An Alabama-based finance house has bought Sir Donald Gosling’s and Sir Ronald Hobson’s property company for around £154m, reflecting a circa 7% yield.
Harbert Management Corporation’s HEREF III fund has completed the purchase of the share capital in Hildane Properties Limited.
The corporate vehicle owns a 1m sq ft property portfolio that includes Barcardi’s Dorset Square offices, NW1.
The 15-strong portfolio comprises nine office buildings, four sheds, a leisure complex and a supermarket, the majority of which are located in the South East.
It boasts a rent roll of £11.1m, 47% of which comes from the regional offices and 10% from offices in central London.
Zurich is among the major office tenants, occupying a pair of buildings totalling over 100,000 sq ft, at Solent Business Park , Fareham, Hants.
Supermarkets let to Waitrose and Iceland in Tonbridge, Kent, account for 10% of the income.
Sheds, including a 177,301 sq ft building at Hams Hall distribution park, Birmingham and let to Excel Europe, produce 29%.
The average weighted unexpired term to lease expiry is around 10 years with 9.5 years to break options.
HEREF III has been extremely active in recent months, spending £95m on Aviva’s Diamond portfolio of seven retail warehouses in October.
It has completed a string of recent deals in Paris, following the sale last March of the 18-storey Chiswick Tower , W4.
Property grandees Sir Donald and Sir Ronald built Hildane between 2007 and 2010, after selling their Metrose business for £112m in 2005.
Jones Realty advised Hildane; BNP Paribas Real Estate and XLB Property advised Harbert.
All parties declined to comment.
Jack.Sidders@estatesgazette.com
