Westcore Europe Acquires 324,000-Square-Foot Property in Bretby, UK
LONDON, May 24, 2021 /PRNewswire/ -- On April 7, 2021, Westcore Europe together with Gulf Cooperation Council (GCC)-based strategic partner, 3S Capital, finalized its purchase of the Bretby Business Park in Bretby, UK for £23.5 million (~ $32.7 million US). Located on Ashby Road in Burton upon Trent, DE15 0YZ in the Midlands, the property comprises a total leasable space of 324,000 square feet situated in 23 buildings across the business park. There are also 864 parking spaces on the 30.76-acre site. This transaction demonstrates Westcore Europe's unique ability source attractive assets and access a wide base of capital, allowing it to act quickly when opportunities arise.
Since its development in the late 1960s, the site has served as a research and development facility for the National Coal Board, the predecessor to the British Coal Corporation. The property was subsequently redeveloped for multi-tenant use by several prominent locally-based companies, which have operated on site in the pharmaceutical and laboratory testing sectors since the mid-1990s. Two of those companies, Socotec and Surepharm Services, are still located at Bretby Business Park. More recently, Hi-Tech Fabrication, a manufacturer and designer of specialty metal components, has joined the lineup of tenants in the business park. Alongside these major tenants are 57 other companies doing business at Bretby Business Park, in a wide variety of sectors. The property was owned by TIAA Henderson Real Estate until 2015, when it was sold to the investment group who ultimately sold it to the Westcore Europe - 3S Capital JV. Westcore Europe plans to upgrade the business park, selectively refurbish and re-let vacant units, while pursuing development angles across the site.
Marc Brutten, Founder and Chairman of Westcore Europe, states, "This asset offers a high-quality income stream from the existing tenants, most of whom have operated at Bretby for at least 15 years. It also provides several opportunities to improve the business park over time, and provide existing and new tenants with the space to fit their needs."
Bretby Business Park is located 0.8 miles east of Burton upon Trent, along the A511 trunk road to the M1 motorway, in the South Derbyshire district of the Midlands. With frontage on the A511, the property offers easy access to the M1, M42 and M6 motorways, making Bretby an excellent strategic location for businesses. Among the major occupiers in the area are Amazon, Palletforce, Molson/Coors, B&Q, Argos, Boots, Clipper Logistics, and TNT/FedEx.
About Westcore Europe
Westcore Europe, an affiliate of Westcore Properties Group, is a real estate investor-manager with a specialization in multi-tenant industrial, retail, and office properties. Globally, the company has over €2 billion (~ $2.4 billion US) in assets under management, €500 million (~ $604 million US) of which is located in Europe. Westcore Europe has a consistent record of delivering high risk-adjusted investment returns to investors through effective asset management and operating strategies. Its clients include opportunity funds, real estate investment trusts, family offices, and high net worth individuals. Westcore Europe operates from four offices in London, Geneva, Berlin, and Vienna. In 2018, Westcore Europe procured its new London headquarters at 42 St. James's Place, located 0.3 kilometer/0.2 mile from Green Park and 0.6 kilometer/0.4 mile from Piccadilly Circus. For more information, visit http://www.westcore.eu/.
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