L&G Bridges healthcare deal
Bridges Ventures has sold the first three care homes from its Careplaces Fund to Legal & General Property for £25.2m – a 5.5% net initial yield. The homes in Stratford-upon-Avon, Warwickshire; Kidderminster, Worcestershire; and Stansted, Cambridgeshire; are let to Care UK for 30 years, with annual RPI increases. Lewis Ellis and HSM acted for L&G; Bridges was not represented.
Oxford St in Emperor’s domain
Hong Kong investor Emperor International Holdings has bought 181-183 Oxford Street, W1, from a private client of Cew Capital for £35m – a 2.64% net initial yield. The 11,920 sq ft building comprises five floors of offices above a shop let to Vision Express. Knight Frank acted for Emperor; the vendor was not represented.
M&G books into Reading
M&G Real Estate has bought the 220,000 sq ft prime Berkshire office development One Reading Central from Aberdeen Asset Management for £94.5m – a 6.3% net initial yield. M&G was not represented; JLL advised Aberdeen.
Martin’s checks out of Tech City
Martin’s Properties has completed a £25.9m sale of its Tech City portfolio – comprising 130 City Road, 140 Old Street and 100 Bunhill Row, all EC1, – to DTZ Investors. Lewis & Partners advised DTZ Investors; Springer Nicholas and Hatton Real Estate advised Martin’s Properties.
Marston’s toasts Sainsbury’s buy
Marston’s has exchanged contracts with Sainsbury’s to buy sites for two Two for One pubs in Staffordshire. The two deals represent a combined investment total of £6m for the land on Liverpool Road in Newcastle Under Lyme and Churnet Way in Leek for pubs totalling 12,228 sq ft. Cheetham and Mortimer advised Marston’s; Liggins Thomas acted for Sainsbury’s.
