Patron Capital and APAM have completed the sale of its holding in Arlington Business Park, Theale to CapitaLand for £129.25 million.
Patron Capital acquired its holding in Arlington Business Park in March 2015 in a joint venture with asset management partner APAM. Since then, it has completed a comprehensive asset management programme, including the extensive refurbishment of four buildings, the implementation of new amenity facilities including a café, gym and a floating pavilion on the lake, and other park improvements including landscaping, signage and lighting.
Patron Capital and APAM have completed more than 25 lettings across 248,000 sq ft of space, including notable lettings to Veritas Technologies, Honda, NTT Security, Synopsys, Amazon UK Services and Willis Towers Watson; achieving a new headline rent of £32.50 psf.
Keith Breslauer, Managing Director of Patron Capital, said:
“We acquired Arlington Business Park with a clear strategy to drive value and reposition it as the leading office park in the Thames Valley. Within five years we have attracted major global businesses such as Honda and Veritas, increased occupancy, passing rent and lease terms and successfully executed our strategy and exiting the asset. This sale is a strong endorsement of our team’s ability to identify opportunities and create meaningful value for our investors.
“The UK has always remained an attractive place to do business, and with the renewed sense of certainty brought on by December’s general election, we anticipate investing substantial equity from our latest flagship Fund VI in the UK in the months to come.”
Chris Taylor, Executive Director of APAM, said:
“The asset management we have completed over the past five years has reinvigorated Arlington Business Park, and we are pleased to have assisted the team at Patron Capital deliver outperformance to their investors, We are very proud of our achievements, not only in the value accretion since acquisition, but also in the feedback we have received directly from occupiers on the quality of the working environment we have created. Arlington Business Park has undoubtedly been re-established as one of the best modern workplaces in the Thames Valley”