Press Release
THE CROWN ESTATE PURCHASES BATH ROAD RETAIL PARK FOR £92M FROM SEGRO
26 June 2008
The Crown Estate has completed the purchase of Bath Road Retail Park, Slough, for £92m from SEGRO plc.
The deal encompasses 18,068 sq m (194,485 sq ft) of A1 consented retail space, along with 626 car parking spaces.
Bath Road Retail Park is located within the south west corner of SEGRO’s Slough Trading Estate. The fully let retail park is currently occupied by ten national retail chains, including Next, JJB Sports, Mothercare, Argos and B&Q Warehouse.
Jim Yates, Head of Regional and Residential Portfolio at The Crown Estate said: “We completed the purchase of Bath Road Retail Park in just three weeks, sending a clear signal to the market that we are a reliable a purchaser to deal with in this difficult market. Together with the acquisition this week of a 50% share of Crown Point Shopping Park in Leeds, this demonstrates our commitment to managing our regional portfolio as actively as we manage our central London holdings.”
Kevin O’Connor, Director of SEGRO’s Slough Trading Estate said: “As a non-core activity, the divestment of the retail park will enable the Trading Estate’s management team to meet its stated objective of concentrating on its core assets and the provision of flexible business space. This is a good move for us and following the December 2007 sale of the Slough Heat and Power plant, our operations on the Slough Trading Estate have become significantly more focused – this is important as we look towards the longer term development of the Slough Trading Estate.”
CB Richard Ellis advised SEGRO while Griffiths Eccles advised The Crown Estate.
Further Information
|
