Offices at business park sold for Â£43m
OFFICES at a business park have been sold for Â£43m to a firm that runs an investment fund.
Curzon Capital Partners IV bought The Forum at Solent Business Park in Whiteley from M&G Investments.
M&G put the 252,000 sq ft campus on the market in March. The deal has now exchanged, with completion due at the end of September.
The Forum is made up of five office buildings, which are 75 per cent let and 25 per cent vacant, plus 10 acres of development land.
Peter Mather, managing director at Tristan Capital Partners, which advised on the sale, said: ‘The Forum is a solid core-plus asset offering scope to implement a range of asset management initiatives targeted at reducing vacancy, increasing rent and maximising tenant satisfaction.
‘We’re confident that we can move this asset into the next stage of its life-cycle, especially with ever-tightening supply on the park itself and in the surrounding area.’
HSBC and Specsavers are major tenants at The Forum, as are Randstad and Regus.