Frasers Property buying London business park for £135m

REAL estate group Frasers Property on Thursday said it is acquiring Lakeshore, Bedfont Lakes business park in London for £135 million (S$238 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 square feet (25,270 square metres). 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.

Shares in Frasers Property closed at S$1.73 on Wednesday, up one Singapore cent, or 0.6 per cent.