Spelthorne Borough Council has bought 3 Roundwood Avenue at Stockley Park near Heathrow from a fund managed by CarVal Investors and its operating partner Chester Properties.
The freehold property has been comprehensively refurbished and is let to air freight and logistics group Cargo Logic, for whom the proximity to Heathrow is strategically important, and to Verifone, an electronic point-of-sale payment systems provider, which is relocating its UK head office from Cowley Business Park, Uxbridge.
CarVal Investors and Chester Properties were advised by ACRE Capital and JLL and Spelthorne Borough Council was advised by Cushman & Wakefield.
Chris Lewis, international partner and head of office investment at Cushman & Wakefield, said: “We were delighted to assist Spelthorne Borough Council in the acquisition of this prime south-east office building. The opportunity was consistent with their investment strategy and also benefitted from being within its local economic area.”
The sale by CarVal Investors and Chester Properties marks the end of a number of initiatives at Stockley Park. The partners bought 1, 3 and 5 Roundwood Avenue in 2012 from the Universities Superannuation Scheme and have subsequently leased and then sold the three buildings.
Spelthorne council has been one of the most notable protagonists in recent months as local authorities have increased their investment in real-estate assets.
Source: CoStar
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