Land Securities Trillium and Norwich Union have completed the sale of £100m worth of the 1.2m sq ft outsourcing deal that they agreed in June.
Seven of the 50 properties signed over to LandSec Trillium – located in Norwich, Perth and York – have been sold to Active Asset Investment Management (aAIM), the fund manager backed by Sir Alex Ferguson.
The investment company has bought seven buildings chosen for sale because of the insurer’s intention to stay in occupation without refurbishment, thus producing income for the buyer.
LandSec Trillium will continue to manage and maintain the seven buildings on behalf of Norwich Union, which will occupy them for a lease term, in most cases, of 25 years.
Norwich Union’s Norwich headquarters, where Land Securities Trillium is undertaking a £92m refurbishment project, is therefore not included in the deal.
Ian Ellis, chief executive of LandSec Trillium, said: “The sale of these buildings demonstrates our commitment to delivering innovative solutions to our clients.”
Mark Tagliaferri, aAIM Chairman, said: “The portfolio consists of prime property let to an undoubted covenant on long-term leases which meets all of our investment criteria.”
CB Richard Ellis advised Land Securities Trillium and Norwich Union; aAIM was advised by DTZ.
References: EGi News 28/09/04
