Frasers Property has acquired the Lakeshore development at Bedfont Lakes for £135 million.
The three buildings, totalling 272,000 sq ft, are fully let to Cisco for its UK headquarters, was acquired from Evans Randall Investors and is Frasers’ first inside the M25.
Frasers Property UK, the group’s UK subsidiary, already owns 3.2 million sq ft of space in the Thames Valley at Winnersh Triangle, Chineham Park, Farnborough Business Park, Watchmoor Business Park, and Maxis in Bracknell.
Ilaria del Beato, chief executive for Frasers Property UK, said: “Lakeshore is a quality investment opportunity that reflects our long-term strategy to grow our commercial and residential assets in the UK including selectively growing our portfolio of business parks.
“The property enables us to extend from the Thames Valley into west London, benefitting from the strong recurring income of a high-calibre, multi-national occupier.”
“We believe in the potential of the UK business parks sector and are committed to investing in the business communities at all our business parks, to create environments where people and enterprise can flourish. We look forward to working with the business community at Lakeshore and exploring ways to enhance the services and facilities.”
A spokesperson at Evans Randall Investors, said: “With its proximity to Heathrow, Lakeshore continues to benefit from good asset fundamentals alongside long-term occupational income.
“However, after 14 years in our ownership and in line with our current investment strategy it is the right time in the cycle to exit and allow another investor to take the investment forward.”
The development, built in 2000, is let to Cisco until 2025. It sits in 541,886 sq ft of land which includes parking.
Frasers Property UK was advised by DTRE, Ernst and Young, Stephenson Harwood and Paragon Building Consultancy.
Evans Randall Investors was advised by BNP Paribas and Paul Hastings.
© Thames Valley Property No 196 (tvproperty.co.uk)