21 October 2015

Forsters advise on funding of radiotherapy centre

Forsters has acted on behalf of a fund managed by LaSalle Investment Management (LaSalle) on the £42 million forward funding of the first phase of an 110,000 sq ft radiotherapy centre. The funding is believed to be one of the largest office deals in the M25 area within the last five year period.

The centre is pre-let to global medical-technology business Elekta Limited and adjoins Elekta's existing UK office headquarters. LaSalle and developer, Bridgecore Developments Limited, will be working in partnership with Elekta on the creation of a centre of excellence to ensure the continuance of Elekta's pioneering oncology treatments. With the first phase of the development, to comprise offices and a multi-storey car park, due for completion in August 2017, the fund managed by LaSalle also has the option to fund the 40,000 sq ft second phase of the development.

Tim Frost, National Director at LaSalle, said: "This acquisition is an excellent example of LaSalle providing its clients with long term liability matching income through investing in high quality properties let on long leases to strong covenants with the benefit of inflationary linked rent reviews. We are working closely with Elekta and Bridgecore to ensure the continuance of the incredibly important work of Elekta in Crawley."

Commercial Real Estate partner Glenn Dunn advised LaSalle, assisted by Ed Tennant, with Construction partner Andrew Parker advising on the construction documentation, assisted by Richard Spring.

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