20th Feb 2006 10:36
Slough Estates PLC20 February 2006 SLOUGH ESTATES AGREES SALE OF OFFICES AT CAMBRIDGE RESEARCH PARK Slough Estates, a leading provider of flexible business space, has completed thesale of three buildings at its Cambridge Research Park site to Zurich Assurance,for £25.9 million. Buildings 1000, 2000 and 9000 comprise three office buildings totalling 11,553m2within a prime business park setting, providing rental income of £1,928,376 perannum. The sale price reflects a net initial yield of 7.04%. Slough Estates intends to retain the remaining 7250m2 of business space as wellas nearly 11 hectares of development land. This represents a major developmentopportunity within the Cambridgeshire area and there is already interest from anumber of parties. This sale follows the recent pre-letting of a 2,906m2 regional fire controlcentre at Cambridge Research Park to the Office of the Deputy Prime Minister ona 25-year lease. The attractiveness of Cambridge Research Park has also beenimproved with the introduction of the "easi-lease" concept - a range of small,fully fitted out office suites available on flexible terms. This managedworkspace offer was successfully launched in December 2005 at Building 7200 -already over 90 per cent let. John Danks, Regional Director at Slough Estates commented: "This transaction is part of our active acquisition and disposal programme - inline with Slough's strategy of trading stock and recycling capital across the UKportfolio. We are happy to have concluded this sale which confirms the appeal ofour facility at Cambridge Research Park within the investment market. Ourremaining land on this site presents substantial development opportunitieswithin the M11 corridor." Slough Estates was advised by CB Richard Ellis and Zurich Assurance by JonesLang LaSalle. For further information please contact: Slough Estates plcMichael Waring Tel: 01753 213335 The Maitland ConsultancyColin Browne/Peter Ogden Tel: 0207 379 5151 Notes to editors Slough Estates Plc Slough Estates is a leading provider of flexible business space in businessparks in Western Europe and North America, with over 1500 customers occupyingapproximately 3m square metres of business space. Slough Estates' properties arein suburban locations in close proximity to the main business centres, wherethere is long term demand for business accommodation to serve these key economicregions. The company's main activities are currently based around London,Brussels, Paris, Dusseldorf, Amsterdam, San Francisco and San Diego and 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. www.sloughestates.com This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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