Kajima bags BNP Paribas office
Kajima Properties (Europe) has completed the purchase of a subsidiary of Grupo Metropolis that owns 55 Moorgate, EC2, for £50m – a 5.6% yield. The 66,000 sq ft freehold office building is primarily let to BNP Paribas. DTZ represented Kajima; JLL acted for the vendor.
Enstar lands Soho opportunity
Enstar Capital has exchanged contracts to buy the long leasehold interest in 40 Beak Street, W1, from the Richard Reeves Foundation for £10.3m. It plans to redevelop the vacant building into an office-led mixed-use scheme. Jorden Salata advised the vendor; Burlington Partners acted for Enstar.
Cornerstone’s industrial triple
Cornerstone Real Estate Advisers has bought three industrial estates for a total of £31.6m. It paid £9.2m for BP Pension Fund’s Stockport Castlehill – a 7.3% yield; £12.7m for CBRE Global Investors’ Newcastle Gateway West – an 8.4% yield; and £9.7m for Aviva’s Sheffield Park Hill – a 7.2% yield. Christopher Dee, Knight Frank and GVA advised the vendors; B8 Real Estate, Knight Frank and Strutt & Parker advised Cornerstone.
£92m seals Spinningfields deal
M&G Real Estate has completed the £92m purchase of 3 Hardman Square in Manchester’s Spinningfields from Credit Suisse Asset Management. The price for the 178,508 sq ft office reflects a yield of 5.8%. Lewis Ellis acted for M&G; Knight Frank advised the vendor.
TH Real Estate shops in Crayford
TIAA Henderson Real Estate has placed Aberdeen Asset Management’s Tower retail park in Crayford, south-east London, under offer for £67m – a 5% yield. The 120,200 sq ft park is anchored by Next and Currys. Morgan Williams advised Aberdeen; Cushman & Wakefield acted for TH Real Estate.
