Epic Holdings, the property company controlled by Moise and Michael Elghanayan, has emerged as the purchaser of Peninsula Park in Exeter, Devon.
The low-profile company paid Rydon Properties, a subsidiary of South West Water, £13.75m for the campus-style office park. The deal reflects an 8.7% yield.
Peninsula Park has planning consent for a further phase of up to 3,437 sq m (37,000 sq ft). The existing 13,935 sq m (150,000 sq ft) scheme is occupied by the vendor South West Water, Pell Frischmann Water, Zurich Insurance, Devon County Council and Camelot.
Chesterton represented South West Water.
EGi News 05/11/96
