Poly picks up Midtown office
Poly Real Estate Group has bought 5 Fleet Place, EC4, from the Abu Dhabi Investment Authority for £145m – a sub-4.5% yield. The 130,000 sq ft Midtown office is principally let to Charles Russell Speechlys. JLL advised Poly; CBRE acted for ADIA.
Retail pair for Fidelity
The Fidelity UK Real Estate Fund has bought two retail warehouses from Aviva Investors. It bought a multilet warehouse in Poole, Dorset, let to Next, Maplin and Dreams, for £9.3m – a 5.8% yield – and a single-let warehouse in Dudley, West Midlands, for £6.5m – a 6.6% yield. Fidelity was represented by Capita Real Estate; JLL acted for Aviva.
MStar sheds £76m portfolio
IO has bought a portfolio of industrial buildings from MStar for £76m – a sub-7% yield. The 238 properties, located across England and Scotland, total 1.5m sq ft and produce rent of £5.8m pa. Deloitte Real Estate advised IO; GVA represented MStar.
Orchard picks Brum shops
Aviva Investors, acting for Aviva Life and Pension UK, has sold the Exchange Buildings in Birmingham for circa £40m – a 4.5% yield – to Orchard Street Investment Management on behalf of St James’s Place Wealth Management. The property comprises four shops totalling 25,853 sq ft. JLL advised Aviva Investors; GBR Phoenix Beard acted for Orchard Street.
Deutsche Bank buys FCA office
Lendlease and LCR have sold the FCA building at the International Quarter, E20, to Deutsche Bank’s asset management arm for £370m. The 515,000 sq ft property is located at the gateway to Queen Elizabeth Olympic Park, E15, and will house 3,800 employees from 2018. JLL advised Lendlease and LCR; Capital Real Estate Partners acted for Deutsche.
