Goldman Sachs, with asset manager partner Canmoor, has entered exclusive talks to buy Birchwood Park in Warrington after fierce bidding pushed pricing for the office campus to close to £210 million, CoStar News understands.
Warrington Council, advised by Newmark, has been shortlisting bidders for the 120-acre business park, which it bought for £205 million from Oaktree Capital Management in 2017. Oaktree had bought the park in 2014 as one of three from Federated Hermes for around £430 million.
Minutes from a cabinet meeting in April confirmed the council had approved funding for “a marketing exercise for Birchwood Park” and “to consider offers for a possible disposal” of the 1.25-million-square-foot asset.
The council has been considering asset sales after the previous government raised concerns about its exposure to real estate and the debt on its books. In June of last year it sold a Warrington logistics warehouse for circa £50.8 million, to Clarion Partners acquiring the building on behalf of its UK-only logistics fund.
The Haydock site off Penny Lane comprises 381,146 square feet and is fully let to healthcare logistics operation Movianto UK, which has a 15-year lease at the site, with a rent review due next month.
The American investment banking giant and Canmoor is now understood to have seen off shortlisted rivals Tristan Capital, Marchmont and Staybrook to secure exclusivity.
A Warrington Borough Council spokesperson said: “The council consistently reviews the market and what may constitute best value for any of its assets. The council maintains exit strategies and development plans for all of its assets.”
Goldman Sachs and Newmark declined to comment.