Goldman Sachs Group Inc. paid roughly £400 million for the Croxley Park in Watford, U.K., according to Property Week.

The 75-acre business park was sold by Columbia Threadneedle in a deal reflecting a 2.5% yield, the report noted.

The sale includes a 40-year ground lease to the Watford Borough Council, which has an option to acquire the freehold of the property upon the lease's expiration in 2059.

Columbia Threadneedle plans to develop a new headquarters spanning 85,000 square feet on the site. The park totals more than 730,000 square feet of offices across 13 buildings and has 60 tenants. It was placed on the market with an asking price of £225 million.

TT&G advised Columbia Threadneedle and Lambert Smith Hampton advised the council.

All related parties declined to comment, according to the Aug. 8 report.