TH to buy Great Portland office
TH Real Estate has gone under offer to buy 60 Great Portland Street, W1, for close to £105m – a 4% net initial yield – from Great Portland Estates. The 65,415 sq ft office building is let to the Engine Group until 2028. Knight Frank advised GPE.
Sheds portfolio fetches £32m
Connection Capital and Riverside Capital have bought a portfolio of nine UK sheds for £32.25m – a 6.1% net initial yield. Travis Perkins sold the trade and warehouse units with a leaseback, retaining a 15% stake in the vehicle. Hoddell Stotesbury Morgan advised Travis Perkins; Connection Capital and Riverside Capital represented themselves.
Trebor Bassett building sold
Longmead Capital has bought an office building in Rickmansworth, Hertfordshire for £14.75m – a 7.4% yield. Standard Life Investments Property Income Trust sold the 55,000 sq ft office, which is fully let to Trebor Bassett until 2020 with an annual rent of £1.15m. JLL advised Standard Life; ADS Real Estate Advisors acted for Longmead Capital.
L&G buys Welsh leisure village
Legal & General Property has bought Merthyr Leisure Village in Wales for £15m. L&G bought the asset from Atlantic Properties on behalf of L&G’s Leisure Fund. The 62,000 sq ft village includes a nine-screen Vue Cinema, a Travelodge, a bowling centre and five restaurants. Knight Frank advised L&G; Gerald Eve acted for the vendor.
LC secures sheds for £17m
LC Industrial has bought a 500,000 sq ft sheds portfolio for around £17m – an 8% net initial yield. The off-market purchase includes five properties in High Wycombe, Batley, Edinburgh, Warrington and Knowsley. Beechthorpe Capital acted for LC Industrial; GVA is advising the
private vendor.
