Oxford Properties completes acquisition of Green Park, Reading from PRUPIM
Oxford Properties Group, the real estate arm of the OMERS Worldwide Group of Companies, has completed the acquisition of Green Park, the 190-acre master planned business park in Reading, from PRUPIM.
Paul Brundage, Executive Vice President, Senior Managing Director Europe of Oxford Properties says: “The acquisition of Green Park is consistent with Oxford’s European strategy to acquire large scale high quality assets and actively manage them to create long term value.
“As the most recent acquisition for our growing UK portfolio, Green Park is a complement to MidCity Place, Watermark Place and our office development project at 122 Leadenhall. The addition of Green Park to the portfolio creates strong diversification across the risk return spectrum.”
Covering a total of 190-acres, Green Park occupies a prime location on the M4. One of the largest developments of its type in Europe, Green Park offers 1.3 million sq ft of Grade A office space and first class amenities to occupiers including Cisco Systems, Symantec and Quintiles. The park benefits from a wide-ranging sustainability agenda that is aligned with Oxford Properties’ own Sustainable Intelligence programme, and which includes the reduction of waste and emissions, the promotion of biodiversity, recycling and a green travel plan.
Trevor Hankin, of real estate fund managers PRUPIM, who advised Prudential in connection with the transaction, commented: “Green Park is an excellent asset but we are looking to refocus the fund’s office portfolio more towards city centre offices, and this transaction moves us in that direction.”
DTZ acted for Oxford Properties on the purchase. CBRE acted for PRUPIM.