Ortega to buy Almack House
Amancio Ortega’s Ponte Gadea is under offer to buy Almack House, SW1, from Grosvenor for more than £225m – a 3.6% yield. The 97,500 sq ft office block on King Street is let to tenants including Warburg Pincus. JLL advised Grosvenor.
Hove retail block sold
LondonMetric has sold a PC World in Hove, East Sussex, to clients of Aberdeen Asset Management for £13.6m – a 5.4% yield. The building is undergoing a 9,000 sq ft extension that will take it to 28,000 sq ft. PC World has signed a 15-year lease at a rent of £800,000 pa. LondonMetric was advised by Wilkinson Williams; Knight Frank acted for Aberdeen.
W1 buy for St George’s Hall
St George’s Hall Holdings has bought the long leasehold interest in 192-194 Oxford Street and 26 Market Place, W1, from HBOS UK Property Fund, managed by Aberdeen Asset Management. It paid £44.8m – a 2.26% yield – for the property, which is let to tenants including Russell & Bromley on leases expiring in March 2018. Jackson Criss acted for the fund; Cushman & Wakefield advised the buyer.
Ho Bee grabs Croydon pair
Ho Bee Land has agreed a deal to buy Apollo House and Lunar House in Croydon, South London, for £99m, a 5.4% yield. The two office buildings span 441,797 sq ft and are let to the government until June 2023. CBRE and JLL advised vendor Harel Insurance; Ho Bee was unrepresented.
Rockspring shops in Kent
Rockspring has bought the Walnuts shopping centre in Orpington, Kent, from a private Kuwaiti investor and Miller Developments for £43.9m – a 6.5% yield. The deal includes a 63-bedroom hotel prelet to Premier Inn. Strutt and Parker advised Rockspring; Cushman & Wakefield and KLM represented the vendors.
