Hines, along with a subsidiary of a real estate fund managed by Oaktree Capital Management, has acquired the Maxis office campus in Bracknell from administrators Grant Thornton.
Maxis is an eight-acre office campus situated prominently on the Western Road in Bracknell, overlooking Farleymoor Lake. The property is comprised of two five-story, Grade A office buildings totalling 200,000 square feet plus a site for a 79,000-square-foot office development.
The property's location, which is 40 miles outside of London, provides excellent access to both the M3 and M4 motorways and is a 35-minute drive from Heathrow Airport. The town is home to a number of multi-national companies including Panasonic, Fujitsu, 3M, Hewlett Packard and Dell.
Hines director Anthony Leonard says: "We are delighted to secure these attractive, highly specified buildings. Given the lack of new development starts in the Western Corridor market over the last five years, we have reached a point where there is a shortage of good quality office buildings with large floor plates. In a market buoyed by improving occupier confidence and increased office market take up, this scheme represents an opportunity for companies to secure flexible and efficient space at a rent which offers exceptional value."
David Snelgrove, senior vice president at Oaktree who oversees its UK real estate activities, says: "We are pleased to have partnered with Hines to acquire these high-quality office buildings which will appeal to a broad range of occupiers looking for modern yet affordable office space. Oaktree will continue to be active in evaluating opportunities to acquire assets and/or loans collateralised by assets alongside best-of-breed operating partners such as Hines, both here in the UK and across continental Europe."