UBS in £222m Marylebone buy
Great Portland Estates and Aberdeen Asset Management have sold 95 Wigmore Street, W1, (pictured) to UBS Global Asset Management for £222.4m – a 3.4% yield. The block, built in 2013, comprises 98,800 sq ft of office and retail space. CBRE and Colliers International acted for the vendors; Tudor Toone advised UBS.
Ivanhoe bags £125m City block
Ivanhoe Cambridge and Greycoat have purchased 21 Lombard Street, EC3, from a private client of DTZ for £125m – a 4.91% yield. The 115,955 sq ft freehold office is let to UBS for just under 12 years at a rent of £6.5m pa, equivalent to £56.05 per sq ft overall. Knight Frank advised the purchasers.
Threadneedle sews up SW1 buy
Threadneedle Investments has gone under offer to purchase Pembroke Real Estate’s 20-21 St James’s Square, SW1, on behalf of a private banking mandate. It will pay £125m for the redevelopment opportunity. Leases on the block run until September, with a commercial redevelopment expected upon vacant possession. CBRE advised Pembroke; Threadneedle was unrepresented.
AEW acquires City block
AEW Europe is buying 24 Martin Lane, EC4, from Trinova Real Estate for £24m – a 5% yield. The 33,000 sq ft freehold office has multiple tenants with a WAULT of five years. DTZ acted for AEW Europe; Trinova was unrepresented.
Marston’s orders a double
Marston’s has bought two Middlesbrough pubs for £5.5m. The Milestone Carvery in Middlehaven, bought from Terrace Hill, and the 2 for 1 pub in Eston, bought from Lady Hewley Charity Trust will open in the autumn. Colliers International advised Marston’s in Eston; Oakgate Group represented the vendor. Both sides were unrepresented on the Middlehaven deal.
