TIAA Henderson Real Estate (TH Real Estate), on behalf of the Henderson UK Property OEIC, has purchased 2 Roundwood Avenue from Europa Capital and joint venture partner, Cordatus Real Estate, for a price in excess of £46m. The deal follows the completion in November of a comprehensive refurbishment of the property and its pre-let to Gilead Sciences Europe Limited (‘Gilead’).
Europa and Cordatus purchased the property which comprises two co-joined buildings in early 2013. Having negotiated an early dilapidations settlement with outgoing tenant Hasbro, the joint venture then carried out a CAT A refurbishment of the north building whilst simultaneously negotiating a new 10 year lease of both buildings, totalling 97,720 sq.ft. to Gilead.
The letting to Gilead represented one of the largest Thames Valley lettings of 2014.
Europa and Cordatus were represented in the Gilead letting by Lambert Smith Hampton and BNP Paribas Real Estate. Gilead was represented by Cushman & Wakefield.
In the sale the joint venture was represented by BNP Paribas Real Estate whilst Maples Teesdale acted as their legal representatives. Henderson was represented by Lewis Ellis and by lawyers Wragge Lawrence Graham.
Rob Sim, Partner and Head of Northern Europe at Europa, comments:
“We have been delighted with our joint venture with Cordatus, the quality of the refurbishment has transformed one of the original Stockley buildings into a grade A headquarters for Gilead. The completed building has proved attractive to investors with a number of unsolicited approaches and we are very pleased to have completed the sale to Henderson.”
Marcus Langlands Pearce, Director of UK Property OEIC at TH Real Estate and Co-Manager of the Henderson UK Property OEIC, added:
“The acquisition of 2 Roundwood Avenue completed a successful 2014, when the Fund acquired nearly a billion pounds worth of property across all sectors. The newly-refurbished building let to a globally recognised covenant on a 10 year lease, reinforces the core nature of the Fund’s property portfolio. Stockley Park is a location where we would hope to capture strong rental growth in the coming years. “
Notes to Editors:
Europa Capital is an established real estate fund management group operating across Europe adding value through risk-based acquisition strategies and active asset management on behalf of its investors.
Since 1995, Europa Capital’s Principals have collectively raised 7 real estate funds and committed to over 80 transactions totalling some €8.0 billion across 18 European countries.
The Europa Funds benefit from Europa Capital’s established network of partners across Europe who co-invest in acquisitions made by the Europa Funds. These country and joint venture partner relationships in some cases extend back more than 20 years.
Further information can be found at www.europacapital.com.
Europa Capital is a member of The Rockefeller Group (“RGI”). RGI is a strategic investor alongside Management.
Europa Capital Partners LLP and Europa Capital LLP are authorised and regulated by the Financial Conduct Authority.
Cordatus Real Estate (“Cordatus”) is a UK asset and development management specialist. From our offices in London, Edinburgh and the Midlands, we deliver value-creating, hands-on asset management services and support.
We work with institutional and corporate investors, private clients, banks, administrators and LPA receivers to identify appropriate asset maximisation paths for retail, office and industrial property.
We provide our clients with strategic advice and devise detailed business plans which we implement to achieve agreed objectives.
With more than £350m of assets, 100 properties under management, and a proven track record of success, we are one of the UK’s leading asset and development management specialists. Our five property directors have more than 130 years of combined asset management expertise.
Further information can be obtained at www.cordatus-re.com
Gilead is a US biopharmaceutical company that discovers, develops and commercializes innovative therapeutics in areas of unmet medical need. The new office at 2 Roundwood Avenue will supply additional accommodation for the company’s international headquarters, which provides centralized support for most of Gilead’s operations outside the United States and Canada.
Stockley Park has been developed in phases since the mid 1980s and has involved some of the world’s leading architects and designers, including ARUP Associates, SOM and Foster and Partners. The Stockley Park Consortium, the developers of the Park, is a joint venture between Kajima, PRUPIM and Aldersgate.
About TIAA Henderson Real Estate
TIAA Henderson Real Estate (TH Real Estate) is an established investment management company with specialisation in real estate equity and debt investing worldwide. As one of the largest real estate managers in the world, TH Real Estate has the scale, capital resources and knowledge to provide creative and effective real estate investment solutions for clients. With a focus on the retail, office, logistics, debt and multi-family sectors, TH Real Estate emphasises sustainable practices to protect assets and maximise their value.
Launched in April 2014, the company has a dedicated global presence with offices across Asia and Europe, managing c.$25.2bn of real estate assets across c.50 funds and mandates.
Together, the TIAA-CREF real estate and TH Real Estate platforms represent one of the largest real estate investment management enterprises in the world, with a combined total of c. $79 bn* in real estate assets under management.
The company is jointly owned by TIAA-CREF (60%) and Henderson Global Investors (40%) bringing it a combined track record of over 90 years in global real estate. Its products are managed by specialist teams, which apply their own experience to the management and style of their portfolios. Each team is supported by an experienced senior management team and integrated investment platform, including finance, debt and currency management, performance analytics, client service, fund and transaction structuring, development, sustainability and research.
TIAA Henderson Real Estate Limited (TH Real Estate) is a real estate investment management holding company owned by Teachers Insurance and Annuity Association of America (TIAA) and Henderson Global Investors. TH Real Estate securities products distributed in North America are advised by UK regulated subsidiaries or TIAA-CREF Alternatives Advisors, LLC, a registered investment advisor and wholly owned subsidiary of TIAA, and distributed by Teachers Personal Investors Services, Inc., member FINRA. C21182