CBRE Subsidiary Buys UK Office for $22M

COVENTRY, ENGLAND-A three-story office building here has been acquired by a subsidiary of CB Richard Ellis Realty Trust, a New Jersey based entity that paid $22.2 million for 602 Central Blvd. The seller was Henderson Global Investors Real Estate.

The three-story, 50,000-sf building was purchased by CBRERT Coventry Ltd., an indirect subsidiary of CB Richard Ellis Realty Trust. Fully occupied by Capita Business Services Ltd. a business process outsourcing firm whose lease runs through 2017, the property sits on four acres inside ProLogis Park Coventry, a multi-tenanted complex located along the M6 Motorway.

“This is a perfect asset for the REIT and exemplifies our strategy of investing up to 30% of the REIT’s assets in quality properties in strong markets outside the US,” says trust CEO Jack Cuneo, in a statement announcing the closing. Despite the global flexibility created upon its formation in 2004, the trust is just now making its first foreign foray in buying 602 Central Blvd. The remaining properties are a mix of office and industrial buildings in major US markets, holdings totaling more than 612,000 sf.