LondonMetric jv offloads retail
LondonMetric has sold three retail assets from its joint venture with USS. A Range store in Bridgewater, Somerset, and Wickes stores in Chatham, Kent, and Grimsby, Lincolnshire, were sold for £15.9m to clients of Knight Frank Investment Management – a blended net initial yield of 5.9%. Knight Frank and Edgerley Simpson Howe advised.
Helical Retail goes shopping
Helical Retail, a jv between Helical Bar and Oswin Developments, has forward funded the Cortonwood Retail Park in Barnsley, Yorkshire, for £36.3m – a yield of around 5.5%. Edgerley Simpson Howe acted for Helical Retail; vendor Aberdeen Asset Management was advised by CWM.
DTZ Investors sell Midtown hub
A private Turkish investor is buying the UK headquarters of MediaCom Holdings at 124 Theobalds Road, WC1, for £65.5m – a 4.1% yield. The office was being marketed by Savills and Strutt & Parker on behalf of DTZ Investors; Michael Elliot advised the purchaser.
Rockspring sells Cornhill
Rockspring has sold 32 Cornhill, EC3, to a private European investor for £21m. The building consists of 12,141 sq ft of offices and a 2,651 sq ft shop let to TM Lewin. The office component is part let to Cains and Mansion House. Rockspring was advised by Knight Frank; Cushman & Wakefield acted for the purchaser.
Birmingham’s REI buys two
REIT Real Estate Investors has bought Titan House on Euston Park business park in Telford, Shropshire, and Commodore Court in Nottingham for £5.1m – an initial yield of 9.3%. Cushman & Wakefield represented the vendors of Triton House. Heb advised REI on the purchase of Commodore Court; Franck-Steier Price advised the vendor.
