Derwent sells in WC2
Cornerstone Real Estate Advisers Europe has bought the 44,200 sq ft Davidson Building at 5 Southampton Street, WC2, for £66.2m – a 4% yield – from Derwent London. It is fully let to six tenants including the British Computer Society. Michael Elliott advised Cornerstone; CBRE and JLL represented Derwent.
Crown sells £100m Slough park
Royal London Asset Management is under offer to buy the 200,000 sq ft Bath Road retail park in Slough, Berkshire, for around £100m – a circa 5.5% yield. Occupiers include Next and New Look. Wilkinson Williams advised Royal London; CWM acted for vendor The Crown Estate.
Threadneedle lands Skydome
Mansford Holdings has sold the Skydome Leisure World complex in Coventry, Warwickshire, to Threadneedle for £26.5m – a 6.8% yield. Mansford bought the 124,253 sq ft scheme in 2011 for £13.5m. Morgan Williams advised Mansford; Wilkinson Williams acted for Threadneedle.
Deka poised in Edinburgh
German fund manager Deka Immobilien is under offer to buy the Atria office block in Edinburgh from the city council for around £100m – a 5.63% yield. Tenants in the 200,000 sq ft building include PwC and Aon. JLL and Montagu Evans advised the council; Savills acted for Deka Immobilien.
LaSalle snaps up student digs
LaSalle Investment Management has bought student housing developments Lace Market Studios in Nottingham and Upper Northgate Street in Chester. It paid £10m – a 6.6% yield – for Lace Market and £9.3m – a 6.4% yield – for Upper Northgate. LaSalle was advised by MacLaren & Partners on Lace Market Studios and Montagu Evans on Upper Northgate Street. Both schemes will be managed by Victoria Hall.
