Rockspring has acquired Abingdon Business Park, Oxfordshire, for £36.4m
The site, covering 393,000 sq ft, was bought by Rockspring’s UK Value 2 LP fund at an initial yield of 7.2% from Standard Life Investments.
It has five office and industrial units and some land for development.
The site is 72% let to 45 tenants including Taylor Wimpey and UK Mail. It will be asset managed and developed by XLB.
Richard Bains, Rockspring partner and fund manager of the UK Value series, said: “This acquisition is in line with the fund’s strategy to acquire assets that will benefit from a proactive asset management strategy in order to drive returns.
“We intend to capitalise on the opportunity to modernise the asset, reduce vacancy and drive rental growth through re-gearing and extending existing leases and developing the remaining land.”
CBRE acted for Rockspring and DTZ for Standard Life.
