Property entrepreneur Nick Leslau has secured the sale-and-leaseback of 3Ms Bracknell site.
Backed by Hypovereinsbank Real Estate, Leslaus Prestbury Investment Holdings is the surprise buyer of the £58m, 165,000 sq ft (15,330 sq m) development, to be completed early next year.
US industrial giant 3M last year shortlisted five bidders to buy the 12-acre (4.8ha) site for its new UK headquarters.
Under the deal, 3M will pay £24.50 per sq ft on a 22-year lease.
Prestbury is understood to have beaten off competition including Matrix, Friends Provident and Rotch, all of which were keen to take advantage of the fixed rental uplifts offered in the lease. Rental levels for grade A space in the area are closer to £30 per sq ft.
3M occupies the 110,000 sq ft (10,219 sq m) 3M House in Bracknell but its lease expires in 2005.
Franc Warwick acted for Prestbury. Jones Lang LaSalle advised 3M.
EGi News 12/01/02
