Singapore's CapitaLand is selling its majority ownership and operational control of one of South East England's largest office campuses, Arlington Business Park in Theale near Reading, CoStar News can reveal.
Newmark has been appointed to sell the campus ownership. No formal guide price has been attached but it is thought be seeking in excess of £50 million.
The multilet business park is a 1 mile from junction 12 of the M4 and a 10-minute walk from Theale train station.
The stake comprises 362,589 square feet of offices across 11 buildings on 39 acres of landscaped grounds. Amazon has a major warehouse nearby.
There has been £30 million of capital expenditure spent refurbishing the park in the last 10 years.
The buildings are leased to 26 tenants with a contracted rent of £6,610,200 reflecting £30.80 per square foot. The buildings range in size from 20,000 to 45,000 square feet.
The weighted average lease to expiry is 7.26 years and 4.23 to break and the vacancy rate is 40%, which comprises a mix of refurbished and refurbishment opportunities.
On-site amenities include a floating pavilion, gym, lakeside café, and golf putting green. Tenants include Nuraxpharm, Amentum Clean Energy, Synopsis and Cybit.
The buildings are being sold as an opportunity to purchase 100% of the shares in Luxx Arlington which was set up solely for the ownership of Arlington Park.
The office assets include Buildings 1210, 1220 and 1310.
CapitaLand bought the park in 2020 from Patron Capital and APAM for £129.5 million.