Cordatus Real Estate and Europa Capital Flying High with Sale of Stockley Park
Cordatus are delighted to announce that TIAA Henderson Real Estate, on behalf of the Henderson UK Property OEIC, has purchased 2 Roundwood Avenue, Stockley Park from Cordatus Real Estate and joint venture partner Europa Capital for a price in excess of £46m.
Cordatus Real Estate and Europa Capital embarked on a Joint Venture in early 2013, having identified an opportunity to buy the 94,000sqft headquarters building near Heathrow.
This strongly located building had short term income and a dated specification. Following careful due diligence and consent processes, the JV team negotiated an early dilapidations settlement with outgoing tenant Hasbro, and completed an extensive CAT A refurbishment and extension to the building.
The newly refurbished building totalling 97,720 sqft was then let on a 10 year lease to Gilead Sciences Europe Ltd, representing one of the largest lettings in the Thames Valley in 2014.
This building proved attractive to investors and has been sold off market to TIAA Henderson Real Estate, as part of their growing Henderson UK Property OEIC Fund.