Standard Life Investments has sold Kingsmead Business Park, High Wycombe, to Henderson Investors, for almost £50m.
Acting for Pearl Assurance, Henderson paid £46.3m for the 13,396 sq m (144,195 sq ft) Park, a net initial yield of around 7% and an anticipated reversionary yield of 7.7% by 2005.
The investment is one of the premier business parks in the M40 corridor between London and Oxford, providing five office buildings across 3.1ha (7.6 acres). The Park was originally developed in 1990 with funding from the Standard Life Assurance Company.
Kingsmead is fully let and tenants include Booker Food Service Group, Insignia Solutions, the Secretary of State for Defence and Regus Business Centres, which has recently signed a lease for an entire building at Kingsmead.
Alex Watt of Standard Life Investments said: “This is a great business park which has delivered very good performance for us. But we are expanding our development activity on the Continent and are transferring the funds released from this sale for that purpose.”
Jane McAndrew of Henderson Investors said: “The acquisition reinforces our strategy of investing in growth locations and buildings with asset management angles.”
Standard Life was represented by Strutt & Parker and Montagu Evans acted for Henderson Investors.
EGi News 24/10/00
