Warrington Borough Council has bought Birchwood Park from Oaktree Capital Management for £200m – a circa 6.5% yield.
The business park comprises 1.2m sq ft of office space and sits on a 123-acre plot. The park also comes with several development opportunities, subject to planning.
In a statement Warrington Borough Council said: “The acquisition represents a significant investment and development opportunity within a growing regional market. The council will seek to maximise on opportunities throughout the business park through continued investment and asset management initiatives.”
Patrizia will retain its position as asset manager.
JLL acted on behalf of Oaktree.
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