AIMCo, XLB sell office property in UK to Corum

AIMCo, XLB sell office property in UK to Corum

Canadian investment giant Alberta Investment Management Corporation (AIMCo) and XLB have sold 2 Causeway Park, an office property in Staines, UK to Corum XL, a fund managed by Corum Asset Management.

The office property sits within the desirable Causeway Park estate which is undergoing major transformation by the duo, including the recent 120,000 sq ft development of 1 Causeway Park and the ongoing delivery of an Aldi superstore and Lok’n’Store outlet.

2 Causeway Park is a 47,000 sq ft self-contained HQ office which was recently refurbished to an stunning quality and is entirely let to ADP on long term lease.

ADP re-located to Staines, from Chertsey in August 2022 which is the second largest leasing deal in the South East market since the Covid pandemic began.

”The transaction of 2 Causeway Park demonstrates the continuing demand from investors for high-spec, quality office space with excellent sustainability credentials, let to robust, committed blue-chip occupiers,” said Alex Youell, Director, Investment Properties, CBRE UK.

”Delivering the high-quality refurbishment, leasing the entire building and selling in such quick succession, despite the headwinds of Covid and economic uncertainty, speaks dividends of the team of individuals involved throughout.  ADP’s relocation to Causeway is testament to the building and the wider Estate.   Causeway Park is now an exciting, multi-sector environment and we now look to secure a tenant for the remaining space in 1 Causeway and complete the Aldi and Lok’nStore imminently,” said Alexander Johns, Partner, XLB.