Standard Life Investments has completed the £30.4m purchase of two office buildings on Maidenhead office park in Berkshire from AXA Real Estate.
The investor has bought 50,500 sq ft Osprey House for £17.8m – a 6.25% net initial yield.
The building is let to Covance Clinical and Periapproval Services and currently achieves a rent of £23.50 per sq ft.
At the same time, Standard Life has bought the UK HQ of Toys R Us at Geoffrey House.
It paid £12.6m for the 36,500 sq ft property, reflecting a 6.43% yield. It is let to the toy retailer for a further 14 years at a rent equating to £23.95 per sq ft.
There is a tenant only break option in circa nine years’ time.
GVA acted for the buyer; Lambert Smith Hampton and Strutt & Parker advised the vendor.
joanna.bourke@estatesgazette.com
