The BP Pension Fund has bought Foundation Park business park in Maidenhead for £65.5m from the Prudential.
It is the Funds first acquisition since the sale of the Berkeley Square estate earlier this month.
The 21,975 sq m (236,548 sq ft) scheme, built in 1987/88, comprises offices and hi-tech units on a 5.06ha (12.5-acre) site. Tenants include Johnson & Johnson, Biogen and Covance Clinical.
Commenting on the deal, Alexandra Marks, a partner at BP’s legal adviser Linklaters, said: “There was some scepticism in the market about BPs statement that it would be reinvesting the proceeds of the Berkeley Square sale into real estate. This proves the sceptics wrong: the fund is looking to carry out further acquisitions with a minimum lot size of around £25m.”
CB Hillier Parker advised BP Pension Fund and Lewis Ellis represented Prudential Assurance. Lovells provided legal advice for the Prudential.
EGi News 19/07/01
