Shepherd Developments sells £32M Maidenhead office block2nd October 2012

Shepherd Developments has sold a major new 75,000 sq ft office block in the centre of Maidenhead for £32m.

Gatehouse Bank plc (Gatehouse), a Shariah compliant wholesale investment bank based in the City of London and regulated by the FSA, together with Sidra Capital (Sidra), a CMA regulated Shariah compliant financial services company based in Saudi Arabia, have completed the £32 million acquisition of the newly constructed Market House, in Maidenhead.

The prime business site, in the sought after Thames Valley, comprises Grade A accommodation arranged over ground and three upper floors and includes 162 car spaces across 2 levels of basement car parking.

Shepherd Group – with in excess of £80m cash on the balance sheet, net assets of £250m and a newly announced bank facility of £70m – features a range of high quality commercial and industrial projects in its Shepherd Developments portfolio. The deal follows Shepherd Developments’ £20m sale of Marine House in Portsmouth, an office complex and research and development facility.

Shepherd Group Built Environment Chief Executive Mark Perkins said: “The sale of Market House reflects our reputation as a leading solutions provider to users, occupiers and the wider business community.

“Despite a slow market and continuing global economic uncertainty, the Shepherd portfolio of developed projects continues to attract investors - an appetite which we satisfy through strategic development projects, assets which can be built through our Shepherd Aligned offering and those which play to our strong in-house design capability.”