Regal deals for Crown
The Crown Estate has sold its 167,000 sq ft Crown industrial estate in Taunton, Somerset, to L&G Property for £17.3m – a 6.5% yield. It has also sold Victory business centre in Isleworth, Middlesex, to Dunmoore Group for £4.3m – a 7.7% yield. Tudor Toone and Cooper Chen acted for the Crown; JLL acted for L&G; Dunmoore was unrepresented.
Stobart drives five deals
Stobart Group, through Roebuck Asset Management, has sold five assets totalling 80,000 sq ft for £13.6m. In Yorkshire, St Bride’s Managers will take multilet offices in Sheffield and Doncaster, and a Normanton shed. Chancerygate has bought a 3.7-acre site in Chelmsford, Essex, while London & Capital has bought a shop in Chester. DTRE, Cushman & Wakefield, Ockleston Bailey and Knight Frank represented Roebuck; DTZ, Doherty Baines and BNP Paribas Real Estate advised the purchasers.
£230.5m Pendragon buy
WP Carey has paid £230.5m – a 7.25% yield – to US hedge fund Baupost for a portfolio of 73 Pendragon car dealerships. The 1.6m sq ft portfolio makes up a third of Pendragon’s UK footprint. CBRE acted for WP Carey; Kieran D Cotter & Co represented Baupost.
Topland pays £60m for Feathers
Topland has exchanged contracts to buy the Feathers Group portfolio of eight hotels for £59.4m. The assets have a total of 726 bedrooms across the North West. Deloitte Real Estate acted for Feathers; BDO advised Topland.
Church goes shopping
The Diocese of London has bought a Waitrose and Costa in Putney, SW15, from St James Group for £4.1m – a 4.6% yield. It has also paid London & Capital £1.6m – a 5.4% yield – for a Sainsbury’s in Tunbridge Wells, Kent. Savills represented the Diocese; Harmer Ray Hofbrand advised the vendor.
