UK value-add investor Praxis has sold the Broadlands Business Campus in Horsham, West Sussex, to Schroders for £17.7m – a 7.25% yield.
The disposal is the third in the past 12 months from the Project Garden portfolio, which was bought from Blackstone in summer 2015.
Broadlands comprises two office buildings on a 23-acre semi-wooded site within the Gatwick diamond. Benchmark Capital, a Schroders subsidiary, will occupy the remaining vacant space at the site.
Praxis managing director Gary Roberts said: “Our intention at acquisition was always to dismantle this portfolio.
“These are all working assets, in different geographies, with different stories, and the only way to optimise value is to break it up and focus on adding value at a real estate level.”
He added: “Benchmark made it clear that it saw Broadlands as its long-term strategic home and given its growth aspirations, a sale/purchase rather than a letting became the obvious solution.”
Knight Frank acted for Schroders; Praxis was unrepresented.
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