LaSalle buys Cambs retail park
LaSalle Investment Management has bought a 65,385 sq ft retail park in Huntingdon, Cambridgeshire for £16.7m from St John’s College, Cambridge and Churchmanor, reflecting a net initial yield of 6.2%. Morgan Williams acted for LaSalle; St John’s College was advised by Savills; Churchmanor was advised by Wilkinson Williams.
Orchard Street acquires portfolio
Orchard Street Investment Management has completed the acquisition of a portfolio of five offices, a shed and a petrol station for £149.6m – a net initial yield of 5.5%. Orchard Street acquired the portfolio on behalf of a pension fund client from Alhambra Properties – a company backed by former NCP founders Sir Ronald Hobson and Sir Donald Gosling. BNP Paribas Real Estate advised the vendors.
JV buys up European hotels
A joint venture between UK-based Benson Elliot, US-based Walton Street Capital and Algonquin has exchanged contracts to buy a European hotel portfolio from Host Hotels and Resorts for €420 (£300m). The eight freehold properties total 2,308 bedrooms. The jv was advised by Paul Hastings and Deloitte; Eastdil Secured acted for Host.
Ellandi and Tristan team up
Ellandi and Tristan Capital Partners are close to securing a deal to buy Northern Ireland’s Bloomfield shopping centre for around £55m – a 7.75% yield. The 418,000 sq ft centre in Bangor was marketed by Savills on behalf of Ulster Bank.
Grainger buys resi portfolio
Grainger has bought a portfolio of rental properties in the North of England from Aviva for £10.4m, a gross yield of 6.3%. The portfolio, known as North Star, includes 131 homes spread across six sites in Newcastle and Leeds. Allsop advised Aviva on the sale; Grainger was unrepresented.
