COVENTRY, ENGLAND-A three-story office building here has been acquired by a subsidiary of CB Richard Ellis Realty Trust, a New Jersey based entity that paid $22.2 million for 602 Central Blvd. The seller was Henderson Global Investors Real Estate.

The three-story, 50,000-sf building was purchased by CBRERT Coventry Ltd., an indirect subsidiary of CB Richard Ellis Realty Trust. Fully occupied by Capita Business Services Ltd. a business process outsourcing firm whose lease runs through 2017, the property sits on four acres inside ProLogis Park Coventry, a multi-tenanted complex located along the M6 Motorway.

“This is a perfect asset for the REIT and exemplifies our strategy of investing up to 30% of the REIT’s assets in quality properties in strong markets outside the US,” says trust CEO Jack Cuneo, in a statement announcing the closing. Despite the global flexibility created upon its formation in 2004, the trust is just now making its first foreign foray in buying 602 Central Blvd. The remaining properties are a mix of office and industrial buildings in major US markets, holdings totaling more than 612,000 sf.

In unveiling the UK conquest, trust officials did not say whether any other overseas deals are in the works, or what the likelihood is of CBRERT reaching the 30% global threshold. The investment vehicle is sponsored by CB Richard Ellis Investors LLC of Los Angeles and guided by CBRE Advisors LLC, an affiliate of CB Richard Ellis Investors.

Opened in 2002, 602 Central Blvd. is one of several new properties constructed in Coventry this decade. The city, located just northwest of London, has faced economic difficulties in recent years due to an evolving economy, but local leadership is scrambling to bring fresh businesses into the area, and an estimated $5.4 billion of new investment is pouring into the city for infrastructure, business development and cultural purposes.

ProLogis Park Coventry alone has 1.5 million sf of office, manufacturing and warehouse space, while another business park in Coventry city limits has also lured new-age tenants in the software, life sciences and research sectors. City officials tout the central location, including a two-hour trip to London and a 13-minute trip to Birmingham International Airport, as among the draws for corporate activity. Approximately 300,000 people live and work in Coventry, which also has two universities.

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