Crown to fund MK1
The Crown Estate is to fund the development of record producer-turned-football club chairman Pete Winkelman’s proposed MK1 shopping park in Milton Keynes for £56m. The acquisition reflects a 5.45% yield. The centre will be developed by Winkelman’s Inter MK. Morgan Williams advised Inter MK; Stockford Staunton represented the Crown Estate.
Hermes sells in Covent Garden
Hermes has sold 20 Bedfordbury in Covent Garden, WC2, to Dukelease Properties for £15m. The 22,500 sq ft office building was sold with vacant possession. Hermes bought the asset from Commercial Estates Group for £10.4m in 1998. Montagu Evans and EA Shaw advised Hermes. Hanover Green acted for Dukelease Properties.
Highcross dives for Oyster
Property investment house DTZIM has sold the six-building Oyster Portfolio to Highcross for £15.3m – a 10.1% yield. Lambert Smith Hampton acted for DTZIM. Highcross was advised by Colliers International.
Deka calls on Direct Line House
German investor Deka Immobilien has bought the 63,400 sq ft Direct Line House in Birmingham city centre for £22.5m – a 6.4% yield. Signature Capital originally put the building on the market in May 2010 for £23.6m, reflecting a 6% yield. Savills and Simmons & Simmons advised Deka. DTZ Sherry Fitzgerald represented Signature Capital.
Investream’s £15m Frimley buy
LaSalle Investment Management has completed the sale of Frimley Business Park in Surrey to Investream in partnership with Angelo, Gordon & Co for £15m – reflecting a 13.2% yield. The park comprises nine office buildings totalling 161,074 sq ft on a 13.42-acre site. Lewis & Partners acted for Investream.
