9 November 2009

Purchase Launton Road Retail Park, Bicester & Units 1 - 8 Dukes Park, Harlow.

Forsters completes double acquisition for ICL Pension Trust

Forsters has completed two acquisitions on behalf of new client ICL Pension Trust Limited; a retail warehouse park in Bicester and several light industrial and wholesale warehouses in Harlow with a total value of circa £18m. These are the first property acquisitions by ICL Pension Trust Limited property fund. Both investments were acquired and are to be managed on behalf of the fund by ING Real Estate Investment Management. 

In Bicester the fund purchased Launton Road Retail Park for £13.5m with a net initial yield of 6.41%. Tenants include Homebase, Dreams and Pets At Home. Forsters’ Guy Jordan and Linda Hayllar acted for the fund. K&L Gates LLP (Rajeev Joshi and Eleanor Smith) acted for the sellers.

In Harlow, the fund has acquired Units 1-8 Dukes Park, Edinburgh Way, Harlow for £4.328m. Tenants include Travis Perkins and Brewers. This transaction was handled by Guy Jordan, Sarah Cook (construction) and Janet Matthews. Olswang (Matthew Speed) acted for the sellers.

Our Insights

"Forsters had already hugely increased in size and turnover in the last ten years, and this move has really added to that"  on the arrival of the private client team from Gowling WLG.
Chambers HNW Guide