The European arm of US real estate investment firm Westcore, in partnership with 3S Capital, has acquired a business park in the UK Midlands for £23.5 mln (€27 mln).
The Bretby Business Park, located on Ashby Road in Burton upon Trent, comprises a total leasable space of 324,000 ft2 (30,100 m2) situated in 23 buildings across the business park. There are also 864 parking spaces on the 30.76-acre (12.5 ha) site.
The property was owned by TIAA Henderson Real Estate until 2015, when it was sold to the investment group which ultimately sold it to the Westcore Europe - 3S Capital JV. Westcore Europe plans to upgrade the business park, selectively refurbish and re-let vacant units, while pursuing development angles across the site
Marc Brutten, founder and chairman of Westcore Europe, said: 'This asset offers a high-quality income stream from the existing tenants, most of whom have operated at Bretby for at least 15 years.
'It also provides several opportunities to improve the business park over time, and provide existing and new tenants with the space to fit their needs.'
Since its development in the late 1960s, Westcore Europe has served as a research and development facility for the National Coal Board, the predecessor to the British Coal Corporation.
The property was subsequently redeveloped for multi-tenant use by several firms in the pharmaceutical and laboratory testing sectors since the mid-1990s. Two of those companies, Socotec and Surepharm Services, are still located at Bretby Business Park. More recently, Hi-Tech Fabrication, a manufacturer and designer of specialty metal components, joined the lineup of tenants. There are also 57 other smaller occupiers on site.
Bretby Business Park is located 0.8 miles (1 km) east of Burton upon Trent, along the A511 trunk road to the M1 motorway, in the South Derbyshire district of the Midlands.
