CapitaLand buys U.K. office park for €153m

CapitaLand has agreed to acquire a business park in the United Kingdom for £129 million (€153 million/$168 million).

The seller of the 367,000-square-foot Arlington Business Park in Reading, Berkshire, is Patron Capital.

The acquisition of Arlington Business Park is part of CapitaLand’s plan to increase its investments in developed markets such as Europe, Japan and the United States.

Patron Capital acquired its holding in Arlington Business Park in March 2015 in a joint venture with asset management partner APAM. Since then, it has completed a comprehensive asset management program, including the extensive refurbishment of four buildings, the implementation of new amenity facilities including a café, gym and a floating pavilion on the lake, and other park improvements including landscaping, signage and lighting.