Brookfield exits 99 Bishopsgate
Brookfield has completed the sale of an 80% stake in 99 Bishopsgate, EC2, to China Life and the Qatar Investment Authority. The sale values the multi-let City office tower at £340m – a 4.9% yield. GM Real Estate and Eastdil Secured acted for Brookfield; the purchasers were unrepresented.
Praxis buys Newcastle trio
Praxis has bought three units at Cobalt Business Park in Newcastle-upon-Tyne out of administration for £11.5m – an 11.3% yield. The three office units, Cobalt 7A, 7B and 8, total 81,701 sq ft and are situated on a 4.5-acre site on the outskirts of Newcastle. Finn & Company acted for Praxis; GVA advised the administrator.
Benson Elliot snaps up Bentley
Benson Elliot has bought the Bentley Portfolio from Legal & General for £132m – a 7.1% yield – on behalf of its first UK Property Income Fund. The portfolio includes Guildford Business Park in Surrey and the Meadows retail and restaurant centre in Chelmsford, Essex. JLL and Tudor Toone acted for L&G; Benson Elliot was advised by Montagu Evans and Jackson Criss.
M&G splashes out in Bath
M&G Real Estate has bought a parade of shops in Bath for £25.7m – a 4.8% yield. The fully let, six-unit Arlington House on Stall Street, which was bought from a private vendor, is anchored by Primark. Harmer Ray Hoffbrand and Savills advised M&G.
Alduwaliya bags City office
Qatari investor Alduwaliya has agreed an off-market deal to buy 100 New Bridge Street, EC4, from German close-ended fund Warburg-HIH Invest Real Estate for £150m – a 4.5% yield. The 168,000 sq ft building is let to law firm Baker & McKenzie. Knight Frank acted for Alduwaliya.
