|Chiswick Park Sells For £480m|
American private equity firm Blackstone beats British company to buy business park
American private equity firm Blackstone is set to close a £480m deal making them the new owners of Chiswick Business Park.
According to industry magazine Property Week, Blackstone beat British company London & Stamford to buy the 1.9m sq ft business park, which is owned by the Chiswick Park Unit Trust and managed by Aberdeen Asset Management, Schroders and Stanhope.
The park was last valued at £350m in 2010, but lettings last year to Tullow Oil and QVC pushed the asking price up to £450m.
The sale process began after Chiswick Park Unit Trust's term expired in December 2009 and a small but significant proportion of the unit holders decided to cash in their investments.
"Chiswick Park is seen as a good investment where the buyer will be able to drive up rents," writes Property Week's Mark Wilding. "There is also the potential to develop two remaining unlet plots. It has proved particularly resilient in the downturn. Although other south-east business parks have struggled to attract tenants, Chiswick Park has achieved a string of big prelets, through Jones Lang LaSalle and Savills."
Chiswick Park would be Blackstone’s second-largest UK purchase, after it took a 50% stake in the Broadgate office complex in the City of London for £1.1bn in 2009, including debt.
January 10, 2011