Highlights
1. Acquisition of The Office at the Manor Royal Business District in Crawley
2. Adds to ongoing major Crawley Station Gateway Redevelopment project in the region
3. Divestment of Endeavour House, Stansted
4. Part of the Group Strategy to build a, diversified property group, active in several sectors, with a long-term view of markets and commitments.
The Arora Group (“Arora” or the “Group”) announces today that it is delighted to have completed the acquisition of prime commercial office space in Crawley, ‘The Office, Manor Royal’, within the Gatwick Diamond area. Additionally, as part of the agreement, the Group is pleased to benefit from a 25% shareholding in Manor Management Company Limited, which manages the Manor Royal business park estate, one of the largest business parks in the South East.
Alongside this investment, the Arora Group announces that it has divested a 65,000 sq ft commercial office-building at Stansted, ‘Endeavour House’, as part of its strategy to divest non-core assets and focus capital on larger assets with a long term view.
The Arora Group plans to refurbish and re-let ‘The Office’, which has a Net Internal Area of circa 148,000 sq ft (Gross Internal Area of circa 195,000 sq ft), and 677 car parking spaces, to maximise potential revenue and value.
Arora Property, a UK division of the Group which currently manages £1.5billion of property assets across the United Kingdom will manage the ‘The Office’ at the Manor Royal Business Park, Crawley.
Surinder Arora, Founder and Chairman of the Arora Group said: “With an excellently connected location in one of the largest business parks in the South East, coupled with our plans for refurbishment, The Office presents the Group with significant rental growth potential and aligns with our existing commercial portfolio in Gatwick.
“We look forward to discussions with potential tenants to occupy the building following its refurbishment, supported by our sector-leading property division, Arora Property, in this prime business location along the M23 corridor, near the international hub, Gatwick Airport.”
David Butcher, Chair of the Gatwick Diamond Initiative's Management Board, commented: "We strongly welcome the news that the Arora Group is acquiring this prestigious office development on Manor Royal at the heart of the Gatwick Diamond. Their proposed refurbishment of "The Office" is exactly the type of investment we require to ensure the availability of the high-quality and well-located commercial space that's so essential for on-going success of the Gatwick Diamond economy. It is yet further evidence of the Arora Group's long-term commitment to the area, already demonstrated by their flagship hotel operations and their transformational plans currently being implemented to redevelop Crawley Station and its surrounding area."
ENDS
For further information and media enquiries, please contact:
FTI Consulting - Eleanor Purdon - 0203 727 1000
Arora Group
The Arora Group is a successful UK-focused private group of companies, which leverages synergies across its specialist property, construction and hotel divisions to its strategic advantage. Since 1999, the Group has built its standing through meticulously managing projects from inception to delivery and beyond. Today, it owns and manages a diverse portfolio of flagship assets across the nation’s key business locations, partnering with some of the world’s most recognised brands to deliver consistently high service levels and sustainable growth.
For more information please visit www.thearoragroup.com
Gatwick Diamond
Established in 2003, the Gatwick Diamond Initiative is a business-led private/public sector strategic partnership focused on creating the right conditions for growth for existing and new businesses within the Gatwick Diamond.
