Statement re Completion of purchase of holding
Slough Estates PLC
Slough Estates completes £276m purchase of holding entities owning UK Industrial
Parks
Slough Estates Plc, a leading provider of flexible business space, today
announces the off-market purchase of holding entities owning two major multi-let
estates, Woodside Industrial Estate in Dunstable and Heywood Distribution Park
in Manchester, from WB Woodside II, L.P. and WB Heywood L.P. (two limited
partnerships managed by Moorfield Investment Management Limited a subsidiary of
Moorfield Group Limited) for £276 million in cash, using Slough's existing
banking facilities.
Woodside and Heywood are two of the largest industrial parks in the UK. Together
the two sites contain 4.0m sq. ft. of prime industrial property, providing a
combined contracted rental income of approximately £16.5 million per annum, and
over 28 acres of further development land.
Ian Coull, Chief Executive of Slough Estates commented: 'I am delighted to
announce the addition of the Woodside and Heywood estates, which is in line with
our strategy of focusing on industrial property to provide flexible business
space for our customers. The estates not only provide good quality properties
with high calibre occupiers but also over 28 acres of well-situated, prime land,
presenting an excellent development opportunity. The purchase was agreed
off-market which was an effective way to add such significant assets to our
industrial portfolio. In particular, Woodside strengthens our presence in our
North London and East of England region and Heywood opens up a new opportunity
for a Northern region for Slough Estates. Following this transaction, Slough
Estates now owns five of the largest industrial estates in the UK including the
Slough Trading Estate, Winnersh and Kings Norton.'
Marc Gilbard, Managing Director of Moorfield Group said: 'Our relationship with
Slough Estates has allowed us to undertake an off-market transaction that is in
the best interests of both parties. It brings a conclusion to two of the three
successful joint ventures between Moorfield Group and Westbrook Partners and
allows Moorfield to focus more time on its recently raised real estate fund'.
Slough Estates is a leading provider of flexible business space in business
parks in Western Europe and North America, with over 1500 customers occupying
2,996,967 square metres of business space, with a total value of £3.9 billion.
Slough Estates' properties are in suburban locations in close proximity to the
main business centres, where there is long term demand for business
accommodation to serve these key economic regions. The company's main activities
are currently based around London, Brussels, Paris, Düsseldorf, Amsterdam, San
Francisco and San Diego and the company continues to develop new business parks
with the long term objective of building shareholder value and enhancing its
reputation for quality buildings offering excellent value to customers.
www.sloughestates.com
Moorfield Group is a private company that is the Investment and Asset Manager
of, and Co- Investor in, Limited Partnerships owning real estate and real estate
related investment opportunities throughout the UK. The recently raised
Moorfield Real Estate Fund currently has some £1 billion to invest.
www.moorfieldgroup.com
For further information contact:
Slough Estates Shared Value Limited
Ian Coull, Chief Executive Emily Bruning
Andy Gulliford, Director, Corporate Tel: 020 7321 5027
Acquisitions
Tel: 01753 537171
Moorfield Group Limited
Marc Gilbard, Managing Director
Tel: 0207 399 1900
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