Crown completes Rushden buy
The Crown Estate has completed its purchase of Rushden Lakes retail park in Northamptonshire for £140m – a 4.65% yield.
It paid an initial £70m to LXB for the site last year and has now completed the forward funding for the development of the project.
Staunton Whiteman acted for the Crown Estate; LXB was unrepresented.–
Greenridge buys 3M HQ
Aprirose has sold the European headquarters of US multinational 3M to Greenridge for £77m – a 7% yield.
The 172,000 sq ft office on Amen Corner Business Park in Bracknell, Berkshire, is opposite Hewlett-Packard’s UK headquarters.
Savills represented Aprirose; Knight Frank acted for Greenridge.
Dorrington lands Archway duo
Dorrington has bought Bellside House and Brookstone House, N19, from a private investor for more than £17.5m – a 4% yield.
The 40,700 sq ft offices in Archway are let to a variety of tenants.
Strettons advised the vendor; Dorrington was unrepresented.
CIT sells Aztec West
Funds advised by Commercial Estates Group have purchased CIT’s 1000 Aztec West in Bristol for in excess of £8m – a 9.35% yield.
1000 Aztec West comprises 39,000 sq ft of offices let to ST Microelectronics until 2021.
CEG was represented by Cushman & Wakefield; Whitmarsh Holt Young advised CIT.
KWE buys Lone Star’s Towers
Kennedy Wilson Europe has bought Towers Business Park in Manchester from Lone Star for £82m – a 6.7% yield.
Towers Business Park comprises 10 offices totalling 289,100 sq ft, which are let to 21 occupiers, including John Lewis, British Airways and Cisco.
Neither side was represented.
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