Europa Capital has been selected as the preferred bidder for the Arlington Business Parks Partnership.
A price approaching £500m, reflecting a yield of less than 6%, is understood to have been agreed, above the initial asking price of £475m.
Goodman and Legal & General are the major investors in the ABPP fund, with Abu Dhabi Investment Authority also owning a stake.
Europa is expected to use equity provided by its major shareholder, Mitsubishi Estate, to make the acquisition, alongside cash from its €750m (£650m) latest fund, Europa Fund V.
The assets in the fund are not yet officially under offer – a vote by unit holders is needed to formalise a deal.
However, Europa has been selected ahead of Fortress Investment Group and Anglezarke, which still officially remain in the process.
The portfolio comprises six assets, the largest of which is the Hammersmith Embankment campus in west London.
The other properties are Oxford Business Park, Gloucester Business Park, Uxbridge Business Park, Manchester Business Park, and Arlington Square in Bracknell.
Europa is expected to take on the 25 or so staff that the fund employs to asset manage the portfolio should the deal complete.
Cushman & Wakefield and Strutt & Parker are selling agents.
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