Pillar - Luton, Capability Green Business Park

Date: 03 Apr 2000

Pillar and Rodamco UK, joint owners and developers of the 50 acre Capability Green Business Park, Luton, announce four major transactions totalling in excess of 250,000 sqft of offices and leisure facilities. These transactions serve to underline the continuing appeal of Capability Green and to endorse the.joint venture's strategy.

A seven acre site with a full development package and planning consent for a new off-ice building totalling 1 50,000 sqft has been sold to AstraZencea, who intends to use the facility as a new marketing headquarters.

In addition, 800 The Boulevard, the 51,000 sqft speculative headquarters office building development, has been let in its entirety to Corporate Services Group plc at a rent of £18.75 psf for a term of 20 years. Furthermore, the let investment has been sold to The National Farmers Union Pension Fund for £14m.

Further activity on the park includes the sale of a 3.1 acre site with planning consent for a health and leisure centre to a company within the Cannons Leisure Group. An additional one acre site with planning approval for an office and creche facility has been sold to a company within the Jarvis Group.

Current occupiers of the Capability Green Business Park include Whitbread, Barclays Bank, Siemens and Emst & Young.

Pillar and Rodamco UK were advised by FPD Savills and Jones Lang LaSalle. Astra Zeneca was advised by Hillier Parker and The National Farmers Union Pension Fund was advised by Cluttons.

Patrick Vaughan, Chief Executive of Pillar, commented:

"We have had an active and successful at Capability Green and remain committed to this excellent property. Over 20 acres of undeveloped land still remains in the joint venture and we will shortly be committing to further development."

Chris Bartram, Managing Director of Rodamco UK, added:

"Capability Green's unrivalled accessibility and communication links by air, rail and road, together with the attractive business park environment, continue to attract high quality tenants and investors."

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