Sale and leaseback for P&O arm
Shipping container giant P&O Nedlloyd is selling and leasing back its Beagle House HQ in the City in a bid to raise at least £37m from the disposal. P&O Nedlloyd has had 10 bids, with the frontrunner believed to be a private Israeli investor.
High street shops for sale
Aberdeen Property Investors, acting on behalf of Scottish Provident, has received 16 bids for a portfolio of 60 high street shops. Dawnay Day is understood to be vying for the portfolio as well as two private investors and private investment company Faircroft. Bids were around £37m. Churston Heard is advising Aberdeen.
Abu Dhabi grabs CU Tower stake
The Abu Dhabi Investment Authority this week upped its stake to 80% in the 280,000 sq ft (26,000m2) landmark CU Tower, EC3. ADIA previously held a 68% stake and has bought Hermes’ remaining 12% for a sum believed to be close to £30m. Morley owns the final 20%.
Respite for stadium developers
Houston Securities has been given another three months to prove that its controversial plans for a stadium at Liverpool’s 36-acre (14.6ha) Kings Waterfront are viable. In July last year, landlord English Partnerships chose Houston to develop a 55,000-seat stadium for Everton FC as part of a mixed redevelopment of the site. Houston was given six months to prove the plan’s feasibility.
York unveils plans for green belt
York council has published its latest green belt proposals and identified 247 acres (100ha) for housing and employment over the next nine years.
Enron HQ interests occupiers
Speculation is mounting that tenants are being lined up for 40 Grosvenor Place, SW1, the former Enron HQ. Sources said that up to five occupiers, including Hay Management, Capital International and London Electricity Board, had looked at the space, which is being marketed by Jones Lang LaSalle and DTZ.
Homebase tempts C&C
Capital & Counties, on behalf of the Edinburgh Property Portfolio, has bought the Homebase unit on the Whitecliffs Business Park,Dover, from BBC Pension Trust for £4.5m, an initial yield of 7.75%. Wilkinson Williams advised C&C, while BBC Pension Trust was represented by Knight Frank.
EC1 asset for Royal London
Royal London Asset Management has bought 113-117 Farringdon Road, EC1, from Abchurch Properties for £5.5m, a yield of 7.2%. The 22,000 sq ft (2,045m2) scheme commands a £416,000 pa rent. BH2 acted for RLAM. Nelson Bakewell represented Abchurch.
Naked interest from bidders
Bar operator SFI is looking to sell its five For Your Eyes Only strip clubs. Its agent, Davis Coffer Lyons, is thought to be talking to two parties interested in buying the clubs for £7m.
Gryphon Court under offer
Citibank is close to signing up for 24,368 sq ft (2,263m2) of office space at Gryphon Development’s Gryphon Court in Watford. The rent is believed to be around £25 per sq ft (£269 per m2). Atis Real Weatheralls and Stimpsons were letting agents. Citibank acted for itself.
Reading retail park sold
Liverpool Victoria Asset Management, on behalf of the Royal National Pension Fund for Nurses, has bought the 68,500 sq ft (6,350m2) Reading Link Retail Park from Henderson Investors for
£12.8m, a yield of 7%. FPDSavills advised Liverpool Victoria, and Wilkinson
Williams represented Henderson Investors.
Bath Road site taps interest
Slough Estates has signed two prelets on its 80,000 sq ft Bath Road, Slough, site. LG Electronics will take 20,150 sq ft and Cubist Pharmaceuticals will take 30,279 sq ft. Rents will be £30 per sq ft for 15 years.
Omnicom firm expands lease
Manning Gottlieb Media, a subsidiary of Omnicom, has surrendered its lease for 11,000 sq ft at Compco’s Seymour Mews House, Seymour Mews, W1, and taken a new nine-year lease for 19,000 sq ft of the 26,000 sq ft (2,400m2) building at a rent of £35 per sq ft (£376 per m2). Edward Charles advised Compco.
Golfrate holes car rental depot
Golfrate Properties has bought a 12,000 sq ft car rental depot from Holyoake Estate at 68/86 Clapham Road, SW9, for nearly £1.1m, a yield of 6.8% for residential development. Tenant ANC Rental Corporation has a 15-year lease at a rent of £6.90 per sq ft but the site has consent for five flats. Ereira Mendoza & Co advised Golfrate and King Sturge acted for Holyoake.
Broad Street Mall
The owner of Broad Street Mall, Reading is Doughty Hanson and not Aberdeen Property Asset Managers as reported in last week’s EG (News, p38).
