Redefine agrees AUK deal
Redefine International has reached an agreement with Aegon UK Property Fund to buy the 19-strong mixed-use AUK portfolio for £437.2m – a 5% yield. The portfolio comprises 28% retail parks by value, 30% offices, 20% industrial and 9% car showroom and high street assets. Rothschild advised Redefine.
CDL makes Euro hotel debut
Singaporean investor CDL Hospitality Trust has made its European debut with the purchase of the Cambridge City Hotel. It paid London & Regional £61.5m – a 5.6% yield – for the 198-bedroom property in the university city. CBRE advised L&R; CDL was unrepresented.
Cording takes on Westport
Cording Real Estate has bought Edinburgh office block Westport 102 for £32.2m – a 6.2% yield – from the administrators of Kenmore. The acquisition was on behalf of Britannia Invest, an investment company for Danish pension funds. Cording Real Estate Group was advised by Lewis Ellis; the administrators were unrepresented.
Southampton multilets sold
Northwood has purchased Vanbrugh and Jellicoe House on the Botleigh Grange business park in Southampton, Hampshire, from Aberdeen Asset Management for £9m – reflecting a net initial yield of 9%. The two multilet buildings comprise 53,512 sq ft of office accommodation. Knight Frank acted for Aberdeen Asset Management; Hughes Ellard advised Northwood.
BlackRock weeds out deal
BlackRock Real Estate has completed the deal to buy a portfolio of eight garden centres from LaSalle Investment Management for £112.5m – reflecting a net initial yield of 5.25%. BlackRock was advised by Gilbert Evans; JLL acted for LaSalle IM.
