Lazari shops in Holborn
A newly-formed development vehicle launched by Lazari Investments has bought the freehold interest in 262 High Holborn, WC1, from Standard Life Investments for around £34m. The 30,590 sq ft building has consent for a 40,902 sq ft refurbishment and extension. CBRE acted for Lazari.
M&G wins Bloomberg Place
M&G Real Estate has bought the freehold ground lease of Bloomberg Place, EC2, from Legal & General for £92.5m. Bloomberg subsidiary Walbrook Square has maintained the long leasehold of the 750,000 sq ft building, which is due to complete in 2016. Capital Real Estate Partners acted for L&G; M&G was not represented.
Fund snaps up Dolphin Square
Lancashire County Pension Fund has bought Dolphin Square in Weston-super-Mare, Somerset, from Life McLaren for £18.5m – a 6.1% yield. It has agreed to forward-fund the development of the 73,600 sq ft leisure scheme, which is due to be completed in 2017. Knight Frank advised LCPF; Montagu Evans represented Life McLaren.
Shin Kong completes City debut
Taiwanese insurance company Shin Kong Life has paid Cornerstone Real Estate Advisors £136.2m – a 4.15% yield – for 40 Gracechurch Street, EC3. The sale nets a significant premium for Cornerstone, which bought the building for £94m in August 2013. GM Real Estate acted for Cornerstone; JLL advised Shin Kong Life.
Charity buys Becket House lease
Guys’ and St Thomas’ Charity has bought the head lease of Becket House, SE1, for £112m from U+I Group and Proprium. The 146,000 sq ft office building opposite St Thomas’ Hospital in Waterloo is let to Bouygues UK. Deloitte Real Estate and Bilfinger GVA advised on the acquisition.
