Colchester Octagon sold to CEG
Helix Property Advisors has sold the freehold in the Octagon in Colchester, Essex, to Commercial Estates Group fund ASE for £9m, reflecting a net initial yield of 11.6%. The multi-let 1980s office block totals 98,795 sq ft across four storeys. Whitmarsh Holt Young advised Helix; Savills acted for the purchaser.
KW buys £211m office portfolio
Kennedy Wilson has completed the purchase of a portfolio of nine South East offices from Apollo Global Management and M&M Asset Management for £211m – a 7.5% yield. The South East Offices portfolio totals 814,700 sq ft. CBRE advised the vendors; Kennedy Wilson was unrepresented.
Premier purchase for CBRE GI
CBRE Global Investors has bought a new 81-bedroom Premier Inn in the centre of Basingstoke, Hampshire. The hotel was sold by Fishron Developments, a joint venture between Lamron Estates and TA Fisher, for £7.6m – a net initial yield of 4.75%. BNP Paribas Real Estate acted for Fishron Developments; Chris Freer-Smith advised CBRE GI.
Hunter bags High Barnet mall
Hunter Real Estate Investment Managers has acquired the Spires shopping centre in High Barnet, north London, from William Pears Group for £40m – a 6% yield. The 90,000 sq ft scheme, anchored by Waitrose, was bought on behalf of AIMCO. Rader Ness and KLM advised Hunter; Lewis & Partners acted for William Pears Group.
L&G checks in with Brum deal
Legal & General Property has bought Mitchells & Butlers’ 95,000 sq ft headquarters and an associated hotel in central Birmingham from LaSalle Investment Management for £69.5m – a 3.94% yield. The acquisition was made on behalf of L&G’s LPI Income Property Fund. JLL advised the vendor; CBRE acted for L&G.
