RREEF acquires Stockley Park offices for £26.4m

Real estate investment managers purchase 1 Longwalk Road

Article posted: 26 May 2011

RREEF Spezial Invest has acquired offices in Stockley Park with the purchase of 1 Longwalk Road from CB Richard Ellis Strategic Partners UK II.

The real estate investment management business of Deutsche Bank’s Asset Management division has paid £26.4m for the building together with the single asset special purpose vehicle in which it is held known as CBRE  SPUK II (No. 1) Ltd. The purchase price reflects a net initial yield of around 7.2%.

Recently having undergone an £8m refurbishment, the grade A office space in Uxbridge totals 74,958 sq ft and is fully let to pharmaceutical company Celgene Europe at a rent of a little under £2m per annum on a ten-year lease.

Other occupiers at the 1.75m sq ft Stockley Park include Canon, Apple, BP, EDS, M&S and Hasbro.

DTZ advised RREEF Spezial Invest.

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Posted by Jules