Coal Pension Properties has funded the fourth and final building developed by the Churchmanor Estates Company on the Peterhouse Technology Park in Cambridge.
The building is to be occupied by ARM, which already occupies a 4,265 sq m ( 45,909.6 sq ft) building on the park. ARM has agreed to take a 20-year lease at the 3,120 sq m (33,584.5 sq ft) building at a rent of £237 per sq m (£22 per sq ft). Construction of the building has now commenced, with completion scheduled for March 2002.
Coal Pension Properties has now funded all four buildings at the park. On completion of the final building, the pension fund’s total commitment will amount to over £30m, showing an average return of 7.75%.
The freehold of Churchmanor Estates’ research and development park is owned by Peterhouse, a college of Cambridge University.
LaSalle Investment Management, acting for Coal Pension Properties, was advised by Healey & Baker, with Churchmanor Estates having been advised by Carter Jonas and Insignia Richard Ellis.
EGi News 20/06/01
