Local Authorities’ Mutual Investment Trust has bought the Iceni Centre office complex in Warwickshire from Praxis Holdings for £16.1m.
The deal reflects a sub-7% yield – a post-crash record for the Midlands.
The 75,270 sq ft office headquarters building, located in Warwick Technology Park, is home to tenants including Alliance Medical, Rolls Royce and Siemens.
Praxis acquired the building in May 2013.
Gabriel McLaughlin, director and head of asset management at Praxis, said: “We actively managed the asset over an 18-month investment, refurbishment and re-tenanting period during which our focus was to strengthen tenant line-up, re-brand the asset, let the vacant space and then exit into a healthier investment market.”
Finn & Company acted for Praxis, Joiner Cummings acted for LAMIT.
