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TIAA Henderson Real Estate acquires 2 Roundwood Avenue, Stockley Park from Europa Capital and Cordatus Real Estate

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TIAA Henderson Real Estate (TH Real Estate), on behalf of the Henderson UK Property OEIC, has purchased 2 Roundwood Avenue from Europa Capital and joint venture partner, Cordatus Real Estate, for a price in excess of £46m.

The deal follows the completion in November of a comprehensive refurbishment of the property and its pre-let to Gilead Sciences Europe Limited ('Gilead').

Europa and Cordatus purchased the property which comprises two co-joined buildings in early 2013. Having negotiated an early dilapidations settlement with outgoing tenant Hasbro, the joint venture then carried out a CAT A refurbishment of the north building whilst simultaneously negotiating a new 10 year lease of both buildings, totalling 97,720 sqft to Gilead.

The letting to Gilead represented one of the largest Thames Valley lettings of 2014.

Europa and Cordatus were represented in the Gilead letting by Lambert Smith Hampton and BNP Paribas Real Estate. Gilead were represented by Cushman & Wakefield.

In the sale the joint venture was represented by BNP Paribas Real Estate whilst Maples acted as their legal representatives.  Henderson were represented by Lewis Ellis.

Rob Sim, Partner and Head of Northern Europe at Europa, comments, 'we have been delighted with our joint venture with Cordatus the quality of the refurbishment has transformed one of the original Stockley buildings into a grade A headquarters for Gilead. The completed building has proved attractive to investors with a number of unsolicited approaches and we are very pleased to have completed the sale to Henderson.   

Marcus Langlands Pearce, Director of UK Property OEIC at TH Real Estate and Co-Manager of the Henderson UK Property OEIC, added:

“The acquisition of 2 Roundwood Avenue completed a successful 2014, when the Fund acquired nearly a billion pounds worth of property across all sectors. The newly-refurbished building let to a globally recognised covenant on a 10 year lease, reinforces the core nature of the Fund’s property portfolio. Stockley Park is a location where we would hope to capture strong rental growth in the coming years. “

Issued by Henderson Real Estate Asset Management Limited, 201 Bishopsgate, EC2M 3BN. Authorised and regulated by the Financial Conduct Authority. TH Real Estate is a name under which Henderson Real Estate Asset Management Limited provides investment products and services. The value of investments and any income will fluctuate (this may be partly be the result of exchange rate fluctuation) and investors may not get back the full amount invested. Where opinions have been expressed, they are based on current market conditions and are subject to change without notice.

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