4 August 2015

Forsters advise on sale of two significant regional business parks

Forsters has advised warehouse and business space sector leaders Canmoor in relation to the disposal of two significant regional business parks in Leeds and Birmingham.

Lawnswood Business Park in Leeds has been sold to Centurion Capital Partners, a joint venture between Centurion Properties and ICG-Longbow, for £17.25 million.

The well-established business park comprises eight buildings providing 146,000 sq ft of high-quality office space. Occupiers include BUPA Care Homes, Aramark, the British Medical Association and the Secretary of State for the Environment.

Forsters has also advised Canmoor on the sale of 350,000 sq ft of offices at Birmingham Business Park near Solihull to BlackRock for a purchase price in the region of £85 million. The six office buildings include 4060 Lakeside, a 36,000 sq ft office building let in its entirety to IMI on a 16-year lease and the 27,000 sq ft at Unit 4040 which is let to WM Housing Group on a new 16 year lease.  The sale also includes 18 acres of consented land and 50 acres of unconsented land.

Commercial Real Estate partner, Andrew Crabbie, led the team advising on the sales, assisted by Hannah Kramer. Forsters also advised Canmoor on the acquisition of the two assets in 2013 from Arlington Business Parks Partnership, a client of Goodman Real Estate Advisors, and the subsequent property management.

Our Insights

"Strong UK and international tax business with a good residential property business."
Chambers HNW Guide