Akeler was acquired for the quality of its existing portfolio, the perceived cyclical pricing opportunity represented by its exposure to the Thames Valley corridor west of London, the quality and diversity of its landbank and access to development and the opportunity to enhance the platform by leveraging the balance sheet through the introduction of alternate lower cost capital.

MGPA developed a tailored business plan to reposition the company into an integrated business with diversified revenue streams built upon its reputation as an award winning office park developer in the UK and Europe. The management team was restructured and financially aligned with the interests of the Fund, and the pipeline was expanded with strategic acquisitions in London and Paris. Key completed assets were warehoused using third party capital and tax efficient structures and management in place.

At the time of sale, the company owned and/or managed real estate assets in 14 locations with 1.75 million ft² built, or under construction, and land under control capable of providing a further 5.2 million ft² across the UK and Europe.

November 2006