Mapletree completes £560m Green Park buy

Oxford Properties Group has completed the sale of Green Park to Singaporean-based Mapletree Investments for around £560m, as revealed by Property Week.

Green Park, in Reading, is the premier business park asset in the Thames Valley. It extends to over 190-acres and comprises 1.4m sq ft of grade-A office and amenity space across 19 office buildings.

The park, which has a working population in excess of 6,500 people, has planning consent for a further 850,000 sq ft to be added over time.

Since Oxford’s acquisition in 2011, it has undertaken an active asset management program and a subsequent five-building refurbishment scheme.

This has allowed it to agree major new leases with companies including Quintiles, Huawei, PepsiCo, Thales and Bayer.

In total, Oxford has executed over 750,000 sq ft of leasing activity, bringing occupancy to 93%.

Exceptional asset

Paul Brundage, executive vice president and senior managing director at Oxford, said: “Green Park is an exceptional asset and we are proud of the work the Oxford asset management team has done in improving occupancy, increasing rental rates and creating an engaging occupier experience.

“This transaction is in line with our strategy of building a diversified portfolio of large-scale high-quality assets, actively managing them to create value for our pension plan members, and selectively taking advantage of the strong investment market to crystallize the significant value the team has created.

“We are also pleased to take this opportunity to establish a relationship with Mapletree, building on our existing successful joint venture relationship with Mapletree’s shareholder, Temasek.”

Oxford, the global real estate arm of OMERS (Ontario Municipal Employees Retirement System) will continue to act as asset manager on behalf of the new owners until year end 2016, ensuring a smooth transition of the management and operating of the park for occupiers and other stakeholders.

Oxford was represented by Eastdil Secured, Cushman & Wakefield and DLA Piper. Baker & McKenzie advised Mapletree Investments on the acquisition. The Baker & McKenzie team was led by head of real estate Stephen Turner, together with corporate partner James Burdett and tax partner James Smith.

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