Patron Capital, the pan-European institutional investor, and its asset management partner APAM have sold the Crossways Point buildings on Crossways Business Park in Dartford to CCLA for its LAMIT Fund for more than £14m.
The price reflects a yield of sub-6.5% and the sale follows an unsolicited approach from the purchaser and an informal sales process.
Crossways Point, which comprises two modern office buildings totaling around 43,000 sq ft, was acquired by Patron and APAM in 2014, when one of the buildings was vacant. Following a letting to car giant Mazda for the entire vacant 26,000 sq ft office building on a long lease, the asset achieved full occupancy with other tenants including Balfour Beatty and BSkyB.
Daniel Weisz, partner at Patron Capital, said: “We are pleased with the performance of this investment, with this sale demonstrating the success of our long-term strategy to focus on assets that offer strong fundamentals and prospects to add value. We will continue to seek opportunities in the UK commercial property sector, where we are aiming to invest over £500m over the next two years.”
Chris Taylor, director of APAM, added: We are delighted to have concluded the letting to Mazda and the subsequent sale of the properties. We have successfully invested over £100 million with Patron into the UK regional office market over the past 18 months and continue to seek new investment opportunities together where we can utilise our expertise and experience in active asset management. The success of this transaction is testament to this strategy and, with the regional occupier market continuing to improve, we are proactively targeting further new investments to expand our existing portfolio.”
BNP Paribas Real Estate and Altus Edwin Hill acted for Patron and APAM in respect of the letting to Mazda, who were represented by CBRE.
JLL acted for APAM and Patron in respect of the sale. Chris Freer-Smith Ltd acted on behalf of CCLA.
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