Opus Land has bought IBM’s 280,000 sq ft (26,013 sq m) office park at Warwick Court, Warwick from Highcross for £41m
The property is on a 35 acre (14 ha) campus.
Two of the three buildings totalling 194,000 sq ft (18,023 sq m) are leased by IBM and have been sub-sold by Opus to Mapeley for £29m.
Opus will seek planning consent to develop the site as a Business Park with up to 300,000 sq ft (27,870 sq m) of space and will refurbish the remaining 90,000 sq ft (8361 sq m).
Opus has gained funding for this scheme from the Palmer Capital Development Fund (PCDF), a £110m commercial property development fund managed by Palmer Capital Partners, who are also a Shareholder in Opus.
Richard Smith, joint managing director of Opus Land, said: ‘We will be drawing up our plans for the development of the remainder of the site to provide further Grade A office space, much needed on the M42 corridor.”
Opus was funded by Palmer Capital Development Fund. De Morgan & Co represented Highcross and Opus was advised by Dixon Crawford and D & P Holt. GVA Grimley advised Opus on the sub-sale and has been retained by Opus with D & P Holt as letting agents.
Highcross bought the office park as part of the IBM portfolio it purchased for over £125m in November 2005 through its first fund, which included the IBM European headquarters in Portsmouth. Highcross’ second fund subsequently raised £325m in equity and closed in April 2006.