China Life jv in for Aldgate
A China Life and Brookfield joint venture is under offer to buy the Aldgate Tower, E1, for £350m – a 4.8% yield.
The jv has agreed terms with Aldgate Tower Investments, the Starwood Capital-backed venture which speculatively developed the 320,000 sq ft building last year.
Cushman & Wakefield advised the vendor; China Life was unrepresented.
M&G serves up David Lloyd deal
M&G’s Secured Property Income Fund has agreed a £350m sale-and-leaseback deal on 44 David Lloyd Leisure health and racquet clubs.
David Lloyd has signed new 125-year leases on the clubs.
CBRE advised M&G.
Deka buys Savills’ HQ…
Deka Immobilien has paid £216.3m – a 3% yield – for Great Portland Estate’s 33 Margaret Street, W1. The 103,700 sq ft office-led scheme, which includes Savills’ headquarters, generates £7.5m pa.
Savills and CBRE advised Deka.
…and sells Bloomberg offices
Great Portland Estate has bought 50 Finsbury Square, EC2, from Deka Immobilien for £119m – a 5.32% yield and a capital value of £941 per sq ft.
The 126,500 sq ft freehold is let to Bloomberg until June 2020 at a rent of £5.7m pa.
CBRE and Savills acted for Deka.
Grosvenor offloads Almack
Ponte Gadea, the real estate business owned by Spanish billionaire Amancio Ortega, has bought the 97,000 sq ft Almack House, SW1, from Grosvenor for £232m – a 3.6% yield. JLL acted for Grosvenor; Cushman & Wakefield advised Ponte Gadea.
Workspace into Surrey Quays
Workspace Group has bought the 33,635 Business Centre on Yeoman Street in Surrey Quays, SE8, for £10.5m from Barratt Homes.
Levy Real Estate advised Barratt; Workspace was unrepresented.
