Valad Europe, part of Cromwell Property Group, a global real estate investment manager, has let two office suites at Imperial Place, Borehamwood to Alstom Transport.
Alstom has taken a total of 14,425 sq ft of office space on a two 10-year leases split between part 1st floor and the whole 3rd floor for a rent of £22 per square foot. Imperial Place is a 225,000 sq ft four-storey Grade A building with 880 car parking spaces which is located in the town centre adjacent to the famous Elstree Film Studios. Current tenants include Pizza Hut, Taylor Wimpey, Just Eat, Pierre Fabre, Dorel UK and Signet Group.
Stephen Cahoon, Head of Asset Management UK at Valad Europe, commented: “We are delighted to have secured Alstom Transport at Imperial Place. The letting is further testament to the quality of the asset following the recent refurbishment of two of the building’s foyers, the café and more than 29,000 sq ft of space.
“Since the completion of this leasing activity, we have secured further leases on more than 32,000 sq ft and renewed leases on 20,000 sq ft. We have also increased rents from £18 to £22 per square foot whilst reducing void rate to less than 5%. CBRE and Gallagher & Associates acted for Valad Europe and Cyril Leonard acted for Alstom Transport.
Valad Europe manages just under €4 billion of real estate assets and investment capacity across its funds and mandates in Europe, comprising approximately 338 assets and 3,400 tenants, managed by local teams totalling around 190 people in 22 offices and 14 European countries.
