Frasers Centrepoint Limited acquiring 4 UK business parks for $1.2 bil

SINGAPORE (Sept 11): Frasers Centrepoint Limited is acquiring four income-producing business parks in the United Kingdom for a purchase consideration of £686 million ($1.2 billion).

The acquisition comprises 4.9 million sf of built area across four freehold business park assets located near London and Glasgow. They are Winnersh Triangle, Reading; Chineham Park, Basingstoke; Watchmoor Park, Camberley; and Hillington Park, Glasgow.

With a total of 432 tenants, the properties have a total contracted rent of £46.5 million p.a. and 1.4 million sf in development area. Each property has an average WALE of 5.9 years. The properties also enjoy occupancy rates of over 85% and retention rates of around 80–85%.

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