Palm Capital bags South of England offices brace
Palm Capital has completed the acquisition of two office buildings in Reading and Swindon from Deutsche Bank’s asset management arm for a fee in excess of £40m, CoStar News can reveal.
420 Thames Valley Park, Reading is a 75,000 sq ft commercial office building which has been subject to a recent phased refurbishment programme. The property is fully let to OpenText and Websense.
Whitehill House, Swindon is a 105,000 sq ft commercial office building which has been comprehensively refurbished. The property is fully let on three leases with 65% of the income secured to Arval, a 100% subsidiary of BNP Paribas.
Deutsche Bank’s UK real estate business has recently re-geared the leases at both buildings.
Noel Lander, director, South East office investment at JLL, said: “These two headquarter buildings complement Palm Capital’s growing portfolio and provide an opportunity to enhance the income profile through strategic asset management and reversionary rent potential."
Reda Khatim, managing partner at Palm Capital said: “The transaction continued the company’s acquisition strategy in the UK as we look to further expand our portfolio in 2016.
Palm Capital manages a number of investment vehicles targeting regional commercial real estate in the UK and opportunistic situations in other European nations.
JLL acted on behalf of Palm Capital on both transactions. Knight Frank advised Deutsche Bank.
Source: CoStar UK