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SAN FRANCISCO-Slough Estates has bought the Shoreline Technology Center and Seaport Center in the Bay Area of South San Francisco and a 41 acre development site in Carlsbad, CA for a total of $351 million. Spokespeople for the UK-quoted company, which owns and manages industrial and office assets throughout Europe and in the states, state that the buy is a continuation of its stated strategy to recycle assets in California so that Slough Estates USA continues to be self-financing. Slough USA is based in Chicago.

In the San Francisco Bay Area, Slough has acquired the 726,000-sf Shoreline Technology Center and the 623,000-foot Seaport Center from Equity Office Properties. Tenants include life-science companies Boston Scientific, Perlegen Sciences, Abbott Laboratories, Radiant Medical and LuMend and technology company Actel.

The land at Bressi Ranch, Carlsbad, will accommodate approximately 700,000 sf of office and R&D space. Slough will begin construction on the sites shortly and plans to market to biotech companies for build-to-suit requirements.

“The acquisition of the Shoreline and Seaport centers strengthens our portfolio in California in the short term,” reflects Ian Coull, chief executive of Slough. “There are significant opportunities for us to add value to both.” He went on characterize the Bressi Ranch buy as “a significant addition to our development pipeline in the San Diego County market.”

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