FCL and FCOT to buy UK-based Farnborough Business Park for $316.09m
FCOT wants to start expanding its Europe investments in the UK.
Frasers Centrepoint Limited (FCL) and Frasers Commercial Trust (FCT) entered a 50:50 joint venture (JV) to buy UK-based Farnborough Business Park (FBP) for $316.09m (£174.6m).
According to a press release, FCOT wants to expand its investment mandate to Europe, with an initial focus on the UK.
FBP is a 46.5 ha freehold business park comprising 14 commercial buildings with a total net lettable area (NLA) of approximately 555,000 sqft located in Thames Valley, west of London.
FBP is approximately 1.6 km to Farnborough Town Centre, adjacent to the TAG Farnborough Airport and Farnborough International Exhibition & Conference Centre and approximately 40 km away from London’s Heathrow Airport.
FBP is a defensive asset underpinned by leases with a WALE of 8.3 years and a diversified tenant base of 36 tenants, including corporations such as Fluor Limited, INC Research UK Ltd, Time Inc (UK) Ltd, Aetna Global Benefits (UK) Ltd and a unit of Regus.
It has an occupancy of 98.1% and a tenant retention rate of around 89%.
The acquisition is expected to be completed by end-January 2018.
More From Singapore Business Review