VV Real Estate LP Property Fund, a commingled fund of German investors, has made its first purchase in London. It has paid £9.5m for the long leasehold interest in 14/15 Stratford Place, W1, reflecting an initial yield of around 9%. The fund, set up to invest in the UK, is advised by Henderson Real Estate Strategy and Drivers Jonas. Strutt & Parker acted for the vendor, General Accident.
Intershop, the Zurich-based shopping centre investment company, has increased its holding in the Place des Halles, Strasbourg, from 24.5% to 55%. The 41,845 m2 centre attracts more than 290,000 visitors a week, creating an annual turnover in excess of FFr1.1bn in 1995. Anchor tenants are BHV and C&A.
Irish Continental Bank, jointly owned by the Belgian Kredietbank (75%) and Irish Life (25%), has agreed to pay IR£ 8m for 4 George’s Dock in Dublin’s international financial services centre. The bank will occupy the 1,980 m2 building, enabling it to write off the full construction cost against its tax liabilities, but may sublet part of the space. The developers, British Land and Hardwicke, are planning to press ahead with the next three buildings, totalling 9,755 m2.
Bovis Construction Group and the City of Brno have let just less than 1,000 m2 of the 3,200 m2 Kaplan Building on their Czech Technology Park in Brno to local computer company APP Systems. The letting, on a 10-year lease, is the largest to be signed at the park. Other tenants include Silicon Graphics and Siemens. Healey & Baker and Max are joint letting agents.
Heron has pre-let its 2,000 m2 retail unit at Paseo de Gracia 56 in Barcelona to The Fashion Cafe, an international chain of restaurants owned by supermodels Naomi Campbell, Elle McPherson and Claudia Schiffer. The company plans to expand throughout Europe. Richard Ellis advised Heron.
