Gatehouse Bank buy BT Leeds headquarters

  Gatehouse Bank has bought telecoms giant BT’s regional headquarters building in Leeds for £40m, reflecting a net initial yield of 6.75%.   The Shariah-compliant London-based investment bank has bought the 140,000 sq ft One Sovereign Street from LaSalle Investment Management on behalf of Royal Mail Pension Fund   The grade A building, which was built in 2002 and is located in Leeds city centre, is let to BT until 2020.   The deal is Gatehouse Bank’s third acquisition in the UK, following the purchases of Proctor & Gamble’s HQ in Weybridge, Surrey in December 2009, and a portfolio of student accommodation units in Liverpool and Loughborough in March 2010.   Adam Cavanagh, vice president of real estate at Gatehouse Bank, commented: “This latest acquisition brings the total value of our UK portfolio to more than £100 million.   “It is clear that the appetite from Islamic investors for prime real estate investments remains unabated, and we look forward to working on further acquisitions in the near future.”   DTZ advised Gatehouse Bank; Stephenson day advised Royal Mail Pension Fund.   daniel.cunningham@estatesgazette.com