Benson Elliot Capital Management, the UK-based private equity real estate fund manager, on behalf of its pan-European fund, Benson Elliot Real Estate Partners IV L.P. (“BEREP IV” or the “Fund”), has acquired the Slough Retail Park in Slough, Berkshire from Standard Life. The acquisition takes Benson Elliot’s total retail holdings in the UK above 1.7 million sq ft.
Slough Retail Park (the “Park”), originally developed in 1988 and extended in 1997, comprises 151,000 sq ft of lettable space across eight units, as well as 474 car parking spaces. The Park has a strong occupational history and is currently fully let to eight tenants, including Carpetright, DFS and The Range. It is located in a prime location, close to the Slough Trading Estate on the A4 Bath Road and just two kilometres from Slough town centre. The Park is easily accessed by car or public transport, and accessibility is set to further improve with the arrival of Crossrail in 2019.
James Jakeman, Partner at Benson Elliot commented: “This is the third UK retail asset we have acquired on behalf of BEREP IV, reflecting our continued confidence in the sector for carefully selected assets. Home to a large concentration of major international businesses, Slough is a rapidly improving sub-market with a consumer catchment well positioned for future growth ahead of the imminent arrival of Crossrail.”
Benson Elliot announced the final close for BEREP IV earlier this year following an over-subscribed fundraise which exceeded an initial target for the Fund of €600 million. Including c. €75 million of co-investment, the total available equity for the Fund is above €700 million. To date, BEREP IV has completed 11 investments across six countries, and investors have already benefitted from five early realisations, which together have delivered an equity multiple above 2.5x.
Cube Real Estate has been appointed asset manager by Benson Elliot.
ENDS
For further information:
Benson Elliot
James Jakeman, Partner
Matilda Williams
+44 (0) 20 7808 8900
Matilda.williams@bensonelliot.com
FTI Consulting
Dido Laurimore / Claire Turvey
+44 (0) 20 3727 1000
Dido.laurimore@fticonsulting.com
Claire.turvey@fticonsulting.com