The Department of Work and Pensions (DWP) has sold a portfolio of eight offices to City & Generals joint venture with the Bank of Scotland, the CGIS Group, for £29.75m.
The sale price reflects a net initial yield of 9.01%.
The offices are located in Dundee, Bridgwater, Birmingham, Dunstable, Doncaster, Chester, Leicester and Wolverhampton and total over 186,000 sq ft (17,279 sq m).
The DWP, formerly the DSS, will remain as tenant in the offices for remaining terms ranging from five to 15 years.
James Andrew International acted for the DWP.
EGi News 22/10/02
