- 1 Minute Read
- 08th January 2013
L&G completes purchase of Crawley’s Sapphire Campus
Legal & General Property, the UK property fund managers, have finalised arrangements for the purchase of the Sapphire Campus in West Sussex from Segro for a reported £80m.
The acquisition includes two office buildings - currently the headquarters of French electronics firm Thales – as well as a research and development facility with a combined area of 371,319 sq ft.
The campus is situated in the Manor Road commercial district on London Road, 1.5 miles from the centre of Crawley and 2.5 miles from Gatwick Airport. It has been let for the next 13 years, with a minimum rental increase of 2.5%.
Purpose built by Segro from Thales brief in 2007, the campus is fully occupied and no longer meets the requirements of the French technology company - the largest employers in the locality - who are looking to consolidate their operations in the south east by further expansion in Crawley.
Gordon Aitchison, director of investment and development at Legal & General Property, sees the continued loyalty of Thales to the area as key to the profitability of the deal.
He said: “Situated in a strategic area, with immediate proximity to Gatwick Airport, and let to a strong covenant, Sapphire Campus provides us with an attractive running yield and fixed rental increases for the duration of the lease.
“Thales has a long history of occupation in Crawley and has invested significantly in this site, which is its UK headquarters, demonstrating its continued commitment to the town through its further expansion of operations.”
The move tops a busy start to the year for Legal & General Property, with Property Week revealing the £11.4m sale of a warehouse complex in Enfield, as well as their intention to fund student accommodation in Finsbury Park, North London.
Photo courtesy of topboxdesign