Railpen, one of the largest pension managers in the UK, has purchased Coral Park Trading Estate in Cambridge.
Coral Park comprises nine units totalling 50,474 sq ft and is fully let to tenants such as Halfords, Wolseley and Royal Mail, offering a secure income stream that will deliver long-term returns for Railpen’s members.
The acquisition increases Railpen’s Cambridge portfolio, which includes the adjacent Cambridge Retail Park and The Beehive Centre.
In September last year, Railpen also acquired Botanic Place, a 309,000 sq ft prime office development midway between the city’s train station and the city centre to complement its Devonshire Gardens mixed-use development and its ownership of offices at 21 Station Road and One The Square.
Alastair Dawson, senior asset manager at Railpen, said: “Coral Park Trading Estate is a strategic purchase that consolidates our already significant ownership in Cambridge, a market we view as an important, cross-sector, UK location for our portfolio.
Cambridge possesses a number of unique positive attributes, including a thriving knowledge-led economy, a supportive local authority who share our commitment to sustainable development, and sustained occupier demand.”
DTRE represented Railpen in the acquisition.
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