Fasset - General - Havant, Langstone Technology Park

Date: 01 Mar 2006

Fasset is working with LaSalle Investment management to manage 650,000 sq ft Langstone Technology Park for the next 15 years.

Fasset provides property owners, occupiers and investors with an equal partner to advise and manage their properties, people and investments and is a unique proposition in the business and property solutions industry. At the heart of its philosophy is a desire to bring service back to business and work with its partners as a full risk taking partner.

Langstone Technology Park, the former IBM facility, comprises a freehold multi-let office and R&D park set in 40 acres of land with 125,000 sq ft of additional development potential. Fasset developed and manage the property, and has taken it from a 45% occupied £20m asset and enhanced the value to £54.25m and 98% occupied. The property is sub let to 17 tenants, many of whom are well known multi-nationals including AT&T, Lockheed Martin and Xyratex.

Chris Allington, Managing Director of Fasset said "We are delighted that our active management approach has returned a 150% valuation increase over the last five years. We are looking forward to working in partnership with LaSalle at Langstone Technology Park and on other projects. This sale clearly demonstrates the value of the Fasset business model to science park investors."

Andrew Bull, Fund Manager at LaSalle said "We are very excited about expanding our interest in science parks by the acquisition of Langstone Technology Park. We are especially appreciative of all the work Fasset has carried out to date and look forward to our mutually beneficial futures. I have no doubt that what we offer to tenants in these exciting and innovative areas is both unique and of great value to current and future occupiers."

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