Sidra Capital buys the Bower from Clearbell and Patrizia for £74m

Clearbell Property Partners II and Patrizia have completed the £74m sale of the Bower in Uxbridge, west London, to Sidra Capital.   The fund, which is managed by Clearbell Capital, partnered with Patrizia for the sale. The 151,000 sq ft office is occupied by Canon Europe on a 10.5-year lease with a break at 5.5 years, for around a 7% yield.   Located in Stockley Park, the site is situated 3.5 miles north of Heathrow Airport and close to the M4.  The joint venture asset was acquired in June 2015 and has undergone refurbishment into a grade-A office with BREEAM Excellent and EPC A ratings. Updates including a building management system and the installation of PV panels have seen the building achieve an almost 50% reduction in energy consumption. Dominic Moore, head of asset management & ESG director at Clearbell, said: “Now more than ever, businesses want two things from their offices: high specification and strong sustainability ratings – and they don’t want to compromise on either.  “The ESG credentials and specification of the Bower makes it a strong institutional building. Add in the excellent Canon covenant and the lease length and the asset provides a sound investment in a turbulent market.” Phil Irons, managing director of transactions at Patrizia, said the deal is the culmination of “ESG-linked capex enhancements and a leasing strategy to attract a world-renowned brand”.  “Despite challenging market conditions, our successful exit validates our strategy and is an encouraging sign that buildings with strong ESG credentials will continue to attract strong investor interest,” he said.   Chairman of Sidra Capital, Hani Baothman said: “The property compliments our ESG strategy and our portfolio of quality assets leased to quality tenants.” Knight Frank acted on both the letting and sale.    To send feedback, e-mail chante/bohitige@eg.co.uk or tweet @EGPropertyNews Image courtesy of PR See which agents are doing the most office deals in London >>