Arlington, the UK business space and logistics specialist, has topped up its ownership at Oxford Business Park by buying four office buildings from Aviva Investors, totalling 128,000 sq ft.
Arlington said the acquisition fits its “objective to expand the business through strategic acquisitions and consolidating ownership at core assets, and builds on an ongoing investment and commitment across the Arlington portfolio”.
The buildings are Building 9600 let to John Wiley & Sons, Building 5000 let to Freeths, Building 3400 let to Cancer Research UK, together with the vacant Building 3500 of 18,814 sq ft which offers a refurbishment opportunity.
James Raven, Arlington’s CEO, said in a statement: “Our strategy is to create a series of amenity rich assets with a strong focus on customer engagement through a combination of opportunity-led expansion, developing out our landbank and investing in our approach to building and managing customer relationships. This purchase allows us to create a wider customer offer, and to spread our amenity investment in Oxford Business Park over an increased majority of the Park.”
He added: “The investment is paying off as we continue to support new occupiers in providing a first-class working environment and accommodating the growth of our existing customer base. 2019 is proving to be an exciting year.”
David Diemer, Fund Manager, Real Estate at Aviva Investors, said: “These disposals will crystallise value for our investors. In line with our strategy, we will reinvest the proceeds in assets in strategic locations with strong macro-economic characteristics where we are building scale across a diverse range of asset classes including office, industrial and alternatives, and where we have the opportunity to add value for our clients.”
Oxford Business Park includes around 70 occupiers. The 88-acre park is home to 5,500 employees and includes a Premier Inn Hotel, Longwall Restaurant, Kids Unlimited Day Nursery and a David Lloyd Racquet & Fitness Centre. In addition, there is a range of retail on offer within 200 metres of the park, including Tesco, Marks & Spencer, Sports Direct, Boots and Next.
Cushman & Wakefield advised Aviva Investors. Powell Williams provided building consultancy advice to Arlington.