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HDG MANSUR ACQUIRES £12.6 MILLION OFFICE BUILDING
14 October 2008
HDG Mansur Investment Services Limited has completed the acquisition of Pinehurst Park, Farnborough on behalf of a Fund it manages. The £12.6 million office building has been bought from Norwich Property Trust Limited and is leased to its sole tenant, IBM UK, until July 2016.
This building is located in the Pinehurst House development in Farnborough, one of the most prosperous business areas in the UK for the technology and telecommunications industry. It is situated on the M3 motorway offering easy links to the capital by road and by rail, plus international destinations courtesy of Farnborough airport. The building contains a total of 63,611 sq. ft. (5,910 sq. m.) of office space along with 313 separate car parking spaces and 2.83 acres of land.
Philip Churchill, HDG Mansur, Head of Investment Management, Europe commented: "This well located building, just outside London, provides all the space, resources and accessibility that a successful company requires. Furthermore, there is strong potential for increases in value as the rental market begins to improve.''
Chairman and CEO of HDG Mansur, Harold D. Garrison continued: "We are all aware that the global economy is on uncertain grounds, but deals are still taking place and people are still investing in the UK economy. HDG Mansur is keen to consolidate what is already a strong position in the UK commercial market and this acquisition is a welcome addition to our portfolio."
Knight Frank represented the sellers, Norwich Property Trust Limited, throughout the sale. King & Spalding's London office led the legal team representing HDG Mansur on the structuring and financing of the acquisition on a Shari'ah-compliant basis. Matthew Williams and Robert Muir from Fladgates dealt with the property acquisition from Norwich Property Trust Limited.
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For more information contact:
Kyra Obolensky at TwoBlue Communications : 0207 349 6280 / kobolensky@twobluecommunications.com
Notes to Editors:
HDG Mansur is an international real estate industry leader with more than 25 years experience in providing real estate fund and asset management services and property development services worldwide. These services are structured to support the specific requirements of high net worth individuals and their private banks, trust companies and financial advisors.
Since 1982, HDG Mansur's business activity includes:
- $5.9 billion in international real estate investments
- 4.2 billion in real estate financing
- $1.3 billion in planned and managed equity
- 30 million square feet in real estate investments
- More than 25 years experience
- 4 offices worldwide – London, New York, Indianapolis and Dubai
- As of 30th June 2008, the HDG Mansur's Group's business has $2.6 billion of assets under investment