BL sells to L&G…
Legal & General Property has bought Kingswood retail park in Hull, Yorks, for £58m, a 5.7% yield; House of Fraser in Birmingham for £71.4m, a 6.8% yield; and Grenfell Island block in Maidenhead, Kent, for £90.2m, a 5.9% yield, from British Land. Knight Frank, Morgan Williams and CBRE acted for LGP; CBRE and Knight Frank acted for BL.
…and to Rockspring
Rockspring IM acquired the Green Lanes Shopping Centre in Barnstaple for £36.1m, a 6.5% yield. Strutt & Parker and Savills acted for Rockspring; Lewis & Partners acted for BL.
IM bags biggest buy yet
IM Properties has bought out of receivership the 260-acre Blythe Valley Park in Solihull in an off-market deal for £125m from French bank Nataxis. JLL advised the Coleshill developer.
Taikang makes UK debut
Chinese life insurer Taikang Life has acquired the 200,000 sq ft Milton Gate at 60 Chiswell Street, EC1, from AGC Equity Partners for just under £200m, a 5% yield. Gaw Gapital Partners advised Taikang on its first UK property deal; Savills acted for AGC.
Tishman buys in Oxford Street
Tishman Speyer is buying 100 New Oxford Street, WC1, from a joint venture between Hermes and Canada Pension Plan Investment Board for around £130m. The 130,000 sq ft partially completed refurbishment is let as office space. Fineman Ross acted for Tishman Speyer; Hermes and CPPIB were not advised.
S&L deal for Rio Tinto
Zara founder Amancio Ortega’s Ponte Gadea Group has bought 6 St James’s Square, SW1, from Rio Tinto for £262m – a circa 4% yield. Rio Tinto will lease back most of the 116,000 sq ft block for its own occupation. Cushman & Wakefield advised the vendor; GVA represented the buyer.
