Date: May 2005
Acquisition of The Quadrangle, & Pincents Lane, Theale, near Reading

Property Type: Offices

Main Holding Company: KYE International Limited

Purchase Dates: The Quadrangle - May 2004 ; Theale Cross, Pincents Lane - June 2004

The Quadrangle, Cheltenham and Pincents Lane, Theale have been acquired by clients of CapReal for a combined £15,433,000.

The Quadrangle, Cheltenham is an office building including ground floor retail compromising 5,603m² (60,320sqft plus 80 car spaces) let to The Royal Bank of Scotland PLC for approx. 13.5 years at an annual rent of £700,000 per annum. Theale Cross, Pincents Lane, Theale is a commercial office building with some ground floor warehousing of approx 3,100m² (33,373sqft) let to Sterling Fluid Systems (UK) Ltd with a guarantee from Godiva Ltd. The lease has approx 8.25 years remaining and the annual rent is £480,000 per annum.

Nick Judd, Partner CapReal, commented ‘The Quadrangle, Cheltenham and Pincents Lane , Theale are complimentary single let properties having different income expiries and asset management opportunities. They were acquired by our clients and the combination will provide a good income and opportunities for capital growth'.

Esme Lowe , Partner CapReal, commented ‘This takes Capital Property Limited Partnership, 75% shareholder, approx. 62% invested. Further investment opportunities under consideration should take the Fund to 70%+ invested'.

Andrew Mayer Tyser acted for Kye International Limited in respect of The Quadrangle, Cheltenham and CBRE in respect of the acquisition of Theale Cross, Pincents Lane.

PRESS RELEASE – Barnsbury International