A US real estate investment trust is to sell an 80% stake in a Kent business park for around £100m.
Liberty Property Trust is looking for a joint venture partner to buy up to four-fifths of the 800,000 sq ft (74,300sq m) of commercial space at the Kings Hill business park near Maidstone.
The park, located close to junction 4 of the M20, has more than 100 tenants, including Kimberly-Clark, Man Group, Jupiter International, ADT Fire & Security and Kent county council.
Planning permission for a further 1.2m sq ft of business space has already been granted.
In July 2002, insurance group Man paid £14.75 per sq ft for a 15-year lease on 43,400 sq ft; in the same year, three other firms signed leases at a quoting rent of £20.50 per sq ft.
Kings Hill also contains 1,390 homes, with permission for a further 1,248. The site, originally developed by the Liberty Property Trust subsidiary Rouse and Kent county council, has an ASDA store, a leisure centre and an 18-hole golf course.
CBRE executive director Chris Lacey, who is acting for the $6bn REIT, said it was looking for more than an investment partner. “The hope is that we will go on and do other things together.”
Countryside Properties has a £65m joint venture with Liberty at Didsbury Point in Manchester, the site of the Withington Hospital.
References: EGi News 25/04/05
