
CBRE represented Tristan Capital Partners and Alchemy Asset Management whilst Knight Frank acted for M&G Investments.
