Real estate group Frasers Property said yesterday it is acquiring Lakeshore, Bedfont Lakes business park in London for £135 million (S$239 million).
Frasers Property's indirect subsidiary, Frasers Property Holdings UK, has entered into a sale and purchase agreement to acquire the entire stake in Bedfont Lakes Limited, which holds the freehold interest in the business park comprising three office buildings.
The property is located at Bedfont Lakes, Feltham, Middlesex, and has a lettable area of about 272,000 sq ft.
It is leased on a long-term basis as the headquarter campus for multinational tech firm Cisco Systems.
The purchase price is payable in cash, and will be funded from internal resources, Frasers Property said. It is also subject to adjustments according to terms of the sale and purchase agreement.
Mainboard-listed Frasers Property develops, owns and manages a portfolio across different countries, including residential, retail, commercial and industrial properties.
It has six business parks in the United Kingdom.
As at Sept 30 last year, the Singapore-based company has assets totalling about $37.6 billion. Shares in Frasers Property closed at $1.71 yesterday, down 1.16 per cent.
THE BUSINESS TIMES