UK: Lovells Advises The Prudential On Sale Of Foundation Business Park, Maidenhead
Last Updated: 11 July 2001

Lovells Property department has advised The Prudential on the £65.5 million sale of Foundation Park business park in Maidenhead. The business park was sold to BP Pension Fund in a deal that was completed on 27 June 2001.

Foundation Park was developed in 1987/88 on a site of 12.5 acres. It comprises eight units housing a mixture of offices and high tech accommodation and totals approximately 21,975 square metres (236,548 sq ft). The 13 tenants include Johnson & Johnson, Biogen and Covance Clinical.

Lovells Property partner and lawyer team Barry Moody and Patricia McGlynn, advised The Prudential. Linklaters represented BP Pension Fund with a team led by real estate partner Geoffrey Russell, assisted by Adam Calvert and Simon Jobson.

Patricia McGlynn said:

"Although the mound of paper passing between the parties was necessarily enormous my clients were very pleased when completion took place 3 days after exchange".

Notes To Editors

Prudential Plc
The Prudential (formerly Prudential Corporation Plc) is one of the world's largest financial services groups. Established in London in 1848, it is a leading international financial services group with a market capitalisation of approximately £20 billion. It has funds under management of £165 billion as at 31 December 2000, and has 22,000 employees worldwide.

Its main businesses are life assurance and pensions, life and general reinsurance, general insurance and investment management. Prudential has more than nine million customers and is Britain's biggest institutional investor with funds under management in excess of 119 billion pounds. The group also has operations in Ireland, the Netherlands, Italy, Canada, Australia, New Zealand, the United States of America, Hong Kong, Malaysia, Singapore and Taiwan. It acquired M&G Group Plc in April and Chinfon Life Insurance Company of Taiwan in November. Premiums accounted for 58% of 1999 revenues; investment income, 22%; realisation of investment, 20% and other income.

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