The investment in Reading, a key commercial hub in the Thames Valley, is part of Mapletree’s strategy to grow its portfolio of income-yielding assets across several real estate sectors in the UK
- Green Park currently provides about 1.4 million square feet of Grade A lettable space and further development potential of 1.1 million square feet
- Home to quality global corporations such as PepsiCo, Huawei, Quintiles, Cisco and Veritas
- Mapletree now has about £1.4 billion in assets under management in the UK
SINGAPORE – Mapletree Investments Pte Ltd (“Mapletree” or “the Group”) has acquired one of Europe’s leading business parks, Green Park, from Oxford Properties Group (“Oxford”). The 79-hectare property is located in Reading, Berkshire, a key commercial hub in the Thames Valley of the United Kingdom (“UK”).
The acquisition is in line with Mapletree’s strategy to seize new growth opportunities in developed markets such as the UK, which possess strong economic and property fundamentals, to broaden the Group’s investment footprint.
Green Park is a freehold comprehensively-planned business park within a well-landscaped campus setting that has approval to provide about 2.1 million square feet (“sq ft”) in lettable space. Currently, some 1.4 million sq ft of Grade A offices across 19 buildings have been built, and have a strong occupancy of 93%.
Plans are underway to increase the park’s lettable space to about 2.5 million sq ft. Development of the unbuilt space will be phased to meet future anticipated demand for offices.
Integral to the offerings at the park are supporting amenities such as conferencing and convenience retailing facilities as well as food and beverage (“F&B”) outlets, which are housed in various amenity centres and standalone buildings. More of such complementary spaces including retail, F&B and hospitality facilities are being planned to continue enhancing the park’s environment.
Green Park is well-served by transport links such as the M4 motorway and the railway system – where high speed train services from Reading to Central London take only 20 minutes. The Crossrail will further enhance connectivity from Reading to other parts of London and shorten travelling times when it is ready in 2019.
Heathrow Airport is about 30 miles away, or an hour’s drive via the M4, while a trip to the Reading town centre takes just 10 minutes by car. Shuttle buses provide convenient commuting to the Reading town centre, or one can opt to cycle along Green Park’s well-planned network of paths to town.
Said Mr Hiew Yoon Khong, Mapletree’s Group Chief Executive Officer: “Mapletree’s acquisition of Green Park is aligned with our current five-year business plan to acquire quality, income-producing assets with long weighted average leases to expiry which are anchored by a strong tenant base, to give us stable and growing yields. We also like the property’s planning and build quality, as well as its development potential. Today, Green Park is home to global corporations such as PepsiCo, Huawei, Quintiles, Veritas and Cisco.”
Mr Hiew added: “Mapletree is keen to create further value and continue enhancing the occupier experience at Green Park. We will review the park’s well-developed master plan, and put in place new facilities and activities to continue providing occupiers with a conducive business location that offers a holistic live-work-play experience. We are happy to have Oxford working alongside us until the end of the year to ensure a smooth transition, and work on some of these asset enhancement initiatives.”
Since entering the UK in May 2015, Mapletree has built a portfolio of office and student accommodation assets. Including Green Park, the Group now has about £1.4 billion in assets under management in the country.
Mapletree will continue to invest in offices and business parks in city-fringe locations and key regional markets, as well as in other sectors such as student housing, serviced apartments and logistics space, in the UK.
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ABOUT GREEN PARK
Green Park is a large 79-hectare business park set in the heart of the Thames Valley. Sitting immediately to the north of the M4 motorway, it is in close proximity to Central London and Heathrow Airport, and is just a 10-minute drive from the Reading town centre. Reading is listed as one of the top 25 business centres in Europe along with cities like Hamburg and Zurich.
Accessibility will be further enhanced when the Green Park railway station is in full operation by 2024 to provide direct connection to the Reading town centre. The completion of Crossrail in 2019 and Western Rail Access to Heathrow Airport in 2024 will reduce travelling times and further enhance connectivity to different parts of London.
The mixed-use development has managed to attract a diverse range of companies across the telecoms, technology, pharmaceuticals and healthcare sectors. Today, it is home to major global corporations such as Quintiles, Huawei, PepsiCo, Veritas, Cisco, and Regus, and large British companies such as Berkeley Homes.
Over the years, Green Park has created a thriving business community set in a lush landscape with a variety of wildlife habitats, and accommodates diverse conservation interests. The development’s stunning parkland has been sensitively landscaped and planted, and has attracted over 50 bird species, some of which are endangered. A freshwater lake that meanders through the park is home to an abundance of fish and invertebrates. Activities are organised all year round, and range from triathlons to nature walks and food festivals.
Earlier this year, it became the only business park in the UK to clinch the prestigious Biodiversity Benchmark award from The Wildlife Trusts, which recognises businesses for their continual efforts to improve biodiversity.
All Green Park’s buildings have solid green credentials, while a 120-metre wind turbine generates 2.3 million megawatts of power annually – sufficient to supply energy to 1,200 homes. In December 2015, Green Park obtained the ISO 50001 accreditation for its energy management programme.
For more information, please visit www.greenpark.co.uk.
