Sale of Buildings
Slough Estates PLC
20 February 2006
SLOUGH ESTATES AGREES SALE OF OFFICES AT
CAMBRIDGE RESEARCH PARK
Slough Estates, a leading provider of flexible business space, has completed the
sale of three buildings at its Cambridge Research Park site to Zurich Assurance,
for £25.9 million.
Buildings 1000, 2000 and 9000 comprise three office buildings totalling 11,553m2
within a prime business park setting, providing rental income of £1,928,376 per
annum. The sale price reflects a net initial yield of 7.04%.
Slough Estates intends to retain the remaining 7250m2 of business space as well
as nearly 11 hectares of development land. This represents a major development
opportunity within the Cambridgeshire area and there is already interest from a
number of parties.
This sale follows the recent pre-letting of a 2,906m2 regional fire control
centre at Cambridge Research Park to the Office of the Deputy Prime Minister on
a 25-year lease. The attractiveness of Cambridge Research Park has also been
improved with the introduction of the 'easi-lease' concept - a range of small,
fully fitted out office suites available on flexible terms. This managed
workspace offer was successfully launched in December 2005 at Building 7200 -
already over 90 per cent let.
John Danks, Regional Director at Slough Estates commented:
'This transaction is part of our active acquisition and disposal programme - in
line with Slough's strategy of trading stock and recycling capital across the UK
portfolio. We are happy to have concluded this sale which confirms the appeal of
our facility at Cambridge Research Park within the investment market. Our
remaining land on this site presents substantial development opportunities
within the M11 corridor.'
Slough Estates was advised by CB Richard Ellis and Zurich Assurance by Jones
Lang LaSalle.
For further information please contact:
Slough Estates plc
Michael Waring Tel: 01753 213335
The Maitland Consultancy
Colin Browne/Peter Ogden Tel: 0207 379 5151
Notes to editors
Slough Estates Plc
Slough Estates is a leading provider of flexible business space in business
parks in Western Europe and North America, with over 1500 customers occupying
approximately 3m square metres of business space. 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, Dusseldorf, 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
This information is provided by RNS
The company news service from the London Stock Exchange
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