Straits Trading buys business park in England for $137.9m

It is currently 96% let to multiple tenants.

Straits Real Estate (SRE), a subsidiary of Singapore-listed Straits Trading Company, has acquired a freehold business park located in Addlestone, Surrey, England, UK for a total cash consideration of $137.9m (GBP76.7m), an announcement revealed.

Dubbed as the Bourne Business Park, it comprises six standalone office buildings totaling approximately 182,364 sqft of net lettable area. The buildings were constructed between 1999 and 2017, with the majority being newly built or extensively refurbished over the past four years.

The property is currently 96% let to multiple tenants from industries including medical, legal, electronics and logistics. Most of the leases are long-term with a weighted average unexpired lease term (WAULT) of 7.5 years.