Singapore’s Frasers Property buys UK business park for £135m

Singapore's Frasers Property buys UK business park for £135m
Photo:Courtesy of Frasers Property

Singapore-listed Frasers Property has acquired Lakeshore, Bedfont Lakes Business Park in West London,UK from Evans Randall Investors for £135 million.

The property is 541,886 square feet in size with a lettable area of 272,000 square feet and is fully let to multi-national technology firm Cisco Systems Limited as its headquarters in the United Kingdom.

Comprising three individual high-specification office buildings built in 2000, the property is fully let until 2025 to Cisco Systems Limited.

This acquisition strengthens Frasers Property Group’s position as one of the major international investors in the UK business park sector. Since late 2017, it has steadily grown its portfolio of campus workspaces – the southern business park portfolio of Frasers Property UK, the Group’s UK subsidiary, currently comprises 3.2 million square feet of assets within the Thames Valley area: Winnersh Triangle, Chineham Park, Farnborough Business Park, Watchmoor Business Park, and Maxis in Bracknell. Lakeshore Business Park is Frasers Property Group’s first business park acquisition within the M25.

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Ilaria del Beato, Chief Executive Officer at 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 park 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.”

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.