Stockley Park, an office space of 151,000 sq ft, is one of the UK’s premier business parks located 3.5 miles north of Heathrow Airport and close to the M4 motorway. The asset is currently occupied by Canon Europe for a 10.5 year lease with a break at 5.5 years.

The asset was jointly acquired in June 2015 and has undergone significant refurbishment under the JV’s management and has been transformed into a Grade A office achieving a BREEAM rating of Excellent and EPC A rating. The new BMS system and PV panels on the roof have seen the building achieve an almost 50% reduction in energy consumption.

Dominic Moore, Head of Asset Management & ESG Director, 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, PATRIZIA said:

“This deal is the culmination of a business plan to drive the value of The Bower through a combination of ESG-linked capex enhancements and a leasing strategy to attract a world-renowned brand, which we have successfully achieved in Canon. 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.”

Hani Baothman, Chairman, Sidra Capital said:

“We are delighted to have acquired Canon’s HQ on Stockley Park London, the Property compliments our ESG strategy and our portfolio of quality assets leased to quality tenants. Our ability to complete the transaction in the current economic environment demonstrates our long-term commitment to the UK real estate market and our ability to offer vendors execution certainty. Sidra is now one of the UK’s largest privately held HQ owners to Global brands, counting Hilton, Coca Cola, Atkins and Countryside Plc and now Canon as its partner/tenants.

The sale was overseen by Knight Frank, the letting and sales agent.