GPE wraps up its restructuring
Two more asset managers are joining Great Portland Estates, completing a restructuring started by chief executive Toby Courtauld a year ago. Adrian Baker, formerly with Prestbury, will manage GPE’s City and Midtown assets; Alistair McGill, who previously ran the P&O portfolio at Green Property, will handle West End assets outside the area north of Oxford Street.
Sireo sells DT portfolio for €227m
Sireo Real Estate Asset Management, Deutsche Telekom’s jv with Morgan Stanley and Corpus, has secured a €227m sale and leaseback with Goldman Sachs. The Magenta portfolio includes 16 offices in Germany, with DT occupying the 2.8m sq ft on long leases. It follows a deal in 2000, when Sireo sold the Millennium portfolio of 520 DT properties for €1.1bn. Jones Lang LaSalle advised Sireo.
82,000 sq ft goes at Hants park
Network tech firm Xyratex has taken 82,000 sq ft at the 40 acre Langstone Technology Park, Havant, Hampshire. Xyratex is to pay £16.50 per sq ft. Another 172,250 sq ft is planned for the park. Joint agents are Chesterton and Hughes Ellard.
TW sale and leaseback in Solihull
German property fund Oppenheim Immobilien KAG has bought Princes Way, a 70,400 sq ft office building in Solihull, for £20.8m. The sale by Taylor Woodrow Property Co reflects an initial yield of 6.7%. TW is tenant on a 16-year lease. JLL advised Oppenheim.
Eyes wide for art storage space
Tate Modern is seeking a storage facility of 5,000-15,000 sq ft in London to house its art packaging materials. Agent is Drivers Jonas.
