JMB acquires BAE Systems’ Grange Road, Christchurch, office complex
Kuwaiti owned Jade Merchant Bank (JMB) has acquired the GBP29 million BAE Systems office and R&D complex in Christchurch, Dorset.
The c150,000 sq ft property is a long-term home for defence company BAE Systems, who have a further 10 years remaining on their current lease. The versatile property provides the tenant with both commercial office and R&D space.
BAE Systems delivers specialist systems engineering and software development activities at the Grange Road site, described by the tenant as, ‘Through life capabilities in design, development, integration and testing of secure networks and information systems.’
The senior team at JMB of Sam Broadhead, CEO, Amr Kenawy, Chief Business Development Officer, and Stuart Jarvis, Investment Director, are delighted to have concluded this transaction on behalf of a private UAE based family office.
Stuart Jarvis, Investment Director at Jade Merchant Bank, says: “We are delighted to have added this high quality asset to our investor’s portfolio, especially having navigated the operational complexities that Covid-19 has brought. The transaction exemplifies the team’s ability to source off-market, secure long-income investments even within the current uncertain market conditions.”
Senior finance was provided to the transaction in the form of an Islamic facility from Abu Dhabi Islamic Bank. The property was sold by Trinova Real Estate and Morood Investment Company. Advisors to the purchaser were BNP Paribas Real Estate, Mischon de Reya and Grant Thornton.