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Acquisition of Vodafone’s campus in Newbury completes

24 01 23 Acquisition of Vodafones campus in Newbury completes hero

IQON Capital (“IQON”), the newly established London-based real estate company focused on innovation and sustainability has closed the acquisition of The Connection business campus for Aljazira Capital, with Oval Real Estate (“Oval”) acting as Asset and Development Manager. Colliers advised Vodafone on the transaction.

Located in Newbury, Berkshire, the campus comprises seven office properties which have served as Vodafone’s UK headquarters since its construction in the early 2000s. The seven properties have a net internal area of 486,810 sqft (45,226 sqm) and are set on 38 acres (15 hectares) of landscaped grounds.

Vodafone sold The Connection as part of a sale-leaseback transaction whereby it will continue to lease four properties for its UK headquarters for the long term. Since 2022, Vodafone has implemented a new blended working model for its 10,000 UK employees which includes a combination of home, site and field-based working, shifting the company’s traditional office space to become hubs for co-workers to interact in person.

The remaining three properties will be comprehensively refurbished into newly re-designed and highly sustainable workplaces which will contribute to transform The Connection into a world-class business and innovation campus.

Chris Lewis, Head of Office Investment said “The sale and subsequent part leaseback by Vodafone of The Connection demonstrates the flexibility that the right approach to real estate can provide. The ongoing commitment by Vodafone to the Newbury campus is testament to it’s fantastic facilities, it’s strong location and high quality office space. We are looking forward to seeing what the next chapter holds for the campus as it continues its evolution.”

Rob Campkin, Head of Corporate Capital Solutions, Occupier Services EMEA, added “We have been delighted to work closely with Vodafone as they implement their new hybrid work solution. By providing strategic options analysis and expert support, we were able to help the client identify the optimal financial and operational solution resulting in a sale and partial leaseback of their campus in Newbury. The transaction was successfully executed at a challenging time in the market.”

Related Experts

Chris Lewis

Head of Office Investment

National Capital Markets

London - West End

Chris Lewis is a senior member of Colliers’ National Capital Markets Division with over 25 years’ experience of investment work. He focusses on the office sector and with his team is active across the marketplace providing a range of services including:

  • Investment sales and acquisitions
  • Sale and leasebacks
  • Forward funding’s and commitments
  • Joint venture advice
  • Views and analysis on emerging trends and developments

Chris acts for a number of retained and non-retained clients which are a mix of institutional funds, local authorities, property companies, developers and private investors from the UK and overseas.  In addition, he has been involved in a variety of sale and leasebacks for corporate occupiers. 

Chris joined Colliers in January 2021 having spent over 15 years with Cushman & Wakefield where he was Head of Office Investment.  Prior to that he worked at a niche investment firm in the West End of London.  He commenced his career with a year University placement at Weatherall Green and Smith in 1995 which he subsequently re-joined in 1997.

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Robert Campkin

Managing Director

Occupier Services EMEA

EMEA Headquarters, London

View expert

Rebecca Allen

PR Manager

Marketing & Communications

London - West End

I have been working in commercial property communications for over 10 years  having previously worked at CBRE and Savills.

In my role at Colliers I am responsible for the PR of National Capital Markets, London Offices and Investment Property  Management teams as well as Scotland.

My role includes:

  • Creating and exectuing PR plans for business lines that span press, marketing and digital channels
  • Media monitoring and reporting
  • Advising on brand, tone of voice and profile raising 
  • Journalist relationship building through face to face meetings, phone calls day to day assistance with stories
  • Reputation management of the Colliers brand



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