Multi-national real estate firm, Frasers Property Group, has announced the acquisition of a West London business park from Evans Randall Investors in a £135 million deal.
The 541,886 sq ft Lakeshore, Bedfont Lakes Business Park is currently fully let to global technology company Cisco Systems Limited until 2025 and serves as the firms’ UK headquarters.
Ilaria del Beato, Chief Executive Officer at Frasers Property UK, said: “Lakeshore is a quality investment opportunity that reflects our long-term strategy to grow our commercial and residential assets in the UK including selectively growing our portfolio of business parks. The Property enables us to extend from the Thames Valley into West London, benefitting from the strong recurring income of a high-calibre, multi-national occupier.”
“We believe in the potential of the UK business parks sector and are committed to investing in the business communities at all our business parks, to create environments where people and enterprise can flourish. We look forward to working with the business community at Lakeshore and exploring ways to enhance the services and facilities.”
Lakeshore’s purchase marks Frasers Property’s first acquisition within the M25 and significantly boosts the growing southern business park portfolio of the firm.
At present, Frasers Property’s southern business park portfolio comprises of 3.2 million sq ft of assets, featuring a list of office parks including Winnersh Triangle, Chineham Park, Farnborough Business Park, Watchmoor Business Park, and Maxis in Bracknell.
A spokesperson at Evans Randall Investors said: “With its proximity to Heathrow, Lakeshore continues to benefit from good asset fundamentals alongside long-term occupational income. However, after 14 years in our ownership and in line with our current investment strategy, it is the right time in the cycle to exit and allow another investor to take the investment forward.”