AXA and BlackRock sell Bevis
AXA Investment Managers Real Assets and BlackRock have sold 6 Bevis Marks, EC3, to a private Middle Eastern client of Citi Private Bank for £220m. The 174,550 sq ft asset is almost fully let to a range of tenants, with an average unexpired lease term of 10 years. The sale reflected close to a 4.5% yield. Cushman & Wakefield and JLL acted on behalf of the sellers.
RLAM lands Gatwick site
The Airport Property Partnership, the 50-50 joint venture between SEGRO and Aviva Investors, has sold the Gatwick International Distribution Centre to Royal London Asset Management for £31m. The 29-unit industrial estate in Crawley comprises 222,598 sq ft of space and generates £1.4m of passing rent pa, reflecting a topped-up net initial yield of 5.3%.
Tristan buys Forum at Solent
Tristan Capital Partners has bought M&G’s The Forum at Solent Business Park, Southampton, for around £45.5m – a 7.25% yield. M&G instructed Knight Frank to sell the cluster of five buildings for offers in excess of £42m, excluding the 10 acres of vacant land on the premises.
Mayfair office block goes to east Asian investor
Morgan Capital has sold the long-leasehold interest on 63 Brook Street, W1, to a private east Asian investor for around £60m – a 3.4% yield. Earlier this year, the firm appointed Strutt & Parker to market the 118-year lease for the Mayfair office block, on which Grosvenor owns the freehold.
MK retail park goes for £34.9m
Rockspring IM’s TransEuropean Property Limited Partnership IV has sold Central Retail Park in Milton Keynes for £34.9m − a 5.84% yield. A pension fund represented by CBRE Global Investors has bought the 107,700 sq ft park.
