US private equity firm Harbert Management Corporation is the frontrunner to buy Liberty Property Trust’s & Doughty Hanson & Co’s Kings Hill business park in West Malling, Kent.
The firm is set to pay £105m for the park, slightly above the £100m asking price, which reflected a 7.5% yield.
Liberty Property Trust, which has spent more than £500m developing the business park and the neighbouring residential district with Kent county council over the past 20 years, will be retained as asset manager under the terms of the deal.
The purchase follows Harbert’s £137m acquisition of Goodman’s nine-strong Emperor regional office portfolio, and reflects the company’s belief in the growth potential of the sector.
Kings Hill comprises 800,000 sq ft of commercial space, along with consent to develop a further 1.2m sq ft.
It is let to hundreds of firms including construction groups Balfour Beatty and Mott MacDonald, outsourcing giant Capita and luxury watch maker Rolex.
Knight Frank acted for Harbert Management Corporation; CBRE advised Liberty Property Trust and Doughty Hanson & Co.
