"Opportunities such as Blythe Valley Park don't come aroundoften," says Andrew Blevins, managing director of the LibertyProperty UK entity that acquired the 257-acre park. Not only doesBlevins maintain that Liberty's expertise in managing such assetsmakes for a good fit as it seeks to expand those services in thecountry, he notes that Doughty Hanson and his firm have anestablished relationship. The partners also recently acquired the19-building, 535,000-sf Kents Hill business park in the city ofKent on England's southeast coast.

The latest transaction, in which Doughty Hanson will contributeabout 80% and Liberty the remainder, brings the amount invested inthe Doughty Hanson & Co. European Real Estate Fund II to $532.5million. The eight commitments made to date consume close to halfthe equity available after Fund II closed with a pool of $1.2billion.

Blythe Valley Park is the "premier business park…in theBirmingham area," says Doughty Hanson principal Kevin Grundy. Thechief of the UK region says he believes the park can be furtherenhanced by both the new construction and improvements to existingstock. Blythe Valley "offers an attractive mix of value enhancementopportunities and future development potential within anestablished, prominent location," says Grundy. Created inpartnership with the Solihull Metropolitan Borough Council, BlytheValley Park was originally a venture between US REIT ProLogis andBritish Land plc before the latter firm bought out Denver-basedProLogis in 2003. The complex is located at Junction 4 of the M42Highway, a major Midlands thoroughfare.