Opportunistic funds and institutional investors are lining up to buy SEGRO’s £225m IQ Winnersh business park in Berkshire.
The park, which is being sold by Jones Lang LaSalle, has attracted significant interest, reflecting a lack of stock of this size on the market.
MEPC, Harbert, Centurion, AEW, Apollo, Blackstone, Moorfield, Canmoor, and a Brockton and Landid jv have all run the rule over the park ahead of the deadline for final bids on Wednesday.
The £225m asking price reflects an 8% yield.
One agent said: “Frankly, in this market, with there being so few opportunities of this size, it would be a brave person to bet that SEGRO won’t achieve its asking price.”
In April, SEGRO signed IT management services group BMC Software for a 36,500 sq ft head office in IQ Winnersh.
BMC took a 10-year lease on the two-storey office building, which SEGRO stripped back to its core in 2012 and refurbished on a speculative basis.
Quoting rents are around £27.50 per sq ft.
Other tenants at the park include Intel, Virgin Media, Bang & Olufsen, Daewoo and Jacobs and Harris Systems. There is also a four-star Holiday Inn hotel.
A consented masterplan includes plans for a further 2m sq ft of office space on an 80-acre area adjoining the park.
The proceeds of the sale will be used to buy warehouses around major distribution hubs across Europe.
SEGRO has previously stated that it intends to sell between £300m and £500m of non-core assets this year.
SEGRO declined to comment.
nick.whitten@estatesgazette.com
