Chiswick Business Park Up For Sale
Blackstone group looking for up to £800 million
The Blackstone group has put Chiswick Business Park for sale for up to £800 million, 18 months after buying it for £480 million.
The American private equity group has approached several sovereign wealth funds and global investors and is seeking a price of between £775 million to £800 million for the site which has 1.3 million sq ft of space. If a deal was finalised at that price, the company would make a profit of £320million.
Blackstone bought Chiswick Park for £480m in January 2011. Its previous owner was Chiswick Park Unit Trust, which was managed by Aberdeen Asset Management, Schroders and Stanhope.
The company has renegotiated leases and secured several high profile occupiers, including television shopping channel QVC and Norwegian oil giant Aker. The vacancy rate is down to 1%.The Park has a single plot for a 340,000 sq ft office left to develop.
The average lease length at the park is 11 years and the company is understood to be approaching foreign sovereign wealth funds looking for secure long term income outside of central London.
We have asked Blackstone for a comment but they have not yet responded.
It is not known whether any change of ownership would affect the controversial Colonial Drive development in Bollo Lane which is being opposed by local groups who claim it would affect the Gunnersbury Triangle Nature Reserve.
October 5, 2012