L&G to buy Thorpe Park stake
Legal & General has struck a £162m deal to buy a 50% share of the 200-acre Thorpe Park business park development near Leeds. Scarborough Group’s 1.3m sq ft masterplan has consent for a first phase of 60,000 sq ft of offices and 300 new homes. L&G has pledged a £1.5bn investment drive.
HK CTS buys Kew Green Hotels
Kew Green Hotels has been sold to Chinese investor HK CTS Metropark Hotels for £400m. The portfolio comprises 44 owned assets totalling 5,179 bedrooms as well as 10 managed hotels. Jefferies International acted for Goldman Sachs and TPG Special Situations Partners. DTZ and Christie + Co represented HK CTS.
Done sells 2 St Peter’s Square
Deutsche Asset & Wealth Management has completed its forward purchase of Betfred founder Fred Done’s 2 St Peter’s Square in Manchester for £100m. The 12-storey block, being built by Done’s Mosley Street Ventures, comprises 161,000 sq ft of offices and 5,000 sq ft of leisure space. CBRE advised Deutsche; Whitaker Horton acted for Done.
WELPUT sells W2 block…
Luxembourg-based GWM Group has bought 16-17 Connaught Place, W2, from WELPUT for £110m – a 4.7% yield. The 81,859 sq ft office is let to tenants including Hunter Boots and Spencer Stuart. Strutt & Parker and CBRE acted for WELPUT; Cushman & Wakefield and Astezar Capital advised GWM Group.
…but picks up EC2 office
WELPUT has paid clients of TH Real Estate £48.9m – a 4.9% yield – for the long leasehold of 7 Bishopsgate, EC2. The 62,020 sq ft grade-A office is multi-let and generates rents ranging from £42.50 to £53.50 per sq ft. It has two vacant floors. CBRE advised WELPUT; Savills acted for TH Real Estate.
