Global law firm Eversheds has advised property investment and development company SEGRO on the sale of its IQ Winnersh development in the UK for £245.1m. The site was sold to a joint venture between Oaktree Capital Mangement LP and Patrizia AG.

IQ Winnersh is a 118,200 sq m mixed use suburban office and light industrial business park which has been developed over the past 40 years, predominantly by SEGRO.

Following the letting of 3,400 sq m at the newly refurbished E2 office building, announced in April, it has a vacancy rate of 7.5 per cent and a weighted average unexpired lease term to break of 5.5 years. The sale includes 4 hectares of adjacent development land.

The Eversheds team was led by Partner David Emberson alongside Partner Bruce Dear and Senior Associate Kate Anderton.

David commented:

“This is a significant sale of one of the South East’s most diverse and well connected business parks, housing over 55 tenants across an 85 acre space. It is one of the largest property transactions to have completed in the UK this quarter. It has been a pleasure to have advised SEGRO on this deal, which is in line with its strategy to maximise its returns on its portfolio.”

Phil Redding, SEGRO's Chief Investment Officer,said:

"We are very pleased to have been able to secure the sale of IQ Winnersh on these terms, achieved through a competitive tender process and reflecting the attributes of the Park. The sale is very much in line with our ongoing focus on recycling capital out of assets at the appropriate time in the cycle in order to crystallise gains from higher value uses and redeploy funds into other profitable growth opportunities in our core markets."