Apollo in line for hotel portfolio
Apollo is under offer to buy a £1bn portfolio of hotels from LRG Acquisition – a consortium of Lehman, Realstar and GIC. The portfolio comprises 19 Holiday Inns and three Crowne Plazas, totalling 5,943 rooms, with an annual turnover in excess of £200m. Eastdil advised LRG on the sale.
Tristan sells City long lease
Tristan Capital Partners, in partnership with Addington Capital, has sold the 60-year long leasehold interest in Harmsworth House, Bouverie Street, EC4, to a UK private family trust for £28m – a 6.25% yield. Savills advised the joint venture; Capital Real Estate Partners acted for the buyer.
DECC long lease sold to LaSalle
LaSalle Investment Management has bought the long leasehold interest of the headquarters of the Department of Energy and Climate Change at 55 Whitehall, SW1, for £80.6m – a 3.5% initial yield – from Aberdeen Asset Management’s Property Trust. JLL advised LaSalle IM; Colliers International acted for Aberdeen.
Industrial park sold for £27.3m
Hansteen has bought the West Hallam Industrial Park in Derbyshire from DV4 Properties West Hallam, a special purpose vehicle advised by Delancey, for £27.3m – a 6.2% yield. Hansteen was unrepresented, Savills advised the vendor.
Segro seals ace Ventura swap
SEGRO has swapped an multilet industrial estate at Ventura Park, Hertfordshire, for a warehouse let to Asda on the Brackmills Industrial Estate, Northamptonshire, with UK Commercial Property Trust. The deal valued the Ventura Park estate at £67.1m – a 6% yield – and the Asda warehouse at £31m – a 4.7% yield. UKCPT paid SEGRO the balance in cash. Bilfinger GVA advised UKCPT on its purchase; BNP PRE advised on its sale; CBRE advised SEGRO on its sale.
