15th Jan 2007 09:30
15 January 2007
SLOUGH ESTATES' WEST LONDON EXPANSION CONTINUES WITH ACQUISITION OF ANOTHER
INDUSTRIAL ESTATE Slough Estates International (SEI) has acquired Sunbury International BusinessCentre (SIBC), a multi-let business and industrial park in Sunbury, South WestLondon, from Foreign & Colonial for ‚£27.4 million representing an initial yieldof 6.7%.
The property is located immediately adjacent to the M3 at junction 1, within 5.5 miles of Heathrow Airport. The estate comprises industrial and office properties let to 14 tenants and extending to c15,600 sqm.
The latest purchase in Sunbury adds to SEI's "theLHR.com" (www.thelhr.com)portfolio located in the Heathrow Airport area which now comprises 17 estatesin 11 locations. The SIBC is located within the Sunbury International Park, anestablished commercial district and the main employment area of SpelthorneDistrict Council.
This is a new market for SEI and the acquisition provides SEI with strong growth opportunities through the potential for further acquisitions in neighbouring estates, better management, and also by creating value through the refurbishing and re-letting of vacant office. There is also potential to generate higher value with alternative uses.
Phil Redding, Regional Director, West London said:
"The acquisition caps a significant year of growth for SEI in the west Londonregion, achieved through selective acquisitions, a significant programme of newdevelopment and asset management activities. The acquisition plays to SEI'sproactive asset management, customer focus and development-led approach. Thisprovides a mix of secure income and also opportunities to add value throughusing the company's leasing, marketing and refurbishment skills and taking anactive management approach to its portfolio."
Colliers CRE and DTZ acted for Slough Estates International.
For further information please contact:
Slough Estates Maitland Michael Waring Colin Brown/Peter Ogden
Director of Corporate Communications
Tel: 01753 213335 Tel: 020 7379 5151 Notes to editors
Slough Estates International (SEI)
The leading European provider of flexible business space, SEI owns businessparks in Europe and North America, with property assets of ‚£5.6bn, more thanfour million square metres of business space and more than 1,700 customers. SEIhas an annual rent roll of ‚£289m and a weighted average unexpired lease lengthof 11.9 years. Flexible business space is industrial sites or business parksput to multiple uses such as; manufacturing, light industrial, distribution(both `small' and `big-box'), research and development, offices andwarehousing. SEI's properties are in suburban locations in close proximity tomain business centres with long-term demand for business accommodation. Thecompany continues to develop new business parks with the long-term objective ofbuilding shareholder value and enhancing its reputation for quality buildingsoffering excellent value to customers.
(Figures quoted as per financial results to 30 June 2006)
www.sloughestates.com
TheLHR.com
Slough Estates' West London team manages two distinct portfolios of businessspace at Heathrow and along the A40, between them comprising 353,032 sq m ofspace. In 2005, the portfolios were rebranded "The LHR.com" to give customers aclear, one-stop property service in each location.
* TheLHR.com includes 241,548 sq m of business space in 11 locations circling
Heathrow Airport. The portfolio is currently undergoing substantial redevelopment, delivering further high-quality floor space to meet the needs of airport-related businesses.
* TheA40.net draws together 111,484 sq m of space along the A40, one of west
London's major arteries, in eight locations between Uxbridge and Acton. The
mix of industrial buildings is home to a wide cross-section of businesses,
many of them serving the capital.
www.thelhr.com
SLOUGH ESTATES PLCRelated Shares:
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