City plucks Lime Street scheme
The City of London Corporation has forward-purchased a mixed-used scheme that
will adjoin Leadenhall Market, EC3. It has agreed to pay £35m for the office-led scheme at 21 Lime Street, which is being sold by a private Asian investor and development partner Aldgate Developments. GS Capital Advisors acted for the developers; CBRE advised the City.
M&G dips into Bedfont
M&G has purchased Bedfont Lakes business park in Feltham, Middlesex, from Aberdeen Asset Management for £167m – a net initial yield of 5.44%. The park totals 345,000 sq ft. JLL advised the vendor; Knight Frank acted for M&G.
Cathay signs £575m Walbrook
Taiwanese insurer Cathay Life has confirmed it is purchasing the Walbrook Building, EC4, from Minerva for £575m, reflecting a yield of just over 4%. The 440,000 sq ft building is let to tenants including WorldPay, Arthur J Gallagher and JLL. Knight Frank advised Minerva’s owners Delancey and Ares; CBRE advised Cathay Life.
IVG buys on Baker Street
IVG is under offer to buy 11 Baker Street, W1, for £92.5m from Ahli United Bank, reflecting a sub 4% yield. The 70,000 sq ft office block was completed in 2013 and is let to Pimco at a rent of £65 per sq ft. DTZ and BNP PRE advised on the sale; Colliers International acted for the purchaser.
Tritax makes Manc purchase
Tritax has agreed a £28.6m deal, reflecting a 6.42% yield, to forward-fund a distribution facility in Westwood Park, Manchester. Wet wipe manufacturer Nice-Pak International will sign a new 25-year lease for the 399,500 sq ft building on RPI-linked rent reviews. CBGA acted for Nice-Pak; Savills and JLL advised Tritax.
