Frasers Centrepoint buys 4 U.K. business parks
Frasers Centrepoint has agreed to buy four business parks in the United Kingdom for about £686 million ($903 million).
The seller was Oaktree Capital Management.
The portfolio comprises 4.9 million square feet of built area across four freehold business park assets — Winnersh Triangle in Reading; Chineham Park in Basingstoke; Watchmoor Park in Camberley; and Hillington Park in Glasgow.
The largest and highest-price property was Winnersh Triangle, which totals 1.5 million square feet and has an average occupancy rate of 90 percent. The sales price was £365 million ($481 million).
The portfolio was acquired by Frasers’ subsidiary, Frasers Property International Pte.
Frasers Property has also entered into a conditional agreement to acquire another business park, Maxis, Bracknell, subject to conditions relating to net operating yield and Maxis achieving an occupancy rate of at least 95 percent.